We’ve all done it: You’re exhausted from a stressful week at work, so you order takeout and ignore the fresh groceries in your stocked fridge. You’re anxious about a big life decision, so you buy some sugary treats hoping they’ll make you feel better. You’re too busy to get what you need for an upcoming trip, so you do a last minute, online binge shopping order and put it on your credit card without considering how you’ll pay it back.
Seriously, no judgement here — almost all of these examples are based on stories from my own life. The past year has held some really stressful moments: selling our house, moving, looking for new jobs, and finally securing a new job. And that was all before the COVID-19 crisis upended our everyday lives this month! In those anxious moments, the financial educator in me has watched carefully how stress has wreaked havoc on my normally very measured and intentional financial habits. It’s prompted me to try some things to relieve the pressure in those stressful moments so I can improve my overall well-being and protect my finances at the same time.
Wondering how to stop wasting money while you’re stressed? Here are some tips:
· Plan Ahead: Sometimes a stress storm sneaks up out of nowhere, but most times we know it’s on the horizon. If you have an inkling that things are about to get more stressful, identify ways you can make life easier on yourself. Keep your evenings open so you have time to rest; plan a lunch date with a friend so you have something to look forward to; make a batch of your favorite cookies over the weekend so you have sweet treats all week (and don’t need to buy any more).
Tip: One of the biggest areas I’ve wasted money is with food. It’s easy to order takeout during a stressful week. But for me, making dinner is an activity that helps me relax. Now, during particularly stressful weeks, I plan to make some of our favorite dinners so I have something to look forward to. On the most stressful days when we make takeout or going out part of the plan, we can enjoy it because we know it fits within our budget.
· Focus on Fixes That Really Make You Feel Better: Often, I found myself wasting money on things that don’t really move the needle on my well-being (physically or emotionally), like eating extra-salty takeout food that leaves me dehydrated. Instead, as I’m planning ahead for stressful weeks, I’ve tried to key in on the things that will help me relieve stress and rejuvenate. The best part? Most of these things don’t cost any money — like getting in bed early so I can get enough sleep, keeping my to-do list short, prioritizing exercise before work, and carving out time with my husband, even if it’s just a hour to cuddle up and watch our favorite show together.
Tip: When I’m stressed, my self-control goes out the window. I’ve particularly noticed I have a tendency to fill up on sweet treats in the office without even thinking about it. Now, I’ve started to ask myself: Why do I want this? Will it really help me? That isn’t to say that I don’t indulge in sweet treats, but I’ve tried to be a bit more discerning. And, I’ve stopped letting “because I’m stressed” be a good enough reason to indulge. Sweets don’t relieve stress.
· Tackle It Together: Don’t be afraid to ask your partner for help. Let them know what you’re struggling with and what temptations you’re most susceptible to. Tell them your plan and ask them to hold you accountable. And — because we are all extra irritable while we are stressed — give them some helpful hints on the best way to approach you if you stray from your plan.
Tip: Don’t assume your partner can read your mind. Be specific when you ask for help: See if they can make dinner, help out with dishes, go to the grocery store, run errands. Offer to do the same for them during their next stressful week.
· Give Yourself Some Grace: The next time you’re stressed undoubtedly you’ll end up wasting money in some way or another. Don’t get down on yourself and certainly don’t give up. You’re working to retrain habits and that takes a long time to do. Focus on the small wins; acknowledge — and then let go of — the losses.
Tip: Giving yourself grace emotionally is helpful, but you also need to back that up with grace financially. Intentionally create breathing space in your budget so you have a little extra that floats with you from month to month that you can eat into during these times. A sure-fire way to make a stressful situation even more stressful is to get yourself into debt or have to dip into needed savings just to cover needless spending.
If you have a tendency to waste money while stressed, what’s your indulgence of choice? Let me know below!
P.S. - Looking to reconnect with your partner (and your finances) during this time of isolation? Let me take you guys on a money date - inside your house, of course! Over the course of this period of isolation, I'll be offering FREE access to some of the best dates from my Date Night Club so you can focus on each other, not the agenda. It will be fun, casual, and stress-free. Check it out!
P.P.S. - Missed last week’s interview with my friend, Michelle Boss (The Money Boss)? Don’t forget to check out her virtual, year-long Master Class beginning in April!