Australians spend thousands every year on things that make them feel good. (Source: Getty)
Australians may be living through a crippling crisis of survival, but that hasn’t stopped us from spending money to make ourselves feel better.
In fact, retail sales even grew by 0.9 percent in May, despite rising costs for housing, food and petrol in household budgets.
According to data from comparison website Mojo, at least 86 percent of people admit to spending comfortably, while more than 37 percent do so at least once a week.
Negative emotions significantly increased these expenses. Boredom was the top reason people turned to shopping therapy — about 44 percent — followed by stress (41 percent) and dissatisfaction (35 percent).
In times of crisis, the bulk of leisure spending went on clothing – 46 percent of survey respondents spent money on clothes when they were down – followed by take-out food (47 percent) and chocolate (46 percent). was.
Almost half booked these expenses on their debit cards, but many borrowed to cover their deficits on credit cards (32 percent) and bought now, paid later (30 percent). .
Overall, the Australian team spent about $39 billion on feel-good purchases, averaging $2,274 per person.
People aged 25-34 spent the most to stay happy at $2,864 per year.
Mojo spokesman Tom Godfrey said Australia’s tendency to spend comfortably is a concern.
“When interest rates rise and the pressure to live increases, leisure spending can be a recipe for putting additional strain on the household budget,” Godfrey said.
“While Australians might be tempted to break out of the winter blues, eating out or the latest fashions can get them into the red and feel the pinch.”
Godfrey shared some tips to curb spending with ease:
story goes on
-
Out of sight out of mind – When we’re bored and many of us need time to spend money, unsubscribing from retailer marketing emails can help overcome the temptation to cash in on email sales offers.
-
Set up a savings account for convenient spending If you don’t want to give up spending money entirely, you should think about opening a feel-good savings account to avoid debt.
-
Avoid spending beyond your means It pays to set a budget and plan your purchases conveniently to ensure you don’t overspend and run into debt.
-
Find alternative solution – If you’re tempted to spend time experiencing negative emotions, try other mindful ways to reduce stress or boredom, like meditation, walking, or journaling.
-
Use money management app – You can use apps to track your spending and curb overspending.
Follow Yahoo Finance Facebook, linked, instagram and Twitterand subscribe for free daily newspaper,
source
