If you are receiving unsolicited phone calls from an entity pretending to be ACCC (a trusted non-profit credit counseling agency), please be assured that ACCC’s policy is NEVER to contact you unless you’ve explicitly requested us to call you. Also be cautious of emails from an unusual or unfamiliar domain. ACCC’s domain extension is @consumercredit.com, and any emails using a different extension should be treated with suspicion.

×

ACCC’s Client Login allows current clients to access their program information, including the due date, program benefits, and other documents.

Select a Client Login below based on the service that you are currently enrolled in:

Debt Management Program

Client Login

Not yet a client, but looking to get started?

ACCC offers debt relief options to individuals and families that are suffering from stress related to credit card debt by providing effective credit counseling, helping to consolidate debt, and advising on debt management.

Get Started

Wait!

You are now leaving the Consumer Credit website and are going to a website that is not operated by ACCC. We are not responsible for the content or availability of linked sites.

Are you sure you want to leave?

No, return me to the previous page.

Yes

The Psychology of Spending Money

spending moneyIf you’re worried about overspending, guess what? You’re not alone. According to the studies conducted by Harris Poll at NerdWallet, more than 48% of Americans believe that emotions have caused them to spend more than they can reasonably afford. Stress, excitement, and frustrations are the top emotions associated with overspending.

If you want to exit this loop of emotional spending, you must learn how to control your mind. The psychology behind it is simple – stop identifying yourself with your thoughts, and you’ve solved the problem! Here is a short guide on how to begin your healing.

Know Yourself

The old Greek aphorism “know thyself!” is not just a piece of silly advice – you should truly consider it. Getting insight into your emotions will help you see reality in a very different way. You will realize that you can control your behavior, you can set goals, and you can live without impulsive shopping.

Practicing self-reflection, introspection, and meditation will help you develop a healthy mentality. You will understand the real reasons why you chose to overspend in the first place. You will also become increasingly focused on each activity performed and will stop worrying so intensely about your “issue.”

Fitting In

There is nothing wrong with spending money on an exciting holiday or buying a new pair of jeans – but when you overdo it, you should analyze the effects and try to find the cause. One of the reasons behind overspending can be the need to fit in. When everyone around you focuses on the material, you’ll end up doing the same. Wanting to own the nicest things is fine – but make sure you ask yourself if you need them.

The Habit of Spending

“Spending money on unnecessary items can become a routine,” writes Greg Fender, blogger at Maya H. “Thus, forming new habits can be challenging for a shopaholic at first. But remember: consistency is the key. If you keep making the right choices, soon you’ll become free of this upsetting ritual.”

Here are some essential tips to keep in mind to avoid overspending:

  • Before going shopping, make a list of items you’d like to purchase and don’t deflect from it!
  • Keep track of your purchases and spending (buy a notebook)
  • Set goals (see the last point)
  • Analyze your spending triggers – ask why
  • Learn how to budget and save money – here’s a cool guide if you don’t have one yet

Start Loving Yourself

“I believe the most important thing is to start loving yourself,” says Dr. Dana Humphrey, co-founder at Win Loop & Co.

Here are some ideas that could you help increase self-love –

  • Write down what you love about yourself. What is that you appreciate the most in you? What inner qualities do you inherently possess? How do you distinguish yourself from others?
  • Let go of perfection. Nobody is perfect! This life is an adventure, so live it. Quit trying to be someone else – they’re already taken.
  • Stop being a people pleaser and start being a self-pleaser. If you’re waiting on others for permission to live your life, you’ll never start
  • Get rid of negative people from your surrounding circles.
  • Learn to forgive and forget – especially yourself.

Start Saving

Have you ever had a brilliant plan that you never thought you could accomplish? Here’s your chance! Saving money for a purpose is an excellent way to stop emotional spending. Developing a sense of purpose is a helpful tool for shopaholics. Instead of thinking short-term, develop a long-term goal; working towards achieving it will give you a feeling of determination.

Start by writing down your goal (e.g., traveling the world). Then develop a realistic plan. Next, look at the financials – how much will you need to save monthly to achieve your goal? Set a financial objective and start working on accomplishing it!

Wrapping Up

If you’re able to put the above points in practice, you’ll free yourself of any concerns. You’ll understand the psychology behind overly spending money, and you’ll come at peace with your self and your soul. Good luck!

Author Bio:

Cathy Baylis is a freelance content writer at Bestessayservicesreview and Australia Essay specializing in personal growth, career development, and leadership. Writing is not only her hobby but the profession at the same time. She loves sharing her interests with readers, and she has something to say, for sure.

If you’re struggling to pay off debt, ACCC can help. Schedule a free credit counseling session with us today.

creditU

Your Ultimate Money Management App

Meet CreditU, the ultimate one-stop debt and financial management app! See your full financial overview, including debts, income, expenses, and savings.

CreditU Apple App Store
Dev Tool:

Request: blog/the-psychology-of-spending-money
Matched Rewrite Rule: blog/([^/]+)/?$
Matched Rewrite Query: post_type=post&name=the-psychology-of-spending-money
Loaded Template: single.php