Hopefully most people go to the grocery store because they need food and other supplies. But, sometimes people grocery shop because they are sad, bored, lonely or believe spending at the grocery store is “OK because we all need to eat.” Emotions might be dictating your spending and not just at the grocery store. I have a client who I will call Jenny. Her husband died many years ago. She lives alone and has grown children in the area and claims they are all very close. She also reports that she “still misses her husband terribly.”
When Jenny’s husband first died she went to the grocery store late at night because she “wanted to be with people.” It was comforting to be with others so she saved the chore of food shopping for the late evenings. She would shop for two because she could not believe her husband was really gone. In the beginning she figured it was harmless because she was being soothed and always had enough money for groceries.
It has been over ten years since Jenny’s husband died and she continues to soothe herself at the grocery store. She spends at least an extra $100 a week on unneeded food. That works out to more than $5,000 a year or nearly $50,000 over a ten year period. Jenny came to me because she realized she is letting emotions control her spending.
Jenny now tracks her spending and her emotions. Before she goes to the grocery store she makes a list of items she actually needs and has agreed to pay with cash. Spending cash takes more effort than swiping a credit card. Jenny also has an allocated amount of money each week to spend on food. In other words, she has a budget. Oh no the “B” word. Yes, budgets are a must when emotional spending becomes a problem. It is important to understand your emotions. Ask yourself, “What need am I trying to fulfill?” or “How will I react when the credit card bill comes in?” Marty Martin, a Chicago financial psychologist says, “the key is to be mindful about spending rather than engaging in automatic behaviors.”
If you want to become more mindful about your spending please call Julie at Woodworker Life Coaching 1-916-572-6619 or contact me at www.woodworkerlifecoaching.com
