{"id":58103,"date":"2023-07-10T00:00:00","date_gmt":"2023-07-10T00:00:00","guid":{"rendered":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/banking-basics\/budgeting\/why-people-overspend-and-how-to-break-the-cycle\/"},"modified":"2024-02-05T09:00:06","modified_gmt":"2024-02-05T14:00:06","slug":"why-people-overspend-and-how-to-break-the-cycle","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/banking-basics\/budgeting\/why-people-overspend-and-how-to-break-the-cycle\/","title":{"rendered":"Why People Overspend and How to Break the Cycle"},"content":{"rendered":"<div class=\"wp-block-rbc-single-article-header\">\n\t<section class=\"section-grey cover pad-t-hlf\">\n\t\t<div class=\"section-inner w-half w-mob-full centered-margin cover section-grey pad-tb-0\">\n\t\t\t\t\t\t\t<div class=\"inline-block pill-container pill-taxonomies\">\n\t\t\t\t\t<div class=\"mar-b-hlf mob-mar-b snipe pill is-style-blue-pill\">\n\t\t\t\t\t\t<a class=\"primary-taxonomy\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/budgeting\/\">\n\t\t\t\t\t\t\t<span>Budgeting<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<h1 class=\"mar-b-hlf mar-t-0 mob-pad-lr-hlf h2 has-black-color\">Why People Overspend and How to Break the Cycle<\/h1><p class=\"mar-b-0 mob-pad-lr-hlf author-text\">By Amanda Reaume<\/p>\t\t\t\t\t<div class=\"featured-image-wrapper pos-rel\">\n\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"930\" height=\"620\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Untitled-design-2023-07-10T161843.364.jpg?quality=80\" class=\" cover-image  wp-post-image\" alt=\"Colourful mini-shopping bags sitting on a laptop\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Untitled-design-2023-07-10T161843.364.jpg 930w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Untitled-design-2023-07-10T161843.364.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Untitled-design-2023-07-10T161843.364.jpg?resize=768,512 768w\" sizes=\"auto, (max-width: 930px) 100vw, 930px\" \/>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t<\/section>\n\t<div class=\"article mar-t-dbl\">\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner socials-section\">\n\t\t\t\t<div class=\"top-socials-bar mob-mar-b-hlf\">    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Why People Overspend and How to Break the Cycle &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/banking-basics\/budgeting\/why-people-overspend-and-how-to-break-the-cycle\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/banking-basics\/budgeting\/why-people-overspend-and-how-to-break-the-cycle\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  <\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner w-half w-mob-full centered-margin pad-tb-0 mob-mar-t-hlf mob-mar-b\">\n\t\t\t\t<p class=\"cover-pub-line text-xs mar-b-hlf\">Published July 10, 2023 \u2022 4 Min Read<\/p>\t\t\t<\/div>\n\t\t<\/section>\n\t<\/div>\n<\/div>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner w-half w-mob-full\" style=\"border-radius:0x\">\n<p>A recent study by the <a href=\"https:\/\/mascdn.azureedge.net\/cms\/the-money-advice-service-habit-formation-and-learning-in-young-children-may2013.pdf\" target=\"_blank\" rel=\"noopener\">University of Cambridge<\/a> shows that the foundation of an individual&#8217;s money mindsets is formed by age 7. This money script \u2014 which is essentially the blueprint for how people spend, save and invest \u2014 is typically formed by observing how parents talk about and interact with money. If parents often argue over money, then their kids may develop a negative emotional tie to money. On the other hand, if they watched their parents proudly save up to take the family on a memorable vacation, they may have a more positive emotional tie to money. This may be why some people can balance their savings and spending while others spend everything they have and even more.<\/p>\n\n\n\n<p>Overspending can be a challenging habit to break. Understanding the underlying reasons why people outspend their budgets can be an important first step to taking control of spending:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Impulse purchases<\/strong>: If you grabbed a candy bar while standing in line at the check-out, or a croissant with your coffee as you were walking to work, you might be making impulse purchases. While these items may seem small when viewed independently, they can and do add up. The urge to buy something unexpected without giving it much thought, may throw off your budget, which could lead to overspending. One way to combat impulse spending is by creating a shopping list and sticking to it.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Emotional spending<\/strong>: Ever hit the mall for some \u201cretail therapy?\u201d It may bring you a rush and a temporary sense of joy, until you realize how much you\u2019ve spent. Buying to change your mood won\u2019t likely fix things long term. Consider finding alternative activities to help boost your morale and save shopping for another day.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Peer pressure and social media<\/strong>: Both social media and social pressures may influence spending habits. If you spend money to align with an image or to fit in with others in your peer group, pause and prioritize your well-being.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Discount buying<\/strong>: Sales make many people overspend. As consumers, people are often enticed by discounts and allow the thrill of capturing the deal drive their spending decisions. If it is not something you planned to buy or need, consider placing it back on the shelf.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Lack of budgeting<\/strong>: Often, people overspend because they don\u2019t have a clear view of where their money is going. Building a budget may allow you to take care of the essentials such as food, housing, utilities and transportation. Then you can see how much discretionary income you must comfortably spend on items you want or need.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p>Armed with a better sense of what drives your buying decisions, below are some ideas to help break old patterns to set yourself on a path to financial control and empowerment.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Tips to help curb over-spending<\/h2>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Use credit cards like debit cards<\/strong>: To help curb overspending and debt accumulation, treat your credit card like a debit card. Make purchases with your credit card only when you know you can pay off the balance at the end of the month to avoid paying interest charges, while still benefitting from the rewards programs most credit cards offer.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Take the impulse out of impulse buys<\/strong>: Were you just out window shopping until you saw those must-have shoes? To help take the impulse out of the purchase, take the time to pause and reflect before making your purchases. Ask yourself if it\u2019s something you want or need, and whether it fits within your budget.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Be a smarter shopper<\/strong>: To be a smarter shopper, shop the sales. And if you decide you must have an item right away, do a quick search to check and see if it\u2019s available on sale elsewhere, or if there your store offers discounts. You may be surprised how much you can save.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Create a spending budget<\/strong>: Save first. A spending budget allows you to set aside money every month for future spending. This will allow you to feel more empowered as you spend the money you have, and not creating more debt.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p>If you find that you&#8217;ve been overspending, you&#8217;re not alone. But now that you&#8217;re more aware of when you feel the pull to spend, instead, you can find fun ways to be a smarter shopper.<\/p>\n\n\n\n<div class=\"wp-block-columns has-border-color has-grey-border-color has-light-grey-background-color has-background is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\" style=\"border-width:1px\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p>If you are looking for a hassle-free way to start \u2018<em>saving for your spending,<\/em>\u2018 check out<a href=\"https:\/\/www.rbcroyalbank.com\/accounts\/nomi-find-and-save.html\" target=\"_blank\" rel=\"noreferrer noopener\">&nbsp;NOMI Find &amp; Save<\/a>.<\/p>\n<\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-57738-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><span>Things our lawyers want you to know<\/span><span>Things our lawyers want you to know<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-c7a876c3-0f1d-41b6-9c0b-b041ba8e873a\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<p class=\"has-text-align-center h5 mar-b\"><strong>Share This Article<\/strong><\/p>\n\n\n\n\t\t<div class=\"socials-block\">\n\t\t\t    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Why People Overspend and How to Break the Cycle &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/banking-basics\/budgeting\/why-people-overspend-and-how-to-break-the-cycle\/\">\n        <img decoding=\"async\" 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id-2068192e-8013-443b-96e7-c98fa9dfbfb1\" aria-hidden=\"true\"><\/div>\n\t\n\n\n\t\t\t<div class=\"wp-block-rbc-single-post-topics related-topics-links\">\n\t\t\t\t<p class=\"h5 mar-r-hlf\">Topics:<\/p>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/budgeting\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Budgeting<\/a>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/savings\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Savings<\/a>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel mob-pad-t-dbl\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading mar-b mob-mar-b-dbl mar-t-0\" id=\"h-read-this-next\">Read This Next<\/h2>\n\n\n\t\t\t<div class=\"related-posts-type-2\">\n\t\t\t\t<div class=\"related-post-list\">\n\t\t\t\t\t<ul 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href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/credit-and-borrowing\/understanding-loans\/buy-now-pay-later-your-guide-to-how-it-works-when-to-use-it-and-when-to-skip-it\/\" class=\"card-title h4 mar-t-0\">Buy Now, Pay Later: Your Guide to How it Works, When to Use It and When to Skip It<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n<\/section>\n<style class=\"advgb-styles-renderer\">\n\t\t.wp-block-tk-spacer.id-c7a876c3-0f1d-41b6-9c0b-b041ba8e873a {\n\t\theight: 96px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-c7a876c3-0f1d-41b6-9c0b-b041ba8e873a {\n\t\t\theight: 30px;\n\t\t}\n\t}\t\n\t\t.wp-block-tk-spacer.id-2068192e-8013-443b-96e7-c98fa9dfbfb1 {\n\t\theight: 60px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-2068192e-8013-443b-96e7-c98fa9dfbfb1 {\n\t\t\theight: 30px;\n\t\t}\n\t}\t<\/style>","protected":false},"excerpt":{"rendered":"<p>Understanding the underlying reasons why you outspend your budget may be an important first step to taking control of your spending habits.<\/p>\n","protected":false},"author":10,"featured_media":71364,"parent":57314,"menu_order":0,"template":"","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"tags":[517,48],"rbc_content_type":[31],"rbc_audience":[],"rbc_lob_group":[506],"rbc_difficulty_level":[33],"rbc_mmm_category":[318,367,304],"class_list":["post-58103","rbc_my_money_matter","type-rbc_my_money_matter","status-publish","has-post-thumbnail","hentry","tag-budgeting","tag-savings","rbc_content_type-article","rbc_lob_group-ways-to-bank","rbc_difficulty_level-beginner","rbc_mmm_category-banking-basics","rbc_mmm_category-budgeting","rbc_mmm_category-money-academy"],"acf":{"contently_publication_id":"361128","custom_author":"Amanda 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