It’s easy to get into the habit of spending too much money and a common problem people have.  While this may not be the first thing you think of when you consider your mental health, how you spend money has a direct link to your mindset and thinking patterns.  Here are some common thinking patterns that can lead to overspending:

Dangerous Money Thought #1: I can’t wait!

There’s nothing quite like instant gratification. And so often, your mind convinces you that you need something RIGHT NOW.  Maybe it’s just that impulsive feeling. Or perhaps you have that part of your brain that can make the instant purchase sound so reasonable.  You have yourself convinced that you must buy _____ right now.

However, reality may be that buying whatever it is will blow your budget, lower your cash flow for the month, or put you further in debt. In fact, making that purchase isn’t what’s best for you.

The next time this one comes up, try sitting on the thought for at least 24 hours.  Very few purchases truly must happen in 24 hours. Then, when you have a little distance ask yourself if you still need to make that purchase.

Dangerous Money Thought #2: It’ll make me feel better.

People often use “retail therapy” to give themselves a mood boost.  And it does sometimes provide a boost.  The problem? That boost in mood is often very, very temporary.  But because you do have a momentary distraction or relief, it reinforces this thought in your mind that buying things is a solution to feeling depressed, anxious, stressed, guilty, etc.

If you’re feeling down or depressed, acknowledge that emotion. Try to become more aware of this thought and the emotion that’s actually underneath.  What other coping skills do you have to address how you are feeling?

Dangerous Money Thought #3: I’ll be getting more money soon.

Too often, we overestimate our potential for earning money, and underestimate future expenses. If you’re looking to create a comfortable nest egg for yourself, you need to focus on rising future expenses to avoid buying something you really can’t afford.  Consider speaking to a financial advisor as well.

Dangerous Money Thought #4: It’s a special occasion.

Everyone likes to spend a little extra money on a special occasion. Unfortunately, special occasions seem to roll around more often than most of us can afford. Curtail your special occasion spending by setting a cap for the year, then budgeting by month. Save money by planning ahead or handcrafting gifts.

Dangerous Money Thought #5: I earned it!

If you just finished a complex project or landed a big client, you might be tempted to overspend to reward yourself. Of course, you earned it. However, if you resist this temptations by making responsible financial decisions, you’re going to be a better off in the long run. Perhaps instead try rewarding yourself with less materialistic rewards.  What can you do without spending a single dime to celebrate your own success?

Counseling: Help Changing Your Thoughts to Change Your Habits

Are you struggling with how to win the mental and emotional battle and stop spending too much money?  This may not be a traditional thing you think of with regards to counseling.  However, our therapists work with people all the time who want to challenge their thoughts or change behaviors.  An unhealthy relationship with money is absolutely something that can be targeted through therapy. If you live anywhere in Missouri, call 573-328-2288 today to talk about how one of our Missouri therapists may be able to help.