Answer these questions: Have you wondered why you made a purchase you didn’t even want or need? Why did you buy one brand over another? Why did you use credit for the purchase?
Get a better understanding of your relationship with money and the motivations that causes you to spend. These factors are emotionally based and stirred by factors like marketing, social relationships, and spending habits.
Keeping up with the Joneses – making purchases based on what others are buying. When you keep up with the Joneses you’re not living your life but trying to copy theirs.
Advertising – commercials and ads work to compel us to buy things for a variety of reasons. We may buy a product because we believe it will improve our lives, make us feel sexier, or increase social appeal.
Spending Habits – buying lunch every day or the morning coffee routine are spending habits that may be contributing to your financial situation. Not all spending habits are bad. In fact, some shoppers seek sales items or use coupons for all purchase to save money.