People are known as either savers or spenders. While how we manage money can reveal our financial habits, it doesn’t fully capture the emotional side of our decision-making. For some, saving might be motivated by the dream of buying a house, while others may spend money on travel to create memorable experiences. Understanding how we manage money and how we feel about money is crucial.
Retail Therapy
You’ve probably heard the term ‘retail therapy.’ I’ve been guilty of spending more when I was stressed. Shopping gave me a quick fix and made me feel more in control. Money became more than monetary value; it was a way to escape uncomfortable emotions. You wouldn’t know this because I consider myself more of a saver than a spender. But the truth is, how we spend money can often be deeply emotional.
I share my experience not to put the spotlight on myself but to help others realize they’re not alone. For many, talking about money can feel uncomfortable, but starting these conversations can foster greater self-awareness about our relationship with money. Retail therapy doesn’t have to lead to financial hardship; it’s all about moderation and mindfulness. If money is your only way of coping with emotions, consider exploring other ways to manage them.
Saving Vs Spending
Saving money can be just as emotional as spending it. Whether you’re saving for your dream home, booking a trip abroad, or planning a family reunion, the cost of these experiences can be significant. However, the memories you create are priceless. While being a saver is beneficial, being a spender isn’t necessarily bad. You deserve to enjoy your money, and spending it on meaningful experiences is a perfect way of doing that.
While saving money can be beneficial, it can also have a downside. For example, you may feel guilty about spending money, even when you can afford it. This feeling often stems from a scarcity mindset—one you may have developed growing up in a household where money was tight. Witnessing your parent’s struggle might have left you with an underlying fear of being without. Now, as an adult, you find yourself saving out of that same fear, trying to avoid the feeling how you did as a child.
Final Thoughts
When considering money, think beyond just being a saver or spender. Neither is better than the other. It is all about finding a balance between the two. More important than how you manage money is your relationship with money. Becoming self-aware of your emotions around saving and spending can improve your financial decisions. I hope this post can encourage you to be more mindful about how you view money.