The psychology behind mindless spending
There are occasional shopping sprees that are necessary for us to replenish the commodities in our lives. These are mostly pre-calculated and have a set budget. But why is it that some of us obtain joy from impulsive spending? Why is retail therapy so effective towards our happiness? ‘Shopaholics’ have proven that money can indeed buy happiness.
To understand the scientific reasons behind why spending money brings us happiness, we need to take a brief look at the science behind happiness. Our brain releases four types of chemicals when we are happy, i.e. dopamine, serotonin, oxytocin, and endorphins.
Dopamine or “The Reward Molecule” is released when we get something we want or achieve a goal. Serotonin or “The Confidence Molecule” is released when we feel validated or loved. Oxytocin or “The Bonding Molecule” is linked to feelings of trust, intimacy and overall human bonding. Endorphin or “The Pain-killing Molecule” translates to ‘self-producing morphine’ and is a pleasure chemical. It is known to mute pain temporarily.
As we can see, a lot of happiness comes from, scientifically speaking, gaining rewards, feeling confident, bonding and pleasurable activities. Now we can better understand why the act of spending money on material items, gifts, going on shopping sprees, and more brings real joy to individuals.
There are several occasions for going out and denting your credit card.
Adapting to change
People that are in
the middle of a major change in their life, be it a new job, moving to a new
city or more may often feel like a lot of things are out of their control.
Going out on a shopping spree or getting a spa treatment or an expensive gives
the individual a sense of control. Switching up your wardrobe and the way you
look makes you feel like a new person and adjust to new routines easily.
Dressing for success
When a new job or a really important meeting is right around the corner, some individuals shop for
a new outfit or work equipment. This helps them feel more confident and put
their best foot forward, giving a feeling of new beginnings.
Instant gratification
Buying a new dress or
even a juicy burger gives you immediate satisfaction, making the feeling of
happiness, no matter how temporary, easily accessible. This is the major reason
why it is easy for individuals to spend money impulsively and not think about
how much financial damage is being done. It is the quickest way to feeling
happy. Some individuals find the act of shopping relaxing and it becomes a
coping mechanism; a sort of escape from any problems they may be facing.
Bonding
A day out at the mall
is a great way to spend quality time with loved ones and strengthen your
relationships. If the simple act of shopping can bring individuals joy, imagine
how the company of another person could increase the value of this practice. It
is also the act of buying presents for other people and making others happy
that brings a person joy.
On that last note, we
move on to ways we can curb this habit, or at least modify it to be slightly
more productive, now that we understand the many ways one tends to spend money
recklessly and why this is.
Spend money on
someone other than yourself.
As we mentioned
above, buying things for other people and spoiling them brings some of us
immense joy. Try guiding your impulses towards making other people happy by
buying a birthday gift, surprising your special someone with a treat or
donating to charity.
Replace material
expenses with experiences.
Spend your money on
something you will cherish for life. Material things are disposable and often
have an expiry date; memories don’t. Pay for an experience, such as a concert,
a vacation or even a movie.
Buy what you were
going to anyway.
Channel your sudden
urge to spend on some groceries you need or those chairs you’ve been meaning to
buy for your dining table. This way, your shopping spree is productive.
Shop online.
Extend your happiness
period! When you shop online you create anticipation, prolonging your feeling
of happiness.
Although you now know
why you might find the spending your money joyful and how to channel it to be a
more productive activity, always remember a few things.
Money may buy us some
form of happiness, but it is often a temporary distraction from some issues
that we may be avoiding. If you find these habits to be a regular pattern, try
to pause and assess the bigger picture and why you may be resorting to ‘retail
therapy’.
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blogs, please visit www.cedruswealth.com
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