{"id":8192,"date":"2023-07-18T17:54:43","date_gmt":"2023-07-18T09:54:43","guid":{"rendered":"http:\/\/www.imoney.my\/articles\/?p=8192"},"modified":"2023-07-18T20:49:44","modified_gmt":"2023-07-18T12:49:44","slug":"5-overspending-situations","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/5-overspending-situations","title":{"rendered":"5 Situations That Contribute To Overspending"},"content":{"rendered":"

 <\/p>\n

Saving money is an age-old problem that can often be attributed to ever-rising costs of living; but the problem of saving money is also one of a psychological nature in which our mind and way of thinking ultimately lead us to spend more than we really need to.<\/p>\n

Here are five situations in which you\u2019re more likely to spend more than necessary:<\/p>\n

<\/span>When presented with an urgency to buy<\/b><\/span><\/h2>\n

Have you ever bought two pairs of jeans because it was on a one-day-only buy-one-free-one promotion?<\/p>\n

It\u2019s inevitable, nobody likes to miss out on a great deal on something they want which is why, when presented with an urgency to buy, they tend to rush into their wallets \u2013 never heads first.<\/p>\n

This urgency to buy often manifests itself as offers with a time or quantity limit, but can also sometimes be disguised as an opportunity to try something that one would never usually \u2013 at least not at retail price, pay to experience.<\/p>\n

The solution:\u00a0<\/b>Put rationale and logic back in the front seat. It is rare for one source of consumer products or services to be able to claim exclusivity. If you miss out on a great deal, chances are you\u2019ll be able to find it somewhere else or at a later time in the future.<\/p><\/blockquote>\n

<\/span>When maintaining more than one bank account<\/b>\u00a0<\/b><\/span><\/h2>\n

Resolved to start a home fund? There is the option of stashing your money under your pillow or in your socks drawer, but everybody knows that isn\u2019t the wisest move.<\/p>\n

Enter the option of opening a new bank account, which incidentally is easy, lets you earn interest, and can be done over lunch with time to spare for dessert. With so many attractive offers to open a bank account, it\u2019s hard to see the downside of doing so.<\/p>\n

But according to researchers, having your income spread across a few places can result in false security. By thinking that you have money saved up in another bank account, it\u2019s easier to justify a purchase, which in turn can lead to unnecessary spending.<\/p>\n

The solution:\u00a0<\/b>Constantly remind yourself of the purpose of opening the second account \u2013 which is to save, and keep track of your spending.<\/p><\/blockquote>\n

<\/span>When buying something presumed to be embarrassing<\/b><\/span><\/h2>\n

Unlike Westerners, Asians have a tendency to shun the topic of sex, which makes buying things that imply one\u2019s intentions of partaking in such an act to be embarrassing.<\/p>\n

When one perceives a particular item (think condoms) to be embarrassing, they are more likely to employ diversion tactics by purchasing something (or a bunch of things) they don\u2019t necessarily need, thus spending more than they actually have to.<\/p>\n

A study in the Journal of Consumer Research<\/a>\u00a0found that almost 80% of people spend money on unnecessary extras as a way of diverting attention.<\/p>\n

The solution:\u00a0<\/b>The ideal solution is better awareness and education that can ultimately change the mindset of people perceiving certain topics (and by extension, any items that imply the subject) to be embarrassing and must be shunned. But, if it can\u2019t be helped, supplement your \u201cembarrassing\u201d purchases with things that you will actually have a use for.<\/p><\/blockquote>\n

<\/span>When retail therapy is the cure for stress<\/b><\/span><\/h2>\n

What do you get when you put together a horrendous traffic jam, an inbox bursting with unread emails, and a grumpy boss who also has to experience both things? Stress.<\/p>\n

It is not uncommon to hear the words \u201cretail therapy\u201d being uttered when under the influence of stress these days and with online shopping gaining traction, shopping has become as common and frequent as eating.<\/p>\n

Shopping in this manner often leads to impulsive purchases and items that often become permanent residents of one\u2019s closet or being the victim of a recycling run.<\/p>\n

The solution:<\/b>\u00a0To a working professional, stress is inevitable, but there are cheaper and healthier ways to manage stress. An article by\u00a0Harvard Health Publications<\/i><\/a>\u00a0credits regular aerobic exercise with reduction in stress, anxiety, and depression.<\/p><\/blockquote>\n

<\/span>When you are not under pressure to get things done<\/b>
\n<\/b><\/span><\/h2>\n

This is best illustrated in the context of shopping. When one recognises that time and tide waits for no one, shopping becomes a task that needs to be over and done with as quickly as possible thus cutting out any unplanned stops which can lead to overspending.<\/p>\n

The solution:\u00a0<\/b>Fit your grocery shopping into a relatively busy day, such as a Saturday filled with other chores that need to be done, but allow yourself just enough time to complete everything without too much stress.<\/p><\/blockquote>\n

Read More: How To Solve The 3 Most Frustrating Money Problems This Year<\/a><\/p>\n

This article was first published in April 2014 and has been updated for freshness, accuracy and comprehensiveness.<\/h6>\n","protected":false},"excerpt":{"rendered":"

Have you ever bought two pairs of jeans because it was on a one-day-only buy-one-free-one promotion? If your answer is yes, you need to read this.<\/p>\n","protected":false},"author":1,"featured_media":57138,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[256,218],"tags":[754,872,767,624],"class_list":["post-8192","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-lifestyle","category-money-management","tag-credit-card","tag-debit-card","tag-lifestyle","tag-online-shopping"],"acf":[],"yoast_head":"\n5 Situations That Contribute To Overspending<\/title>\n<meta name=\"description\" content=\"The difficulty in saving money is an age-old problem with a psychological component. 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