As the name suggests, revenge spending occurs when you throw your money around as a way to “get back” after experiencing a period of financial hardship—whether a job layoff or, say, a trade war. This sort of spending behavior can be thought of as a backlash to the scarcity mindset. You’re suddenly spending more money to make up for lost time. It doesn’t sound rational, because it isn’t.
Create a values-based budget
For any trouble with spending and saving, making a budget is necessary—something like the 50/15/5 rule is a great place to start. Of course, following it easier said than done, especially when there’s an emotional issue at the root of your spending.
If you need a mental nudge to stick to your budget, the physicality of being faced with an empty envelope is much more powerful than checking your online bank account.
Cash stuffing works because it forces you to be more intentional (deciding how much money gets allocated into your envelopes) and more disciplined (you can’t put more money into the envelope once it runs out).
Stick to a “to-buy” list
Like I mention above, revenge spending doesn't feel "rational." You may not be proud of your revenge spending habit, but you can tackle it in a rational way.
Remember: moderation is key
Remember, too much restriction is what led to your revenge spending problem in the first place. Forming a healthy relationship money means indulging thoughtfully. Ask yourself, “How do I expect this purchase will make me feel? What do I want it to make me feel? What feelings am I trying to avoid by buying it?”
For more, check out how you can curb your unconscious spending here.
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