There are so many things to buy, aren’t there? New outfits, entertainment gadgets, books, magazines, bags, home furnishings… and the list goes on.
There are so many other things to spend your money on. Family holidays, subscription services, treat days at the local spa…and whatever else is applicable to you.
And it’s easy to spend money. If you are earning enough, then splashing the cash could be something you feel you can afford to do. And if you don’t have the money, then getting out an extra credit card is going to afford you financial freedom. What’s not to love?
The truth is this, however. You may have a spending addiction. You may be a shopaholic, forever spending money to make yourself feel better and to fulfil some need in your life, that may go beyond the ‘necessity’ of what it is you are buying. If you are forever browsing the internet and adding things to your virtual shopping basket, and if you can’t resist the urge to limit your time on the high street to just window shopping, then you are going to pay the consequences.
You see, spending addiction is a real thing. If you relate to the signs and symptoms in the linked article, then you know you have a problem! You need help, and there is some advice in the article on where to get it. However, there are a few things you can do in the meantime to curb your spending addiction, before the situation spirals out of control.
For starters, know that you will end up in financial trouble. If you are reliant on credit cards, you are going to get yourself into serious debt. You will get to the point when you won’t have any more spending power; those lovely things you bought will have to be sold before they get repossessed, and you may well get to the stage where you’re reliant on bankruptcy law. And even if you are earning enough money to spend, know that you may not always have that luxury. What if you lose your job? It’s better to get a handle on your finances now, as you never know what lies around the corner. Understand that if you keep spending, you may very well damage your life chances forever. Think on that the next time you are tempted to buy something unnecessary!
The next thing you should do is ditch your credit card. It’s far too easy to use this piece of plastic, and it can sometimes feel as if you have free money at your disposal. But you don’t! By using your credit card, you will be unable to properly track your spending. Our advice is this: cut it up and throw it away, as your ‘plastic friend’ is really your biggest enemy. Carry cash around with you instead, as this is a visual representation of exactly how much money you do have to spend.
Remove yourself from temptation, avoiding the stores you know are too much of a temptation for you, and install a blocker on your computer to stop your access to shopping sites. It’s the old adage, ‘out of sight and out of mind.’ You don’t need to do this forever, but if you know you need to get your spending under control, it’s better to take action now.
And finally, fill your life with other things. There is more to life than spending money and filling your home with possessions you don’t need. Take up a hobby, spend more time with family and friends (in non-shopping activities), and do anything else that will grant you enjoyment in life. By doing so, you will break the habitual cycle of spending you have fallen into.
Shopping is supposed to be fun, but your fun will cease when you run out of money and find yourself in debt. If you’re a shopaholic, if you know you have a problem, then follow our advice and seek the help of counselling professionals to help you curb your spending addiction. Your long-term wellbeing and financial health will improve if you do.