3 BIG MONEY MISTAKES PEOPLE MAKE IN TIMES OF STRESS
While I wouldn’t go so far as to say that you attract whatever you think of, as new age yuppies being fed a diet of The Secret and hot yoga would tell you, I can declare with unequivocal certainty that being overpowered by stress always leads to bad decisions. And a lot of these decisions end up making us poorer in the long run.
Given that the general consensus is that people feel stressed out living in Singapore, it’s probably a good idea to scrutinise every money-related decision you make, just to be sure you’re not guilty of one of the following stress-induced reactions.
1. Being careless with your spending
Seriously, how hard can it be to just not buy that takeaway cup of Starbucks coffee or stop at two beers? But there’s one big reason so many people find it hard to stick to even the most meticulously-crafted of budget plans.
If you think back to all those times you busted your budget, you might realise that many of the purchases you made happened in times of stress.
For example, if you didn’t get enough sleep and are wigging out about how you’re going to make it through another 10-hour day at work, it suddenly gets so much harder just to say no to that cup of Dimbullah coffee, especially when all your equally stressed out coworkers are making a beeline to the cafe. And when you’ve just experienced the worst work day in your entire life, who’s to say no to a relaxing massage at the spa or ten beers, just to numb the pain?
This is also why salespeople at spas and gyms try to pressure you into signing up for packages on the spot. Once you go home and think about it without the stress of having them hovering over your head, they know you won’t be back.
Arnold, a 32-year-old entrepreneur, says sheepishly, “Everytime I have to attend a wedding, I tell myself not to give more than $100 if the person is not a close friend. But after asking my friends who are also attending and hearing that people are giving much more, I get worried that I’m not giving enough and sometimes end up adding $50 to $100. From now on, I’m going to avoid attending weddings.”
Read more: http://blog.moneysmart.sg/opinion/3-big-money-mistakes-people-make-times-stress/