{"id":4830,"date":"2022-08-15T12:39:50","date_gmt":"2022-08-15T12:39:50","guid":{"rendered":"https:\/\/connecta.com.au\/staging\/?p=4830"},"modified":"2022-08-15T12:39:54","modified_gmt":"2022-08-15T12:39:54","slug":"how-to-identify-and-beat-your-spending-triggers","status":"publish","type":"post","link":"https:\/\/connecta.com.au\/staging\/how-to-identify-and-beat-your-spending-triggers\/","title":{"rendered":"How to identify (and beat) your spending triggers"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">We often talk about money in terms of dollars and cents, but the subject can sometimes run deeper than just numbers. Frivolous spending as a result of your emotional state is more common than you might think:&nbsp;<a href=\"https:\/\/mozo.com.au\/credit-cards\/articles\/comfort-spending\" target=\"_blank\" rel=\"noreferrer noopener\">one study<\/a>&nbsp;found that more than 81 % of Australians spend in order to seek comfort, suggesting that our spending patterns are created by more than needs alone.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Having an uncontrollable urge to spend can have a negative impact on your finances \u2013 especially if it\u2019s putting a dent in your financial goals. One way to curb this spending habit is to understand your triggers and put some specific steps in place to regain control.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><br>What is unconscious spending?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Unconscious spending is the act of spending money without careful thought; sometimes it may even be done on impulse. Whether it\u2019s the latest pair of designer shoes or a new set of golf clubs, it\u2019s the type of spending that seems to happen almost outside of your control \u2013 and often, outside of your budget. But unconscious spending doesn\u2019t only happen with expensive, big-ticket or one-off items.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Common triggers for unconscious spending habits<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">There\u2019s a range of emotional triggers that may tempt us into spending more than we intend to. Research has found that some people spend money when they\u2019re feeling sad&nbsp;and will pay more for an item if they\u2019re feeling this way.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Boredom can also be a significant trigger: a study into comfort spending&nbsp;<a href=\"https:\/\/mozo.com.au\/credit-cards\/articles\/comfort-spending\" target=\"_blank\" rel=\"noreferrer noopener\">found that 47% of Australians admit<\/a>&nbsp;to purchasing because they\u2019re bored. The monotony of COVID-19, coupled with a need to delay many plans for travel and other experiences, could be a perfect storm for boredom-induced spending.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Pinpoint your spending patterns and triggers<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Still unsure why you spend the way you do? These pointers may help you to identify your triggers&#8230;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Uncover your spending habits<\/strong><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Looking for a routine or pattern in your spending can offer some valuable clues and help you control your spending. What things do you typically purchase on impulse: is it clothing or kombucha? Does your unconscious spending usually represent big amounts or small amounts of money? Is it frequent, or more likely to be done in a short burst? Asking yourself these questions could uncover a few commonalities.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Look closely for emotional spending cues<\/strong><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Are there certain times of the day that you\u2019re more likely to spend? Does it often happen during times of boredom or is it more likely to happen when you\u2019re stressed or distracted? Do you tend to spend on credit as opposed to dipping into your savings or using cash?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">By isolating some of the key behaviours that surround your unconscious spending, you can better understand your personal purchasing triggers.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Ask yourself: why do I feel like spending money?<\/strong><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">The way we feel when we spend money may be different for everyone, but knowing the reasons why you\u2019re partial to purchasing at a certain time, or as a result of a certain feeling, can help you gain more clarity around your triggers.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you get closer to understanding the feeling you get when purchasing, you can try to replicate that feeling elsewhere, without needing to spend.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Getting on top of unconscious spending<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pinpointing your personal spending triggers is the first step towards doing something about unconscious spending. These two approaches can help you get on top of the habit:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Become more money-mindful<\/strong><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Setting specific and achievable&nbsp;<a href=\"https:\/\/www.amp.com.au\/insights\/manage-my-money\/how-to-create-realistic-goals\" target=\"_blank\" rel=\"noopener\">financial goals<\/a>&nbsp;is a great way to gain more mindfulness around your money. Without a clear end point to aim for, when it comes to spending, it\u2019s difficult to know how much is too much. By creating an endpoint \u2013 or goal \u2013 for your money, you\u2019re more likely to focus your aim.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To stay on track, create and stick to a&nbsp;<a href=\"https:\/\/www.amp.com.au\/banking\/managing-money\/budget\" target=\"_blank\" rel=\"noopener\">successful budget<\/a>. If you have a clear understanding of how much is coming in and going out, you\u2019ll have a greater sense of control over your spending decisions.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Put your money where you can see it<\/strong><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">For some, the ease of online transactions is exactly what allows them to overlook the fact that they\u2019re actually spending money.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you tend to spend without thinking, you might revert to cash or direct debit payments where possible to remind yourself that your money is real and tangible.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Source: AMP<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Are you buying more to perk yourself up? You aren\u2019t alone. Since the start of COVID, there\u2019s been an increase in online shopping. But, if you want to rein in your urge to splurge, here\u2019s how you can make a start<\/p>\n","protected":false},"author":2,"featured_media":4831,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_wp_convertkit_post_meta":{"form":"-1","landing_page":"0","tag":"0","restrict_content":"0"},"footnotes":"","_links_to":"","_links_to_target":""},"categories":[45],"tags":[151,98,284,227,95,97,319],"class_list":["post-4830","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-articles","tag-budgeting","tag-casino","tag-financial-advice","tag-financial-planning","tag-kyogle","tag-lismore","tag-unconscious-spending"],"acf":[],"_links":{"self":[{"href":"https:\/\/connecta.com.au\/staging\/wp-json\/wp\/v2\/posts\/4830","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/connecta.com.au\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/connecta.com.au\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/connecta.com.au\/staging\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/connecta.com.au\/staging\/wp-json\/wp\/v2\/comments?post=4830"}],"version-history":[{"count":1,"href":"https:\/\/connecta.com.au\/staging\/wp-json\/wp\/v2\/posts\/4830\/revisions"}],"predecessor-version":[{"id":4832,"href":"https:\/\/connecta.com.au\/staging\/wp-json\/wp\/v2\/posts\/4830\/revisions\/4832"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/connecta.com.au\/staging\/wp-json\/wp\/v2\/media\/4831"}],"wp:attachment":[{"href":"https:\/\/connecta.com.au\/staging\/wp-json\/wp\/v2\/media?parent=4830"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/connecta.com.au\/staging\/wp-json\/wp\/v2\/categories?post=4830"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/connecta.com.au\/staging\/wp-json\/wp\/v2\/tags?post=4830"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}