But I got intense FOMO, and that fear of missing out made me do it.
Concerts are the singlevariable expenseI have trouble cutting each month.
Although I wouldn’t call myself frugal, I’m trained in personal finance.
I’m generally not inclined to go onimpulsive shopping sprees, and I’m pretty skilled at bargain-hunting.
“It can leave people more vulnerable to economic setbacks,” Kibbel said.
We all have triggers that make us overspend.
Here are some tips to help.
What are spending triggers?
For some folks, boredom can trigger overspending.
You might be doomscrolling and fall for an ad that ended up in your inbox.
Or you may tend to reward yourself by shopping for expensive self-care products after a rough day.
Curbing bad spending habits might take some work, but it’s not impossible.
Strategies to curb excessive or impulsive spending
Identifying your triggers is just the first step.
According to Kibbel, establishing boundaries can help you avoid future missteps.
This gives you more time to consider your purchase before checking out and makes spending more intentional.
Stimulating your mind in other ways will help direct your attention away from the urge to spend money.
Take time to reflect on a purchase before you pull the trigger.
Call it a graveyard, if you will.
Try auditing your environment, said Kibbel.
Take the time to create a budget and allocate a certain amount of money each month for discretionary expenses.
Asinking fundis a savings account for a specific purpose.
If you’re saving up for a vacation, you put aside money specifically for that trip.
If you tend to go over your budget on concert tickets (or is that just me?
), start a fund with ahigh-yield savings account.
Sharing your spending triggers and financial goals with someone you trust makes them harder to ignore.
