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“As we near the go-to time for holiday shopping with Black Friday right around the corner, the urge to spend could grow even further,” Alev said. “I urge those who are feeling the urge to spend money right now to go on a temporary social media diet until they feel like they’re more in control of their emotions and temptations.”
Taking a break from social media can be great for your bank account and your mental health. At the same time, seek out additional forms of self-care and outlets for your emotions.
“You’d be surprised how a cozy night in with some popcorn can give you those same feel-good vibes,” Sokunbi said.
Replace online shopping with streaming a good show, starting a new hobby or spending time with loved ones.
“Instead of doom spending, find other ways to get that much-needed pick-me-up,” Palmer echoed. “You could meet a friend for coffee or a walk, get outside and in nature, or call a family member. Reconnecting with other people and with nature without spending money can all be ways to give yourself a low-cost mood boost.”
She recommended setting a clear budget and endorsed the 50/30/20 approach ― putting 50% of your take-home pay toward needs, 30% toward wants and 20% toward debt payments and savings.
“You might not adhere to those guidelines perfectly, but it can be a helpful ballpark that leaves room for some ‘fun’ spending,” Palmer said. “It can also be helpful to give yourself a savings goal that you are excited about, such as building up an emergency fund or saving for a future vacation. That can help provide motivation to put money away for the future instead of spending it now.”
Grichanik emphasized the importance of setting specific and measurable financial goals within a feasible timeframe. Consider putting the money you almost spent on an impulse purchase into a high-yield savings account or Roth IRA.
“Another way to avoid overspending is by creating roadblocks to make it more difficult to make an impulse purchase,” she said. “An example of this is removing saved credit card information from your browsers or Apple wallets to ensure there is a barrier to purchase.”
Reduce the temptation to overspend by deleting shopping apps and unsubscribing from promotional emails.
“Pause before you spend,” Sokunbi advised. “When you feel like buying something, pause and ask if you really need it or if it’s just stress talking. Sometimes just waiting a few hours helps.”
You don’t have to fully disengage from fun or frivolous spending, however. Set aside a specific amount of money for a little splurge each month, or find ways to treat yourself with points.
“When you are craving a little retail therapy, redeem your rewards from your credit card, gift cards or loyalty programs to help offset some of the costs,” Grichanik suggested. “This small hack can allow you to continue to find ways to save but allow you to enjoy something you have been craving.”
And if you accidentally fall into the trap of doom spending, don’t be too hard on yourself.
“The key is to be aware when it happens and figure out other ways to feel better without spending money,” Sokunbi said. “It’s all about balance.”
This article originally appeared on HuffPost.
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