Here are some boundaries to have in your personal finances to keep more of your hard-earned money.
Boundary 1
If you know you’re in an emotional state of any kind (good, bad, happy, sad, etc.) do not spend any money. When you’re emotional, you are very prone to buying something you don’t want or need. Emotional spending goes hand to hand with regret. The best thing to do is to take money out of the equation and figure out why are you in the emotional state you are in and work through it without spending any money.
Boundary 2
Put some distance between you and your money. Put some barriers between you and your money. For example, if you see something that you want online, put your debit card in another room. Another example, don’t take your debit card with you when you go out and carry a set dollar amount of cash. This slows down the emotional spending
Boundary 3
Research what you are buying. Researching what you are buying will do a couple of things. It can solidify what you are buying, you may find another product out there you like better, you’ll find out if you really need or want that item. Research takes out most of the emotional spending away. Once you are at an emotionally stable place, you’ll be able to make a much better decision. Also, this can prevent buyers remorse.
Boundary 4
Be aware of your own issues before you go out and buy something. Focus on yourself and your triggers. What past experiences in your life caused your money spending habits. Often times, you’ll not even notice your triggers.