Were you aware that your spending habits change as the hours go by in any given day? Take a step back and think about it for a second; outside of paying your bills on time, at what time of day are you more prone to spend money? If you guessed after sundown, you’re spot on.
Studies have shown that participants who engaged in challenging cognitive tasks experienced a quicker onset of mental fatigue which results in an increase in impulse spending. This directly affects your calculated decisions or approaches on spending. Basically, after working a long day, your brain’s “guards” are easier to break through so you end up spending more at night time than during the day. Makes you question the timing of all those flashy commercials during your favorite tv shows in the evening, right?
So, what can you do about it? Take a look at some easy tips to consider next time you’re thinking about making an impulse buy.
1. For the Online Shopper: With the click of a button, you can basically have anything you could imagine at your doorstep within just a few days. Convenience is a driving force nowadays and a key selling tactic for companies. For the purposes of night-time shopping, if what you’re buying online isn’t a necessity then add the item to your cart and sleep on it. Wait until the next day to see if it still makes sense to purchase.
2. Daylight Savings: Studies show that daylight savings was to increase your mood along with a specific tactic for the economy. It’s proven that during the warmer months, with longer daylight, people are more prone to have a night out on the town rather than bunkering down at home. This results in more spending on gas for car rides, trips to the ice cream shop and spending more by staying out later.
3. Against Your Emotions: At night time, your mood changes just as much as your cognitive abilities. Because your home and more relaxed in the evening, you could be craving some type of excitement or “action”. Spending money and buying releases the chemical dopamine in your brain just as it does for drugs. A shopping and spending addiction is quite real and can lead to a quick downwards spiral for your financial future. Take into account your feelings and emotions before making your next purchase.
Spending habits can stem from a multitude of things such as your personality, mood, culture, family upbringing and your current financial status. Before making any purchase, weigh all the pros and cons. Take your time, sleep on it, ask questions and do you research – especially for the bigger purchases.
Spending money isn’t a bad thing, you just have to know when you can and how you can.
See you next week!