Depression is a debilitating mental illness that can leave people feeling hopeless and sad. One symptom of this condition is impulsive spending, which can result in financial problems. If you're struggling with emotional impulsive spending, it's essential to find ways to overcome it so that you can start getting your finances back in order. This article presents seven effective strategies to help you curb impulsive spending when dealing with depression.
Emotional spending refers to impulsive buying behavior that aims to boost one's mood. This behavior can take various forms, such as retail therapy or comfort eating. Individuals who experience depression are particularly susceptible to emotional spending because it can provide a temporary sense of relief and give them a feeling of achievement or power. For those with depression, emotional spending can also act as a means of escape from the emotional turmoil that they are experiencing. This behavior triggers the release of dopamine in the brain, making it highly addictive.
Depression can trigger increased spending behaviors. One possible explanation is that the intense emotions associated with depression make people crave temporary relief, which spending can provide. Alternatively, people with depression may have difficulty making decisions, leading them to resort to spending as a way of escaping or distracting themselves. Moreover, when someone's mental health is affected, they may feel their life is out of control, and spending money may give them a false sense of control. Regardless of the reason, it is evident that depression can lead to irresponsible spending, which can cause financial strain and impact long-term well-being. Therefore, it is crucial for individuals struggling with mental health issues to seek emotional and financial support when necessary.
Individuals with depression often experience triggers that lead to impulsive spending. Such triggers may include feelings of loneliness, low self-esteem, or being overwhelmed by stress. Emotionally-charged moments like breakups or the loss of a loved one can also drive impulsive shopping behaviors.
Regardless of whether you are an emotional spender or not, here are seven tips that can help you overcome depression and stop impulsive spending:
Talking to a professional can be a crucial first step in addressing depression and related issues, such as excessive spending. A therapist or counselor can help you manage your moods and develop effective coping mechanisms.
Regular exercise is beneficial for both physical and mental health. Exercise releases endorphins that improve mood and reduce stress levels.
Creating a budget is an effective way to curb spending when experiencing depression. Budgeting enables you to plan your finances and track your monthly expenses. This strategy helps you keep your spending in check and identify areas where you may be overspending.
Taking time out and thinking before making a purchase can help you avoid emotionally-driven spending. Ensure that any item you purchase adds value to your life or makes a positive impact in some way.
Instead of resorting to impulsive spending, try other stress-relieving activities, such as mindfulness, yoga, or deep breathing. Such activities can help you relax and improve your mood in a healthier way.
Self-care is vital when it comes to managing stress levels and maintaining good mental health. Make time for yourself, engage in activities that bring you joy, and prioritize getting sufficient rest each night.
Finally, remember to reach out to family, friends, a therapist, or mental health resources if you need support. Fighting depression alone can be tough, and having people who understand what you're going through can be a game-changer. Don't hesitate to ask for help when you need it.
Getting professional help for depression and impulsive spending is essential. A trained mental health professional can help you identify the root causes of your depression, such as environmental factors or underlying issues from the past. A therapist can help you address any negative thought patterns or behaviors that contribute to your depression and impulsive spending, such as self-judgment or negative thinking.
With this support, you can learn healthier ways to cope with stress and make positive changes in your life, leading to improved mental health and financial stability.
Depression and impulsive spending can be overwhelming, but with the right resources and mindset, it is possible to overcome emotional spending. By understanding the triggers and applying the tips outlined above, you can regain control of your personal finance and improve your mental health. To avoid emotional spending, be sure to talk to a professional, create a budget, practice self-care, exercise regularly, and seek support.
If you’d like help with getting your spending habits under control and finances back on track, book a call with us at Bolder today. We’re a no-judgment space for you to discuss your money matters and are happy to support you in getting set on the path to financial success.
If you are struggling with mental health matters, resources are available, including the National Alliance on Mental Illness, Depression and Bipolar Support Alliance, and Mental Health Resources.
It’s always ok to reach out for help.