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5 Common Money Temptations & How to Avoid Them

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5 Common Money Temptations & How to Avoid Them

We all make mistakes and experiencing financial hiccups is a normal part of life. With each month comes new financial temptations that can be difficult to turn from. The good news is you can learn from others’ mistakes to avoid making them yourself! Keep reading to learn some common money temptations most people run into as well as how you can avoid giving into them. 

Temptation #1: Spending Unexpected Cash 

Whether you received an unplanned bonus or just got your tax refund, it may be tempting to spend the extra money. Since it’s an addition to your normal income, technically spending it won’t hurt you, right? Think again – instead, deposit that extra cash into your savings account and put it towards your emergency fund.  

Temptation #2: Always Saying “Yes” 

FOMO is real and skipping a weekend out with your friends is a tough choice to make. While spending a budgeted amount on fun activities each month is completely allowed, it can be easy to get wrapped up into an outing every weekend. Be careful with what you say “yes” to, and maybe opt for a game night at home rather than an expensive restaurant or bar when you meet up with friends. 

Temptation #3: Leaning on Retail Therapy 

We all experience tough days, and a common form of therapy for many happens inside a store or online. Another name for this is emotional spending, as it can temporarily satisfy individuals or make them feel better, but this is a slippery slope. Some tips for avoiding emotional spending include: 

  • Using the 48-hour rule before making a purchase 
  • Understanding and knowing how to manage your triggers 
  • Factoring shopping into your budget and sticking to it 
  • Sticking to window shopping rather than making purchases 

Temptation #4: Falling for the Sale/Markdown Trap 

Coming across a never-before-seen deal is a great feeling, but realistically, there are deals going on all the time to entice customers into making unnecessary purchases. Think about it – if there’s a crazy good deal going on and you weren’t originally planning on making the purchase, odds are you don’t really need to buy that item. 

Temptation #5: Always Treating Others 

While being the one to cover the tab or buy your friend a nice gift is always a kind gesture, it can add up quickly. There’s nothing wrong with showing those you care about some love now and then, but make sure it’s factored into your budget and you’re not just spending to impress. 

Giving in to these temptations may provide you with momentary satisfaction but avoiding them altogether will be extremely beneficial long-term. The next time you’re faced with one of these temptations, think back to this blog and remember how thankful your future self will be if you saved the money! For more financial advice or to learn about the services we offer, visit our site