Symbolic spending goes beyond mere enjoyment or utility; it often signifies deep-rooted psychological wounds stemming from past experiences. For individuals raised in poverty, owning a luxurious car symbolizes triumph over adversity, while for those from affluent backgrounds, it may represent ego and insecurity. People's spending choices are influenced by their past wounds and the need to either overcome or distance themselves from certain aspects of their history.
Behavioral finance is now well documented. But most of the attention goes to how people invest. But the study of how you spend money might be far more interesting -- and practical. How you spend money can reveal an existential struggle of what you find valuable in life, who you want to spend time with, why you chose your career, and the kind of attention you want from other people.
There is a science to spending money – how to find a bargain, how to make a budget, things like that.
But there’s also an art to spending. A part that can’t be quantified and varies person to person.