What do millennials have to do with overspending? A lot actually. A recent study is going around that apparently, millennials spend so much to deal with their emotions. Whether it’s being sad, happy or excited, they keep on shelling out money. How true is it? Let’s take a look at what this study is all about.
Millennials Emotionally Overspend
First things first, millennials are classified as the generation who were born between mid-1990s to early 2000s. So if you were born within this year bracket, society calls you a millennial.
Now on to what this study says about this generation: do they emotionally overspend? According to the Nerd Wallet, 67% of the millennial generation say they do. Emotionally overspending is defined as being motivated by their emotions to spend so much than they can afford.
Here’s a situation to better understand this context: you receive your credit card bill. You’re shocked at the amount of money you spent and need to pay off by the time the due date comes. You then head to the nearest bar for some drinks to help you deal with the stress of it. This is what emotionally overspending is.
To break this study down even further, 29% say that stress is the cause of this while 22% say it’s excitement and 13% cite sadness as the reason for overspending.
— Cloverdale Reporter (@CloverdaleNews) January 31, 2017
If you don’t think there’s any truth to this, then congratulations. You’re one of those that’s level-headed and can actually think rationally despite the number of emotions you’re dealing. But if you’re guilty for emotionally overspending, don’t worry. There’s a way to cope with this.
How To Get This Under Control
Overspending can be dealt with by looking for ways to cope. For instance, if getting stressed out at work can sometimes lead you to start buying drinks, look for cheaper ways to do that. You don’t need to go to the bar and down expensive liquor. You also don’t need to go to the spa if you’re looking to de-stress yourself. Simply hanging out with friends or chilling at the park can be just as relaxing.
Look for ways to cope with your stress and excitement. You don’t have to spend a lot of money just because you’re overjoyed. Yes, it’s true that it’s your money and you can spend whatever you want with them. But you want to be more disciplined lest you end up in debt.
So think twice before you open up your wallet to celebrate on getting things done or swiping your credit card for a full body massage because you couldn’t handle the calls at work. Being a rational and level-headed millennial is what you need to be in this generation.