The Cost of Spontaneity
I am a spontaneous person. I love to do things on the spur of the moment, dive head-first into something new that interests me, and look for excitement and adventure wherever I go. It is part of who I am- for I am a spontaneous person. But my spontaneity almost cost me my financial future.
It took me a long time to realize it, but my spontaneity was really causing a financial problem. I know I’m not the only person with this issue regarding spending. I was spending all my money today without a care for tomorrow. And when tomorrow became today, problems would show up. I would be late paying bills, use a credit card to cover emergencies, have expensive trips, and have a closet full of impulsively purchased clothes. Does this sound like you? Gosh, I hope not.
When we think about being spontaneous, we don’t consider how it affects our finances. We think of the excursions and adventures we get to have, which is the fun part. The downside is that during those excursions and adventures, we spend money as if it were going out of style. Spontaneous spending may appear in dining out, last-minute trips, and impulsive shopping.
Did you know that these spontaneous activities can boost the dopamine in your brain? Dopamine is a feel-good transmitter that is lacking in those with ADHD. We crave dopamine and seek it. The more we get, the better we feel. Just thinking about it makes me happy. You can read more about this here.
But the problem comes when we spend with no regard for needing to plan for the future. We charge stuff, use our funds that were earmarked for bills, and have no savings. Whether the spending is big or small, it can lead to financial strain, meaning more debt and less savings.
Learning your triggers can turn this challenge into something manageable. Look for why you are impulsively shopping. Is it stress, boredom, or social pressures? Is the store’s environment affecting you, such as bright lights, sales, advertisements, and peer influence?
Stores like to use all the senses they can to get you to purchase more. Becoming aware of their tactics makes it easier to resist them. I’ll post about these later.
So, how do we combat our spontaneity, which is wrecking our finances? We make a plan, of course!
Budgeting: Having a realistic budget that covers both necessities and fun money.
Spontaneous Category: Have money set aside strictly for your spontaneous moments. Because they will happen.
Wait 24 hours: This is true whether making a large or small purchase. Wait 24 hours and see if you still want the item.
Practice Mindfulness: Being mindful and present can help to reduce impulsive purchases.
Self-Reflection: Reviewing past purchases helps you to notice patterns and behaviors in spending. Do this often.
Find Other Ways to be Spontaneous: buy the gear you need to go hiking and start hiking different trails when you need an adventure. I make T-shirts for my kids. Or check out free community events.
When you implement these, you should start to find a margin in your financial life. This margin is how you can plan for tomorrow, which we used to forget about.
Need help reviewing your spending? Find the information for my Spending Journal Instructions Here. I promise I won’t spam you with emails.