Are you ‘revenge spending’? How to avoid the post-pandemic urge to splurge

Are you ‘revenge spending’? How to avoid the post-pandemic urge to splurge

6/9/2021 8:32:00 PM

Are you ‘revenge spending’? How to avoid the post-pandemic urge to splurge

Before you buy, consider that the urge to spend may be coming from a deeper need to connect.

The first thing to consider about spending is why we want to do it, said Ruhle."There are a couple of factors at play here," said Ruhle."Of course restrictions are easing and it makes sense that we would be spending more on resuming everyday things like going to restaurants or the movies."

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On top of that, people who have been able to work and who are doing OK financially are stillsaving a lot morethan they used to, said Ruhle."The personal savings rate last month was double April 2019 levels. In March it was quadrupled. And a new Creditcards.com survey found that over 40% of American adults are willing to take on debt to treat themselves right now."

Ruhle said that after such a challenging year, it's not surprising that people are trying to buy a little bit of happiness right now, and that spending can be a coping mechanism. They key is to recognize your impulse — if you can do that instead of feeling guilty, that will get you a long way toward moving past overspending. headtopics.com

It's natural to want to spend money right now, but there are steps you can take to make sure things don't get out of hand, said Ruhle.1. Prioritize your needs."Think about doing this before you even leave the house," said Ruhle."A lot of people's bodies changed during the pandemic, and you may legitimately need

," she said."Make a list of the items you know you want to replace before you go to the mall."2. Keep your values front and center."Money is just an extension of our values," said Alex Melkumian, Psy.D., a licensed marriage and family therapist and founder of Financial Psychology Center in Los Angeles, California."It makes our values come to life through buying things or experiences or whatever we value." Maybe you value connection or experiences or travel. Or maybe you know you enjoy spending at restaurants because it gives you a social connection. Whatever you value, make sure that your spending reflects that.

3. Set a budget. Read more: »

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