Why Allowing Mood to Affect your Money is a Bad Idea
We like to think we are always in control. That the things we say and do have been vetted by our brains and deemed suitable for execution, but sometimes, things can get messy, and when they do, emotions are almost always involved.
Now, there’s nothing inherently wrong with getting emotional.
At times, it’s even needed, since keeping all those things bottled up inside with nowhere to go is a good way to build up stress.
But there are also times when the last thing people need is for their emotions to factor into the equation, such as when financial decisions need to be made.
There are times when people listen to their emotions and allow them to justify spending extra on unnecessary purchases meant to provide short-term relief but long-term regrets, which is obviously not ideal.
A bad mood can also become a good motivator in the worst way.
You can get this idea in your head that purchasing this random item will help make you feel better and you become driven to have it even when there is no pressing need for such.
It’s a shame that this type of mood-based motivation can’t be called upon at exact times because it really can work on people, even though it often yields negative results.
In most cases, mood impacting the way you spend your money is not ideal but also mostly harmless, but there are also times when it is not.
Business and work decisions are ones that need to be made with a clear mind, not one clouded by emotions, be they good or bad. Your mind can already get filled up with several factors that can complicate a business decision; emotions are no longer needed to muddle things up any further.
Mood and money simply don’t mix, and when they do, the result is, quite often, something bad.
A person’s state of mind can have a ripple effect. For instance, sadness might boost self-focus, which makes the increased spending spurred by sadness hard to avoid. This devaluation enhances a person’s willingness to spend more on new material goods as a way to strengthen one’s sense of self.
If you want to manage your emotional spending, avoid impulse buys. Look for ways to handle your emotions, choose happiness, and develop healthy financial behaviour.
Is there a similar experience that you can share? Tell us in the comments below.
A serial entrepreneur, Ray Bolouri is focused on creating "the next innovation.”
At young age, Ray co-wrote a dental billing software which has since become the defacto standard for dental practices worldwide. Later he helped market and build the 7th largest ISP in the United States.
Read More
Latest posts by Ray Bolouri (see all)
- Why Allowing Mood to Affect your Money is a Bad Idea - January 2, 2017
- The Meaning Held by Each and Every Day - December 8, 2016
Recent Comments