Last week, we had a rundown of some emotions and how they could be affecting your financial goals and relationship with the legal tender.
This week, we take a look at five more emotions hat could be holding you back.
Take a look:
Regret
Let’s say you lost a lot of money to a Ponzi scheme or you squandered so much cash on a night out with friends. Bad financial situations like these could lead you to feel regretful, and that could affect your relationship with money and prevent you from moving on. To avoid getting stuck in that web, treat those bad financial decisions as life lessons.
We all make mistakes, and no one is perfect. Learn from the errors and determine to make better financial decisions.
Boredom
Think about it (and be honest): how many of your recent purchases were made out of boredom? Maybe you got tired of staying at home, so you decided to take a stroll to the nearest supermarket. One hour and thirty minutes after, you strolled out with two bags of items you didn’t need.
We all get bored sometimes, and that’s completely normal. However, to ensure you don’t end up making altering decisions, find productive ways to distract and occupy yourself.
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Overconfidence
So, you’ve got a pretty good job and a hefty amount of cash in your savings account. You’re 100% sure that you’ll never go broke and you’ll always stay afloat, no matter how badly you manage your finances. Your motto is ‘Anyhow, we go run am ?’. While your optimism is commendable, it might be leading to overconfidence- an emotion that could sabotage your finances by giving you a false sense of financial security.
It’s essential to avoid being too confident in your ability to manage your finances that you end up messing up your relationship with money. While we won’t advise you to tone down your optimism, it would be a good idea to put your goals and future into perspective when making financial decisions.
Sadness
Sadness is an overwhelming feeling that could often cloud our judgement and affect our ability to think rationally. Think about it- maybe you just got dumped by your significant other or received a rejection email from a company you applied to. You might feel the need to replace the feeling of sadness with some instant gratification to make you feel better.
For a lot of people, they start to engage in retail therapy- by making purchases that help to lift their spirits- some online shopping on ASOS and some comfort food from Krispy Kreme. It’s important to note that these seemingly harmless purchases could take a toll on your financial health if not managed and curbed in time.
During periods of sadness, it’s essential to contact your support system for some emotional help and take some time to process your feelings, so you don’t make decisions you will eventually regret. Set boundaries and look for healthier alternatives (such as taking a long walk or reaching out to a friend) that will help you deal with your emotions without affecting your finances.
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