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Can you control yourself?

May 22, 2018

[Image credit: Max Pixel]

 

A staggering 27% of people report that resisting a purchase is kinda painful for them. Not physically painful of course, but it causes them mental anguish. 

Do you suspect it's the same for you? 

That maybe you're better off not worrying about watching your spending because it can be kinda painful (and you'll just give up anyway)? 

Well I have some good news, or some bad news, depending on your perspective. 

According to psychologists, there are some major differences between people that can control their spending long term by willpowering through the tough stuff, and people that will statistically yo-yo. 

Let's have a look at some key differences to find out which one rings the most true for you. 

First and foremost, what is your thought when you see an item on the shelf you want to buy? 

Is it "this will solve a problem in my life" or "this will solve a problem for me"?

For example, you're looking at clothes/action figures/something similar, and everything is on special. You decide to go to the shop and you wind up buying the lot. You completely over-spend, to the point you might not be able to pay for an important bill. 

A) did you plan to over-spend or did you get caught up in the moment? 
B) how do you feel afterwards? 

People that will statistically yo-yo on their spending control probably planned to over-spend, and don't feel a strong level of regret afterwards. 

People that are likely to get a good handle on their spending (but may need to white-knuckle it at first) generally only planned to spend a reasonable amount, and feel strong regret after an over-spend like this one. 

You're even more likely to control your spending long term if you're the kind of person that's prepared to return items until you have your money back to where you want it. 

Next time you're on a shopping trip - or planning one - take a second and close your eyes (or just look down if you think closing your eyes in a shop is weird) and assess how you're feeling.

Will you feel bad after the spend?

If you will, congratulations! You don't have far to go until you're on top of this thing.

If not, you might need to bring out the big guns to get off the yo-yo roller coaster!

 

Speak soon,

Erika Gilbert

My Income Organiser

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