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Understanding the psychological triggers behind your spending can bethe key to making smarter financial decisions.
Its all about that emotional tug that often leads to spending more than we actually intended, he said.
Many people dont want to save up for something or wait a long time to buy it.
If they see it, they want it now.
Kane said that wanting instant gratification can lead toimpulsive and sometimes unnecessary purchases.
This leads toimpulsive purchases and overspending.
Wants, on the other hand, are things we desire but can live without.
Practice Delayed Gratification
If youre focused on instant gratification, it can lead to impulsive spending.
To counteract that mindset, focus on the opposite, Kane explained.
By practicing delayed gratification and being patient, we can avoid making unnecessary purchases, he said.
Plus, when you have everything laid out, it becomes easier to make smarter choices about your spending.
You might even findsome subscriptions or habitsthat you might cut out to save a few dollars.
Findinghealthier coping mechanismscan help break the cycle of bad spending habits.
Having clear and specific goals can help focus your spending habits and avoid unnecessary purchases.
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