Feeling guilty about spending? Here’s how to change your relationship with money

Published on 26th September, 2023 at 11:00 am

Ever get that terrible guilty feeling right after spending money? If buyer’s remorse is something you’re familiar with, it could be a sign your finances aren’t quite balanced. After all – if nothing is wrong, there’s nothing to feel guilty about, right?

Reading time: 3 minutes

In this article you’ll learn:

• Why we feel guilty about spending money.
• About the credit card that makes saving possible.
• Why it’s okay to treat yourself – every now and again.

Farzana Botha, Manager: Segment Solutions, Recurring Savings at Sanlam, helps shed light on why these guilty feelings pop up, and what practical steps you can take to avoid feeling them.

Buyer’s remorse: why you might feel guilty about spending money

“For me, money matters are often like fitness and health,” says Botha. “Imagine you’re training for a marathon or dieting – it’s easy to feel guilty about what you’re eating or not eating. But over time, you learn that to expend a certain amount of energy, you need to eat a certain amount of energy – when you balance it out just right, you reach homeostasis.”

Financial wellbeing works in a similar way. “Financial balance means you’re not overindulging, and not over-correcting. It also means you’ve reached the perfect balance where you know you’re on the right path with the right plan, and that you can afford to enjoy life’s small pleasures in between – without feeling guilty!”

Use your Sanlam Money Saver credit card to help you save while you spend. If you choose to commit to saving with the Sanlam Money Saver credit card and shop at reward partners, you’ll get a 5% Wealth Bonus.

The good life: is it okay to treat yourself?

“It’s okay to treat yourself every now and again,” says Botha. “When you’ve reached that financial balance, have a plan in place, and the timing is right – then you should reward yourself.”

She explains that it’s good to work towards the things you want, as long as it doesn’t come at the expense of the things that you need.

Your free Personal Assistant benefit is a great tool to use when it comes to shopping around for quotes to make sure you pay the right price for a product or service. Try it now.

Learn to break away from guilty feelings

Botha says having two practical things in place will help you stop feeling guilty about spending money:

1. You have a budget that you stick to
   “A budget not only helps keep you on the right track, but it can also guide you in making the right decisions at the right times,” says Botha. “When everything is properly planned for – including your wants and your needs – there’s very little to feel guilty about.” A great budgeting framework is the 50/30/20. This method suggests using up to 50% of your after-tax income on needs, 30% on wants, and 20% on savings and debt. There are also many online downloadable budgets, like this one, and financial guides, like this one.
2.  You’ve partnered with the right person
   “A financial planner isn’t only there to help with life’s more serious things like retirement annuities or risk cover,” says Botha. “A good planner can be like a life coach. They can help you plan for the things that will make you happy, whether it’s a holiday, new suit, or luxury fragrance. When in doubt, get the right person in your corner.”

Partnering with a financial planner can help you feel less guilty about spending money while helping you stay on track to reach your financial goals. Book a meeting with one today.