You can’t avoid low days, but you can avoid shooting yourself in the foot.
We all experience low points in our lives. There’s no escaping the highs and lows of life. We will be let down at times - even by the best people.
What’s most important is that whatever you do, you don’t repetitively take out your low emotional states on your finances. If you allow your emotions to negatively affect your finances, soon enough, you might not have any finances to manage.
When you’re feeling low, my recommendation is to do something productive, spend time with loved ones, or find a way to invest productively in your mind, life, and body.
Some of my anchors include working out, walking, reading, spending time with pets, getting quality sleep, hanging out with family and friends, and focusing on gratitude.
Many people compromise their finances when feeling low because they allow their emotions to overtake them. They lack emotional and financial discipline.
When you’re emotionally compromised, logic often goes out the door. You must fight to make smart choices with your money during low moments. It’s during the hardest moments that can add up quickly.
There are six dangerous habits you should avoid.
1. Shopping
When you shop and acquire something new, you get a hit of dopamine. It feels good and can offer a friendly distraction from the emotions you don’t want to feel.
Never shop when sad, emotionally compromised, angry, frustrated, or unhappy. You’ll likely pick out the wrong stuff anyway.
What happens when you shop emotionally compromised? You end up buying things you don’t need and spending more than you need.
2. Drinking
Drinking is serious business for some folks. Some folks need a drink every day. Others require multiple drinks every day. Though there is nothing inherently wrong with alcohol in limited amounts, if you’re not careful, emotional drinking can wreak havoc not only on your body but also on your finances.
When you’re emotionally compromised, avoid drinking. Not only does it help you face the emotions head-on, but it spares your pockets and liver.
If you’ve already crossed the threshold of addiction, get help from the AA folks.
3. Traveling
Exploring and traveling the world is a fun delight, but if you’re struggling financially and it doesn’t fit into your budget (at the moment), traveling can be your worst enemy because of how costly it can be (unless you’re traveling for free or on a super low budget).
When you’re emotionally compromised, you tend to spend more than you initially planned, meaning you’ll likely spend more than you need, have, or should spend.
If you need to make a getaway while dealing with some emotions, ensure the travel does not negatively impact your budget.
4. Eating Out
People practice emotional eating all the time, and it’s easy to do. You don’t always notice the financial ramifications of eating out frequently until you see your credit card bill or bank statement at the end of the money.
The average meal costs $10–30. If you’ve been feeling low, stressed, or emotionally compromised for days or weeks, eating out will take quite a beating on your budget unless you have plenty of disposable income.
When feeling emotionally compromised, focus on eating clean foods to clear your mind. Healthy foods also make you feel so much better.
5. Gambling
Gamblers are always close to winning, but most never win, or at least not enough to compensate for their losses.
The casino is one of the worst places for an emotionally compromised person. You could win it all (very unlikely) or lose it all (highly likely).
I never encourage or promote gambling, and if you do gamble, always ask yourself if you’re on track with your savings, investing, and retirement goals. If not, you have no business gambling.
6. Being Extra Generous
What a time to be generous is when you’re feeling low, right? Well, yes. Giving to others actually helps you feel better, but you should never give to a point where it hurts your pockets, and when you’re not in the clearest state of mind, your boundaries might get a bit blurry.
When experiencing low emotions, set a budget and financial boundaries and stick to them.
Summary
Don’t hurt yourself financially when you’re at your worst. It takes extra willpower, but find a way to look after yourself and set boundaries in place so you stay on track financially when you’re emotionally compromised.
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This article is for informational purposes only. It should not be considered Financial or Legal Advice. Not all information will be accurate. Consult a financial professional before making any significant financial decisions.