One of the signs of maturity (regardless of age) is being able to control your emotions. Controlling emotional spending is also a sign of maturity. However, we live in a culture where FOMO is a real thing and emotional purchases are encouraged. But they can get in the way of reaching your financial goals, whether that is paying off debt or saving for retirement.
Here are emotional purchases to think twice about:
#1: Flash Sales. It’s such a great deal, I have to buy it! I have found myself on websites for items I would never consider buying, just because of the great deal. I have to remind myself that if I didn’t need it before I saw the sale, I don’t need it now. Just because something is on sale, doesn’t mean you need to have it!
#2: Celebrations and Vacations. This is hard, especially for parents. We all want to have amazing memories for our kids, but you have to look at the overall cost of the trip. If you take money out of your emergency fund, what happens when an emergency happens? This is a great reason to create a Vacation sinking fund. Save up for vacations ahead of time. And remember, your kids will be fine.
#3: Big Household items. Every holiday it seems appliances go on sale! It can be hard to not want to upgrade your kitchen or laundry room. Last March our washer died and I went to purchase a new one. The salesman wanted to sell me a washer/dryer set. I have never owned a matching set and it was a great deal. But my dryer works fine (except that the handle is a zip tie). I honestly thought about pulling extra from savings to buy a matching set. Keep in mind, there is a new sale every holiday!