Whether you like it or not, you are very likely to spend a decent amount of your income on emotional spending. If you pay keen attention to your daily expenses, you can see that a vast majority of your expenses are backed by emotions, not logic. Think about the lavish dinners, needless parties, and hangouts. Above all, preparing for the big day – the wedding. Decisions made during these events are not based on any logic or reason and instead, these are backed by emotions.
However, emotion-based spending becomes normal when you are in a relationship. When you are on a date, you would look for ways to impress your partner with lavish dinners or expensive beverages. Nevertheless, it is pertinent to mention here that it is not wrong to spend money on someone who you love. What is wrong, however, is spending beyond your means and income.
The problem with emotional spending is that it can not distinguish between your income and spending. In other words, emotions do not let you make logical and rational decisions. A sensible person would say: “Well if I love you, it doesn’t mean I should make myself bankrupt and plunge myself into debt.” Instead, that person would be realistic and figure out how they and their significant other can live big within their means. Simultaneously, making sure that our relationship does not get disrupted.
If you are bothered by emotion-based spending, we have got your back. We have collected some effective tips that can not only help you cope with your needless expenses, but also will make sure that your relationship continues smoothly.
Communicate With Your Partner
The first thing you need to do to avoid emotion-based spending is to communicate with your significant other. Whether it is dating out or preparing for the big day (i.e., wedding), talk to your partner. Make her/him realize about your financial situation.
If you develop a smooth communication with your partner, everything will work out smoothly. You will not be financially troubled in any way. However, it is pertinent to mention here that couples who spend extravagantly before marriage are likely to fall into the trap of debts and loans. Consequently, they end up parting ways.
Have A Realistic Approach
As you communicate with your partner about your finances, be realistic. Do not let emotions haunt you. Instead, control your emotions and have a realistic approach. Be it your normal spending or spending on the big day, always ensure that you and your significant other are realistic.
Similarly, there are two other simple-yet efficient tips that will go a long way in your relationship:
- Be on the Same Page About Your Finances
- Do Not Let Money Break Your Relationship