Psychology of spending and saving habits explained

Psychotherapist Lionel Thévenard explains that the inability to save money or the compulsion to spend is often rooted in psychological mechanisms rather than simple mathematical errors. Financial habits are frequently influenced by family history, where individuals may either replicate or react against the money management styles of their parents.

Spending can serve as a tool for emotional regulation, helping individuals feel a sense of control, self-worth, or relief from stress. Conversely, some people view saving as a loss of freedom or struggle to project themselves into the future. To manage these behaviors, experts suggest tracking the emotions felt before and after purchases and implementing small changes, such as a 48-hour waiting period before non-essential buys or setting up automatic transfers to savings accounts.