The Importance of Money Triggers
The final post in our money and mental health series this April covers the importance of understanding your money triggers.
Money triggers are the trigger emotions which cause you to spend, especially on impulse purchases.
Why is understanding these triggers so important?
1) Spending should not be a coping mechanism
You will never feel happy or fulfilled if every time you feel low, or something goes wrong in your life, you go out and impulse spend. In fact, this will just create a negative cycle around your money habits and will only increase your stress and worry.
2) Importance of budgeting
Having a clear budget is crucial to managing financial stress. If you are routinely impulse spending then your budget will quickly spiral out of control. By understanding your emotional money triggers you can help manage your budget more effectively.
3) Identify external issues
Money triggers are usually a symptom of other issues. Instead you need to find other healthy coping methods for dealing with negative emotions. By identifying your money triggers you can seek help or advice on these issues.
Clearly, understanding - and managing - your money triggers is crucial to having a healthy relationship with your finances.
If you missed any of our previous posts in our April blog series take a look at our Instagram page (@ImageNPay) or view the posts linked below!