Money is a feminist issue — and yet, women are still reluctant to talk about it. According to a recent Bustle survey of more than 1,000 Millennial women, more than 50 percent of people said they never discuss personal finances with friends, even though 28 percent reported feeling stressed out about money every single day. Bustle's Get Money series gets real about what Millennial women are doing with their money, and why — because managing your finances should feel empowering, not intimidating.
Why do so many of us go over-budget, over and over again? It seems so fundamentally obvious — we each have a finite amount of money that we can spend while keeping our finances healthy. So why do many of us have a problem sticking to that limit?
Well, the answer is complicated. Resources, and our relation to them, are inflected by cultural ideas about willpower, rewards, gender, status, and our understanding of consequences. Swiping a credit card (which, as we'll discover, is more dangerous for your budget than paying in cash) involves a lot more than just stacking up money on our statements.
What leads people to go on shopping blow-outs, even if they're financially problematic? Overspending is part of a large coterie of behaviors that are of psychological interest because they're unhealthy by nature, like consuming large amounts of junk food. We do them even though we know they're bad for us, because we want the hit of pleasure from our purchase or experience now and don't want to deal with the consequences just yet. Understanding this is hardly a new problem; how to manage human pleasure and its disregard for consequences was one of the key concerns of the ancient Greek Epicureans, a school of philosophy based on simple pleasures in moderation.
But overspending itself is a very modern issue. So how can we understand why we go over budget and how to curb the impulse? We spoke to money expert Stefanie O'Connell about the different aspects of how it works.
Check out the “Get Money” stream in the Bustle App for more tips and tricks on how to save and spend your money.