We’re living in difficult times at the moment. Facing a cost of living crisis, we all need to re-elevate our spending habits. After all, with bills increasing, it means we have less disposable income left over every month. This makes saving money more of a challenge.

One of the best ways to make sure you do not overspend during this period is to spend time understanding what triggers you to spend money. We’re all different. We all have different triggers that can result in overspending.

If you understand what your triggers are, you will be best placed to deal with them and make sure that they do not derail your monthly budgeting efforts.

What is a spending trigger?

A spending trigger is a situation or feeling that makes it easy for you to break your budget or spend more money than you would usually. For some people, they spend more because they want to keep up with their friends. For others, they spend more money when they are emotional or bored. It is vital to understand your spending triggers so you can manage your money effectively.

Identifying your spending triggers

It is vital to identify your spending triggers. You can do this by writing down how you were feeling and what situation you were in whenever you make a purchase. This will help you to see if there are any patterns in your spending or any repetitive behaviours.

For example, you may notice that whenever you have had a difficult day at work, you tend to order a takeaway. Or, you may notice that whenever you are out with your friends, you tend to spend more than what you had budgeted for the evening.

You may be surprised by some of the trends that continue to pop up, but it will help you to understand why you’re spending more than you typically would.

Some of the most common spending triggers and how to deal with them

Everyone is different. Your spending triggers may be common, or they could be unusual. It is important to figure out what applies to your situation. To give you a helping hand, we are going to take a look at some of the more common spending triggers, as well as provide advice on how to overcome them.

Spending trigger #1 - Spending when you are emotional

A lot of people spend when they are feeling emotional because they want to distract themselves and cheer themselves up. However, you may feel even more down when your bank statement comes through, and you don’t have enough money for your bills.

To combat this, it is important to think about what truly makes you happy. Look for ways to cheer yourself up that don’t involve maxing out your credit cards.

For example, you could watch a comedy film, have a pamper evening, or go for a walk in the countryside with your dog.

Spending trigger #2 - Spending to keep up with your friends

This is one of the most common spending triggers, and it has only been made worse thanks to the fact that we live our lives on social media nowadays. People can feel like they need to spend money to keep up with what their friends are doing and have. If your friend has a new PS5, you may feel like you need to buy one. If your friends are going to an expensive, lavish restaurant, you may feel like you need to join. 

However, you don’t know what inner turmoil your friend is experiencing either. Just because they have fancy things does not mean that they are happy. And, true friends don’t judge you based on material items. 

Spending trigger #3 - Spending whenever you receive ‘special discount’ emails

It seems a day does not go by without several emails landing in your inbox with special offers and “one-time only” deals. Brands use clever wording to make people feel like they don’t have much time to waste if they want to capitalize on this “incredible” offer. If you think about just how many of these emails you receive, you will soon realise that there are always special offers running. You’re not going to miss out.

Consider turning off email notifications so that you only check out these deals when you are in the right headspace. Furthermore, use the 48-hour rule. If you still need and want to purchase an item after 48 hours, you probably do need it.

Spending trigger #4 - Spending when you feel bored

Boredom can cause us to spend money. Some people start looking at clothing online, buying pieces to add to their wardrobe. Others play games and end up spending money on special items and game credits. 

There are plenty of other things you can do when bored, which won’t involve spending heaps of money, so focus on those! Why not read a book? Watch something on YouTube?

Spending trigger #5 - Spending to reward yourself

Finally, a lot of advice columns tell us to treat ourselves whenever we reach a specific milestone. From losing weight to completing a work project on time, we’re commonly told that we should reward ourselves so that we really appreciate our achievements.

Well, rewarding yourself does not mean you have to spend money. There are many different ways you can acknowledge your achievements and feel great about yourself without parting with your hard-earned cash.

For example, you could reward yourself with a bit of me-time. Enjoy a pamper evening or spend the day watching your favourite TV program. Enjoy a nice glass of wine with your meal or eat your favourite food. You don’t need to go overboard.

Dealing with your spending triggers effectively

So there you have it: an insight into spending triggers and some of the steps you can take to deal with your own spending triggers effectively.  By getting to the bottom of what causes you to spend more money, you can put steps in place to make sure that this does not happen so that you can build up your reserves and start saving money.

Further resources:

How to untangle money issues and mental health, with Clare Francis

If you’re struggling with debt:

• StepChange: https://www.stepchange.org/

• Citizens Advice: https://www.citizensadvice.org.uk/ 

• Mind: https://www.mind.org.uk/

• Samaritans: https://www.samaritans.org/