Spending Triggers In Your Business

A spending trigger is anything that makes you spend impulsively, without an active plan. It is a drift out of your business expenses and puts you at a great risk.

Triggers are emotional and reactive in nature. It is never based out of a need but an experience. It could be a way to react to competition, or a personal meltdown or even a reaction to gossip. There are a lot of unseeming situations that cause spending sprees. However, there are two types of triggers.

Negative triggers:

This is when there is an impending or actual business loss and you console yourself by going on a spending spree.

Regardless of whether your trigger is negative or positive, you must make a choice to be intentional about building a business and recognizing these triggers. You might have the two triggers or have just one, but identifying when they come up is the most important thing.

Triggers can come in the following ways:

• Extra money like bonuses, profit, awards, grants etc. This is always mistaken for free money because there was little or no effort expended in bringing it into reality. This can be your biggest spending trigger.

• Milestones. This is when you have achieved a major win or milestone and a spending spree is the best way you think to reward yourself. This is not bad in itself, but if you consistently buy on impulse, you will never be financially secure.

• Working Overtime. You know you are in dire need of a reward because of your hardwork and a spending spree becomes the answer. If you wait until you are starved of self care, and are worn out before you take a break, you will most likely take more liberties than you actually deserve.

• Good Deal. Sometimes you buy things on sale even when you do not need it simply because they appeared to be cheaper than their usual price. It is always bought without proper planning out of the illusion that you are saving money in the long run. This is true sometimes, but many times, it can be untrue as you might never use what you buy.

• Charity. This is giving out money without proper planning simply because of generosity. As good as this can be, when it becomes a habit, you might get into trouble in the long term. You must set aside money to be given to charity per time so you have a budget you cannot cross,

The first step to overcoming triggers is to identify what they are. The next step is to engage in effective and realistic financial planning. Always have a budget and know when you are crossing the line.

Finally, ensure that you are accountable to either a person or a system that checkmates your spending habits, especially when it concerns your business. This will help to manage and ultimately overcome your spending triggers.