Spending our hard-earned money is one of many modern pleasures in life. Being able to reward yourself as well as spending money on others, whether it is friends or family, can bring us much joy. So why is it that sometimes this can be replaced with feelings of guilt or regret? As much as we’ve earned the money, why can’t we always enjoy spending it? Here, we look at some of the common reasons we may feel guilty after spending money.
We can’t afford it
Sometimes you want to treat yourself or a loved one, but in reality, you can’t afford to. This is where we may become over-reliant on credit, buying expensive items that otherwise we could not pay for. If you have ever been tempted by buy now, pay later offers, discounts on goods you want, or store credit, this can easily build up. This can also lead to feeling guilty about other types of borrowing, even when you need it most. You may need to apply for payday loans to help cover an unexpected expense in the short term, especially if you have no savings and the bill cannot wait until your next payday. If it is unavoidable and will help you, you shouldn’t feel guilty about this type of expense, as long as you can afford it.
It’s not for essential reasons
For some of us, it can be hard to justify a free-spending attitude. It could be there are many things you want to purchase, but because they are non-essential for living, you may feel guilty for indulging. There can be extremes to this, such as wanting to buy a luxury item that is very expensive and you have to take out credit for. If you can find a cheaper alternative, it may help alleviate any guilty feeling. Falling into debt unnecessarily can be a valid reason for why you may feel guilty, as ideally, you’d want to keep your debts manageable and only when really needed. If you can afford it and maintain repayments without issue, you can start to enjoy buying non-essential items. However, keeping this spending under control is crucial to avoid future financial difficulties.
We have debts to repay
Most people will have some form of debt to repay whether it’s a loan, credit card or mortgage. Some will have more than others. When you are trying to reduce the debt you have, it can lead to feelings of guilt when any money is spent on other things. Of course, you want to reduce any financial hardship as quickly as possible, but putting all of your money into this isn’t always achievable. If you have a budget, you can determine how much you want to put towards reducing debt and how much you want available for other means. Having a plan in place can reduce feelings of guilt and still keep you on track to becoming debt-free.
We want to save more
Many of us feel we do not save enough money, whether it’s putting cash into a savings account or topping up our pensions. There is always more money to save, so it can be hard to not prioritise this and still enjoy ourselves. You may feel very guilty for buying something you wanted rather than putting this into savings. Sometimes we do choose to make ourselves happy in the short term rather than the long term, so putting a plan in place that has clear financial goals can help you look after both. It is possible to enjoy yourself today whilst still building savings towards the future, and this can make you feel much better about any spending.