genesis domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /services/webpages/f/i/financialpsychologycenter.com/public/wp-includes/functions.php on line 6114U.S. consumers spent 8.4% more in February 2022 than they did a year prior, according to data from Morning Consult<\/a>.<\/p>\n Some experts are labeling this as \u201crevenge spending,\u201d or the act of trying to make up for two years of not being able to go out\u00a0by spending more than they typically would<\/a>\u00a0on recreational activities. People, more or less, are looking to buy happiness, says Nashira Lynton, a certified financial counselor and the\u00a0CEO of Breaking Cycles<\/a>.<\/p>\n \u201cI am hearing a lot from people who are recovering from the pandemic and are in search of all the things that bring them joy,\u201d she says. \u201cThey are feeling a part of them that has been suppressed for a long\u00a0time.\u201d<\/p>\n While not all nonessential spending is bad, too much of it can lead to bigger problems<\/a>, such as going into debt or depleting your emergency fund. \u201cWhen it\u2019s all said and done, many are overspending again, which we know causes more financial stress in the long run,\u201d she says.<\/p>\n To avoid these financial stressors, there are some pretty straightforward steps you can take, says Alex Melkumian, a financial psychologist who works with clients who have impulse control and overspending habits.<\/p>\n You can de-link your credit card from your payments method on your phone and laptop. Or you can automate a transfer of money out of your checking account and into a savings account on payday, so it\u2019s out of reach before you have a chance to spend it.<\/p>\n Another effective way to cut down is spending<\/a> is to use some mental tricks that can \u201cfool\u201d your brain into being more responsible.<\/p>\n When Melkumian coaches his clients, he has them create budgets and label line items in nontraditional ways. For those who overspend, a line item that simply states \u201cdiscretionary spending\u201d or even \u201cfun spending\u201d might still feel restrictive and therefore hard to adhere to. Instead, he has them label a line item \u201cmandatory splurging.\u201d<\/p>\n \u201cWe thought \u2018mandatory splurging\u2019 is something that sounds really fun and really inviting and motivating,\u201d he says. \u201cNow, even though our clients are saving like they should, or, from their perspective, a lot compared to what they used to save, they are not necessarily anxious or stressed about being able to buy something they want.\u201d<\/p>\n Changing the name of the line items, he\u2019s noticed, can slowly change the behavior. Initially, his clients spend the amount allotted to \u201cmandatory splurge\u201d quickly, but after about three months, many struggle to find a use for it.<\/p>\n \u201cLittle by little they have fooled themselves into better thinking, a better mindset, and the behavior then follows,\u201d he says. \u201cLanguage plays a huge part in how we perceive things.\u201d<\/p>\n Certain words hold negative connotations. Even the word budget triggers the same brain response as the word \u201cdiet,\u201d which makes people feel like they are depriving themselves<\/a> when they create one.<\/p>\n That\u2019s why Saundra Davis, founder and executive director of Sage Financial Solutions, and a financial behavioral specialist, doesn\u2019t use the words \u201cneeds\u201d and \u201cwants.\u201d The latter holds judgement, and when you judge yourself for purchasing something, you might deprive yourself of it then overspend later.<\/p>\n Instead, she says, \u201crecognize that there is a difference between a living expense and a lifestyle expense.\u201d By changing the word \u201cwant\u201d to \u201clifestyle expense,\u201d you are acknowledging there is value in a purchase that improves your life, even if you don\u2019t absolutely need it.<\/p>\n1. Make a line item for \u2018mandatory splurging\u2019<\/h2>\n
2. Don\u2019t use the words \u2018needs\u2019 or \u2018wants\u2019<\/h2>\n