At Southside Bank, we understand that managing your finances is not just about numbers and budgets; it’s about security, freedom, and happiness. The way we feel and think greatly influences our spending decisions.
There are lots of ways emotions can impact our actions, like going on a shopping spree to cope with a hard circumstance. When you’re feeling down, a shopping spree can provide a temporary sense of satisfaction. However, it’s good to recognize that this feeling is often short-lived, and it can lead to financial problems if used as a coping mechanism regularly.
What about those “limited-time” deals online? Feeling like you “have to” buy something can impact your spending habits. When people are afraid of missing out, they may overspend on items they don’t really need. This feeling can lead to impulsive decisions and contribute to debt.
So often, money and emotions are intrinsically linked. Being aware of how this can influence your spending decisions is the first step toward making more mindful choices where you can save instead of spend. When you save, you’re usually reserving money for purchases that you both want to make and can afford; Or to put it another way: “Spending instantly gives you satisfaction, but saving will give you peace of mind,” says Brandon Gomez, Southside Bank Branch Manager.
If you want to focus on harnessing those emotions and make wise decisions with your money, these steps are a great place to start:
Our Southside team is committed to helping you achieve your dreams and goals by providing the resources and support you need to manage your finances wisely. We have lots of account options to help meet your financial needs. By harnessing the power of your emotions, you can shape a brighter financial future for yourself and your loved ones.