In today’s economy, people are actively gaining awareness of their spending habits. People who once spent money without worry are keeping track of their expenses as well as their feelings when making financial decisions. In studies regarding people’s emotions, when spending their money, there are two ends of the emotional spectrum. On one end, there are “spendthrifts,” or those who feel too little pain when spending. Their opposite, the “tightwads,” feel too much pain when they spend their money. You can fall anywhere on the spectrum, but the key is getting in touch with your spending habits and how you feel when you spend.
Read the entire article here: People Who Spend Freely Do Not Spend Wisely
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Carrie Rattle is a Principal at BehavioralCents.com, a website for women focused on mind and money behaviors. She has worked in the financial services industry for 20+ years and hopes to inspire women to better prepare themselves for financial independence.