Why You Feel Guilty When You Spend Money And How To Stop

Why You Feel Guilty When You Spend Money And How To Stop
0

When I ask people how spending money makes them feel, so many of them respond, “Guilty.”

They’ll give an example of how a rough day at the office led to buying a pair of shoes online or how they got a little carried away at their friend’s bach party in Vegas.

But spending your hard-earned money on something you enjoy should be exciting, not regretful. So why do many of us feel awful when we spend money, even if it’s on something that actually makes us happy?

How To Start Enjoying Your Money Guilt-Free

A big reason why people feel guilty about spending money is they fear that it could be going towards something better or more important.

This feeling is usually the result of a lack of planning. When you’re not sure if the $100 you just spent on shoes was part of your grocery budget or dream-home down payment, no wonder you feel guilty.

To combat this, limit impulse purchases by having a plan for each dollar in your paycheck.

For my Wealth Coaching® clients, we give every dollar they earn a specific job. Some dollars go towards bills, others go towards goals, and there’s always a portion of each paycheck that’s reserved exclusively for living your best life today.

A good rule of thumb is that 30% of your paycheck should be reserved to spend however you want. (So if you need to buy yourself some sympathy shoes or want to live it up in Vegas, there are funds for that.)

A Financial Plan Will Shift Your Money Mindset

Having a plan for your money will cause a mental shift in the way you view spending. Instead of thinking, “I should be doing something more responsible with this money,” you’ll start to think, “All of my bills and goals are covered so now it’s time to treat myself for working hard because I earned it.”

You’ll also have a lot more fun figuring out what to spend your money on once you have a financial plan. When you know you have a specific amount of “fun money” each month, you can plan to spend it in a way that makes you as happy as possible.

For example, I have clients that plan to go to multiple concerts each month because they know they have a certain amount of fun money and that’s their preferred way to spend it. Planning in advance allows them to save money on tickets, get the best seats, and get excited for the event. Studies show that anticipating an exciting event often creates more joy than actually attending the event itself.

When You Should Feel Guilty

While being able to spend your hard-earned cash without feeling guilty is a sign of financial health, there are certain situations where you actually should feel guilty about your spending.

If you’re going into debt or missing your savings goals, then the guilt you’re feeling is definitely warranted. It’s difficult to spend without guilt if you know for a fact you are dropping the ball on some key financial basics.

If you aren’t going into debt and are saving for your goals but still feel guilty about spending, then your guilt probably has less to do with spending overall and more with what you’re buying specifically.

If this is the case, I’d recommend you do a Choice Spending Check. All this requires you to do is write down everything you spend your money on for seven days and rate each purchase. If the majority of the things you buy aren’t things you need or love, you can eliminate your guilt by eliminating those low-value purchases.

Don’t Overspend, Save for Your Goals, and Spend Guilt-Free

As long as you’re not going into debt or neglecting your savings, you should be happily spending your extra money guilt-free on the things you love.

You spent decades in school preparing yourself for a career. And now you have a job where you put in hours and effort every single day.

What’s the point of all this hard work if you can’t enjoy the fruits of your labor?

Saving money is important, but you don’t take your bank account to the grave with you. Rewarding yourself in the present is extremely important and will help to keep you motivated throughout your career.

source:

 

Related Blogs

  • https://www.advancecareer.com.cy/wp-content/uploads/2024/08/From-the-Beach-to-the-Office-Finding-Balance-to-Go-Back-to-Work-236x168.jpg
    Aug 30, 2024
    From the Beach to…

    From the Beach to the Office: Finding Balance to Go Back to Work Picture this: you’re lounging on a sun-soaked beach, the sound of waves..

    0 Read More
  • https://www.advancecareer.com.cy/wp-content/uploads/2024/07/Landing-your-Dream-Job-During-the-Summer-236x168.jpg
    Jul 26, 2024
    Landing your Dream Job…

    Summer is not just a time for vacations and beach trips; it's also a golden opportunity to land your dream job. With many companies looking..

    0 Read More
  • https://www.advancecareer.com.cy/wp-content/uploads/2023/09/Employee-Well-Being-Another-Skill-for-HR-236x168.jpg
    Sep 15, 2023
    Employee Well Being –…

    Employee Well Being - HR Function which evolves to a full time dedicated role for Organizations who invest in their employees. HR Executives are giving..

    0 Read More
  • https://www.advancecareer.com.cy/wp-content/uploads/2023/04/The-Evolving-Science-Of-Stress-How-To-Tap-Into-The-Upside-Of-Stress-While-Avoiding-Its-Downside.jpg
    Apr 28, 2023
    The Evolving Science Of…

    April is Stress Awareness Month, when there will be a flurry of articles about managing stress. That is a good thing, up to a point...

    0 Read More
  • https://www.advancecareer.com.cy/wp-content/uploads/2022/08/5-Ways-to-Recharge-Your-Batteries-During-the-Holiday-Break-236x168.jpg
    Aug 19, 2022
    5 Ways to Recharge…

    Are you the type of workaholic that has a difficult time sitting still during holidays? Do you typically go stir crazy during family visits or..

    0 Read More
  • https://www.advancecareer.com.cy/wp-content/uploads/2022/05/How-to-Speak-Up-in-a-Meeting-and-When-to-Hold-Back-236x168.jpg
    May 20, 2022
    How to Speak Up…

    I recently spent a month interviewing the group heads of a large financial services company in order to understand how their direct reports need to communicate..

    0 Read More
  • https://www.advancecareer.com.cy/wp-content/uploads/2022/03/father-eating-working-from-home-236x168.jpg
    Mar 31, 2022
    Work Boundaries: How To…

    In today’s ever-moving, practically nonstop working world, many people struggle with setting healthy boundaries. With working from home the new norm for so many, it’s..

    0 Read More
  • https://www.advancecareer.com.cy/wp-content/uploads/2022/02/lady-cover-her-head-by-pillow-bed_1150-6972-236x168.jpg
    Feb 18, 2022
    How to Make Yourself…

    There’s that project you’ve left on the backburner – the one with the deadline that’s growing uncomfortably near.  And there’s the client whose phone call..

    0 Read More
  • https://www.advancecareer.com.cy/wp-content/uploads/2021/11/What-Super-Productive-People-Do-Differently-236x168.jpg
    Nov 19, 2021
    What Super Productive People…

    In 2018, I came across a meme that was going viral on the Internet. It read, “You have the same number of hours in the day..

    0 Read More
  • https://www.advancecareer.com.cy/wp-content/uploads/2021/10/Avoiding-Negative-Emotions-Wont-Get-You-Anywhere-236x168.jpg
    Oct 8, 2021
    Avoiding Negative Emotions Won’t…

    I’ve been thinking a lot about dessert lately. What’s the most memorable, delicious bite of dessert you’ve ever tasted? Chances are, it wasn’t a store-bought, plastic-wrapped ball..

    0 Read More
  • https://www.advancecareer.com.cy/wp-content/uploads/2021/09/The-vacations-we-dont-take-and-the-price-we-pay-236x168.jpg
    Sep 30, 2021
    The Vacations We Don’t…

    When was the last date you took a vacation? Did you know that not taking a break also has consequences? The Mexican startup Worky, a..

    0 Read More
  • https://www.advancecareer.com.cy/wp-content/uploads/2021/07/calm-businesswoman-relaxing-with-breath-gymnastics-236x168.jpg
    Jul 2, 2021
    Stressing The Benefits

    You may find this article stressful. At least, I hope you will. Because stress isn’t something to avoid or flee: it’s a sign that we’re..

    0 Read More
  • https://www.advancecareer.com.cy/wp-content/uploads/2021/05/The-Two-Levels-Of-Stress-Management-Within-The-Corporate-World-236x168.jpg
    May 21, 2021
    The Two Levels Of…

    Faced with increasing challenges, there are new shifts and changes in today’s corporate world. High levels of competition, new technological advances, demographic adjustments, political turbulence,..

    0 Read More