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Hi i’m aaron from broke millennial for the financial diet welcome to the three minute guide brought to you by skillshare spending money and accumulating material things can be addictive in fact you actually get a dopamine release in your brain at the mere anticipation of buying something that you want which gives you a natural high wanting that next hit of the
Good feels can result in you justifying why you need to make this purchase when in fact you probably don’t today we’re going to identify five different types of spenders to help you figure out the common why behind your purchases it’s not an instant cure for overspending but it is the beginning stages of doing the work one treat yourself ah the old justification
Of i work hard so i deserve this there’s certainly are times when it makes sense why you would want to indulge in a little treat yourself behavior but it also is really easy to rely on as an excuse for consistent over spending especially lavishly this can of course result in leading you into a debt cycle so if you are using this excuse more than three times a
Year it’s already too many number two fomo a fomo spender is a person who lets other people have considerable control over when and how they spend their money you just want to be included so you’re willing to spend whatever it takes in order to keep up with the people that you either admire or are trying to impress instead of being proactive about your finances
You primarily operate on the whims of what other people want to do this could manifest in taking trips or trying to just keep up with how people in your life are dressing or socializing or even working out we all make the occasional fomo purchase i myself had one back in august when my best friend turned 30 and i decided to fly down to nashville to surprise her
For her birthday i knew a big primary reason i did that other than loving her was the fact that i didn’t want to have to see all of the pictures of my friends having fun on a pontoon boat without me number three soothing similar to comfort eating this kind of spender is a person who makes a purchase whether big or small when they’re feeling down like i mentioned
In the beginning the anticipation of making a purchase of something that you want can release dopamine in your brain so if you’re not feeling too good about yourself it makes sense while you might go out and indulge in a little bit of shopping it’s important to take note of when you are making these kind of impulse purchases if there’s a consistent pattern of you
Making these kind of impulse purchases when you’ve had a bad day or got in a fight with your boyfriend or been yelled at by your boss and it’s a good indicator that this might be your purchasing type number for straight-up boredom and you’re kind of bored so you might as well peruse some shops online or even more crazy go to an actual store this kind of spending
Harkens back to the days of being in high school and just wandering around the malls with your friends it was just something to do and if this tends to be your spending type then try coming up with a list of other ways that you can distract yourself when you’re bored that don’t result in you spending money on things you don’t need number 5 deal seeker there’s an
Entire reality show genres dedicated to couponing so it makes sense that this is a very common type of spender and sure some of those folks come close to zero in out their purchases and maybe actually don’t spend a lot of money but just think about the financial consequences of the sheer man-hours that they spend doing the couponing you might be a deal seeker if
You frequently use the excuse but it was on sale to buy something that you didn’t actually need it’s one thing if you know you need to buy some new clothes or kitchen appliances and you decide to hold out for a sale but it’s another thing if your favorite stores send you an email alert that they’re having a sale so you hop online and do some purchasing if you didn’t
Need the item that you purchased in the first place it is still a waste of money no matter how good the deal want to know more about how your personality and emotions can control your relationship to money then be sure to check out my previous videos about uncovering your money personality and the best budgeting style for your personality links to those videos can
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Any of the other classes skillshare has to offer have a money question you want to learn more about leave your topic idea in the comment section below i’m erin from broke millennial for the financial diet and don’t forget to be here next thursday for a new 3-minute guide you
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The 5 Types Of Spenders: Which Are You? | The 3-Minute Guide By The Financial Diet