Research shows that consumers spend more on the weekends-Fridays and Saturdays-while they spend the least on Mondays and Tuesdays. Look around you and observe others. Some of you might not be as alert or responsive as you are during the week. If people feel a little blue today, it might have as much to do with spending as feeling tired!
Have you heard of the “weekend effect?” It is term used in finance to explain stock performance, and it is a term used in psychology to explain employees’ moods. Ironically, it also has a place in many consumers’ psychology of money! Consider your spending habits during the weekend and compare them to weekdays. The spending habits (of many people) are drastically different during the weekends.
Perhaps, changes in spending are also due to more time off work. Boredom often lends to wasting money or other irresponsible activities. There is a high price to pay for wasting money as well being irresponsible. Money-related stress is often the result, and it affects millions of Americans! Last year, Duke University researchers found a link between money-related stress and heart attacks. If you want to your improve your health and reduce the stress on your family, you must first identify the problem.
Take an inventory to identify your weekend purchases. What are you, your spouse, and/or your children buying on the weekends? After identifying your weekend purchases, find alternatives. Some alternatives that you might want to consider are as follows: renting DVDs, listening to Internet radio, using coupons, shopping on sales days, etc. If you do not identify the problem, many of you will continue to splurge! Here are the typical weekend purchases that people splurge on, which can make Mondays seem blue:
- food at restaurants
- gasoline for vehicles
- movie tickets
- retail store items
- concert tickets
- amusement park tickets
- airline tickets
- online purchases of books, etc.
Challenge: Monitor your weekend spending and notice if there is any change in how you feel on Mondays. Please share your experiences.