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Affluent Investor | June 26, 2017

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6 Common Spending Triggers to Watch Out For

investment money paper pens PUBLIC DOMAIN

Emotional triggers cause you to spend money. Maggie McGrath at Forbes made a list of the most common ones.

  • Alcohol or hunger can lower inhibitions and cause people to buy and regret it later.
  • Emotional turmoil causes people to spend in an effort to gain control and feel happy. But the short-term gratification won’t last long.
  • Loneliness leads to purchases that temporarily medicate. But a Journal of Consumer Research paper says there’s a “loneliness loop” in which materialism and loneliness create a self-reinforcing cycle.
  • There’s the reward yourself mentality and keeping up with the Joneses trap.
  • Convenience or quick fixes add up in food, maid service, laundry or yard work.
  • A raise or tax refund justifies splurges on cars, vacations, or even homes.

If you know your trigger, you need to put on the full armor of God to withstand temptations.

Avoid going where you know you spend money. Stay away from the mall, boutiques, or online shopping. Delete or unsubscribe from sites where you will waste time and/or spend money. Pick up a book or find a productive way to spend free time rather than hopping on the computer or smartphone.

Check your emotions. When did you last thank God for who He is and what He has done for you? Are you seeking satisfaction from people or things rather than the only One who can truly satisfy?

Set your mind on things above not on things that are on the earth. You will find that your heart becomes satisfied with the riches of Christ that are of much greater value than the things of this world.

 

Originally published on Handwriting on the Wall.

Chuck Bentley is CEO of Crown, a non-profit business and personal finance policy and educational organization, and author of “The S.A.L.T. Plan. How to Prepare for an Economic Crisis of Biblical Proportions” and “Root of Riches, What if everything you think about money is wrong?”

 

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