2024 Newsletter — Volume 3
What is money avoidance?1
If you wince at the thought of managing your money situation, you’re not alone. Money avoidance happens when you ignore your finances at all costs, even when it’s doing you a disservice. Such as:
- Procrastination
- Leaving bills unopened
- Ignoring spending patterns
- Not viewing bank accounts
- Avoiding difficult financial conversations
Whether you're experiencing a burnout or any type of financial challenge it can take a huge mental and emotional toll. Fortunately, it’s possible to shift away from money avoidance and learn to turn towards and resolve your financial challenges. Below are steps that can help you get there.
- Make space to reflect on your financial habits — Reflecting on your financial habits can help your brain maintain a healthy and consistent connection with your finances.
- Connect with the present moment — Grounding ourselves in the present moment can help us break longstanding money avoidance patterns.
- Move towards what matters to you — Think about your goals and use what comes to mind as guideposts to inform the ways you manage your finances.
- Take small steps — Breaking the cycle of financial avoidance can be achieved through small, “better than nothing” behaviors that you can stick with consistently.
Are you an emotional spender?2
After a bad day, it can feel good to go out and treat yourself. This can be beneficial when done in moderation, but there are times when many of us end up relying on these purchases to brighten our moods. This is typically known as "emotional spending."
What can cause this behavior?
Before breaking down the effect emotional spending can have on someone, it's vital to know the root cause of it. When people emotionally spend, it's typically in reaction to a negative emotion, such as boredom or stress. Many attribute this to the release of dopamine that soothes a person's system when they make a purchase.
Many may subconsciously think that buying the item will make them feel happier. This can then develop into a situation that becomes difficult for a person to regulate or recognize until they have spent well beyond their means.
What can correct this behavior?
- Identifying your spending triggers and avoiding them
- Removing your card information stored on your devices, so it isn’t as easy to make a purchase
- Giving yourself a waiting period when making a purchase
It’s official — Cuna Mutual Group is now TruStage™.
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