Do You Feel Guilty Spending Money?

Money is a tricky thing, and many individuals have an unhealthy relationship with money. They spend and spend, without ever thinking of the consequences, and they complain when they don’t have enough to pay their energy bills or can’t join their friends on a trip because they don’t have the funds. 

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This can give rise to guilty spending, where they feel bad for using their money for food, entertainment, or even necessities. It causes people to avoid expenses while still giving in to temptation and making purchases that they don’t need. 

And does any of this sound at all familiar? If you’ve ever felt guilty spending money, no matter how large or small the cost, this could help you realise where you’re going wrong and how you can make crucial changes. 

Why Do People Feel Guilty After Spending Money?

Feeling guilty after spending money is not a unique feeling, even if other people don’t always show it when making a large purchase. But, different people have different reasons for this guilt. 

They Know They Cannot Afford It

The most common reason why people feel guilty after (and even while) spending money is that they know for a fact they cannot afford it. They know what they are doing is not beneficial for their finances, and they understand that these expenses will come back to bite them. 

Usually, this happens for the younger generation who want to have a good time with friends, but older people are also susceptible to it. They know they shouldn’t buy the most expensive steak on the menu, or they know they don’t need a new pair of shoes, but they do it anyway.

While occasional splurging is okay (although not always ideal), it becomes a problem when you realise you can’t afford something every time. If you struggle to resist the temptation, it’s understandable that you feel guilty whenever you spend.

They Are Not Used to Having Freedom

Spending guilt does not only come from knowing you can’t afford things. If you have never been used to making large expenses before, it’s common to feel like you shouldn’t be spending a single penny, no matter how important the expense is. 

This experience is common for anyone who has experienced financial abuse in relationships, where a partner or relative has withheld money, making it impossible for you to enjoy financial independence. After getting out of this situation, there will still be underlying issues that prevent you from enjoying the freedom to spend what you have.

Of course, there is a risk here. Without knowing the value of money, people might overspend and find themselves without any money at all. This is why it’s important to recognise what expenses are necessary (food, shelter, repairs, etc.) and which are not. 

They Are Prone to Impulsive Spending

Impulse spending is something that everyone has been guilty of at some point. Understanding why people will buy things on impulse can help you realise whether or not you have impulsive urges and how this can affect your finances.

This type of spending can occur at any time as a spur of the moment expense. The occasional impulse is okay. Maybe you’ve had a bad week and want to treat yourself. Perhaps you have just achieved something impressive and feel you deserve to splurge a little. Or, you have some money leftover from a tax return. 

However, impulse spending provides a minor dopamine rush, and you might find that you regret it as soon as you get home after a shopping spree. 

They Don’t Understand What Irresponsible Spending Is

It’s okay to splurge on essential payments, but not expensive treats that can severely hinder your budgeting and even your chance for financial freedom. Knowing the difference between responsible and irresponsible spending will benefit you hugely, especially if you feel guilty after any type of expense. 

We all have things in life that we consider essential. Some of these things are cheap and easy, whereas others fall into more expensive categories. Often, the more expensive something is, the guiltier people will feel. However, there is a difference between spending £500 on the latest game console compared to £500 on car repairs to help you get to work. 

This is the very definition of irresponsible spending. So, even if you feel guilty that you’re laying down a substantial amount of money for something, you shouldn’t feel bad as long as you can justify the expense. 

How Can You Stop Feeling Guilty?

You shouldn’t deal with guilty feelings every time you spend money, as this will make it impossible to ever enjoy the money you’ve worked hard for. Here are a few useful ways for you to enjoy spending without feeling guilty and without going overboard so you run into severe financial trouble.

Save What You Spend

A common habit that people use to help them justify spending money is to save the same amount as they spend. If you find a pair of jeans that are too good to resist, you can pay for them, but also put the same amount you paid into a savings account. 

With this approach, you’re essentially buying the item twice, which will give you a reason to pause and think about whether this expense is worth it. Suddenly, a £30 t-shirt becomes £60, and you must ask yourself if you can really afford this. 

There are benefits either way. Either you overcome the impulse to purchase something, or you put some money into your savings that you otherwise would not have done. This technique may not work for everyone (especially those on a strict budget), but it can be effective to help curb spending habits. 

Come Up With a Spending Plan

Spending plans are another essential component of avoiding guilty feelings about your money. This is the same thing as having a budget, so it’s something that everyone should be at least moderately familiar with, no matter how old you are. 

With a spending plan, you can work out how much money you have now, and how much you can afford in the future. If you want to make drastic changes to your spending habits and avoid any guilty feelings, this is one of the most effective ways to do so. 

It’s vital for adjusting your mindset surrounding your finances. Instead of looking for an immediate rash from buying something (no matter how insignificant), you’ll have genuine goals to work towards. You can’t achieve this if you spend money like it’s going out of fashion, so embracing a spending plan can help you determine what type of purchases are good and which are bad. This should prevent guilty feelings and give you the chance to splurge eventually because you’ll have earned it this time. 

Give It a Week

If you don’t feel like you need a spending plan right now but still want to avoid guilty feelings after treating yourself to a KFC on the way home from work, you should think about letting the impulses settle before going through with any purchase, especially with non-essentials that you may not miss.

Some financial experts recommend giving any impulse purchase a week (or even longer) before buying it. eCommerce websites make it easy to throw items into your cart just to get free delivery. However, doing this every single day will drain your finances faster than you anticipate. 

Instead, leave it a week when you see something you want. It’s easy to get caught up in the heat of the moment and want something now. But, leaving it for a while means you can consider whether or not the purchase is even worth it. If you still want it after a week or more, then you can get away with the expense as long as it’s not extreme. But if you forget about it, you didn’t want the item too much to begin with. 

Allow Yourself Fun Spending

Everyone needs to allow themselves some fun spending, especially if you’re going to university and want to throw yourself into the atmosphere that will help you make friends for life.

But, there is a significant line between fun spending and overspending. Take your weekly budget and give yourself a specific amount to spend on fun things, whether it’s going out, watching a movie, or doing some activities. 

If you don’t have the budget for weekly fun, go for the monthly alternative. This will help you consider your spending more carefully, which should prevent any severe guiltiness arising from spending money you absolutely should not spend. 

Guilt-Free

Some people will always feel guilty whenever treating themselves to ice cream on a hot day or even paying for essential car repairs. You shouldn’t feel guilty spending money, though. At least the majority of the time. As long as you are sensible with your spending and never stray too far into excess irresponsibility, you can spend with some freedom while still ensuring you have enough in the bank to support yourself and your family in the event of a financial emergency.