• Thursday, December 07, 2023
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Are you a compulsive spender, then slash from the root?


Shopping addiction is a grave problem and should be taken seriously any time, not to talk about its consequences in this time of economic hardship. While many people occasionally overspend, compulsive spenders regularly overspend. Compulsive spending is an impulse-control disorder marked by chronic and recurring patterns of uncontrollable buying urges, and it can lead to debt, remorse, bankruptcy and even crime.

Experts advice a compulsive spender to slash the problem from the root. It is believed that when you are carrying more money, you will spend more. So, carry a limited amount with you, in accordance with your daily necessities. One of the main culprits of excessive spending is credit card, expert’s say. It allows you to spend now and pay later. It tempts you to go for impulse and sometimes unnecessary shopping, where you buy stuffs what you even don not need and will not use in the near future as well. Shopping from credit card does not give you an estimate of how much you are overspending and if caution is not applied such a person is vulnerable to bankruptcy.

Experts say until you admit that you have a problem, no one can help you solve it. So, confess to yourself or to anyone close that you have an addiction. This will help you see your problem from a different perspective and force you to find the causes for it. Avoid the temptation to buy everything you see at some places like gas stations and vending machines because there are so many ridiculous things at such points.

It is expected that if you want to stop drinking, you have to keep out of the brewery. The same formula works in case of shopping as well. Don’t frequent markets without any apparent reason say expert. It is advisable to buy in bulk instead of frequenting the market at every slight opportunity. One major way of curtailing excessive spending according to experts is to buy in bulk. This doesn’t necessarily mean you have to back the truck and trailer up to the big box bulk foods stores to load your pallet of rice and bushel of apples. A good number of items can be purchased much cheaper when you but them in bulk, just like candy bars, bagged chips, fruit, and whatever else you may like to buy.

Experts expect employees to plan their monthly budget and stick to it. You do not have to be miserly about it. Allow a general allowance, but not so much that it disrupts your monthly saving or retirement plan. Experts also advise you open a different saving accounts and keep a part of your earnings in them, helping you save money for the future and prevent you from borrowing from family members or friends when the need does not arise.

Debt is bad in any case, but it becomes worse when you ask it for an unnecessary shopping spree, experts say. When you go into debt, you have to return it too and it disrupts your whole budget and sometimes even reduces your savings. Also, if you’re not able to return the money on time, you would lose face in front of the lender and become

Planning is essential when money is involved. Experts advise you plan your purchases, even the small ones, in advance. This will give you an idea of how much you are going to spend and in that case, you are more likely not to cross your limit. If your limit is to spend a certain amount of money on shopping, try not to spend a penny over that. Remember that you will regret spending more, when your shopping spree gets over. Even while going to the grocery stores (or every store) go with a purpose. Experts also say it has been proven time and time again that people who stick to their shopping list spend less money and spend less time too. Who knows, maybe you can double that savings if you just clip a coupon here and there.

Experts say excessive spending is a disorder that can be cured. It may be an emotional void that you are trying to fill or that you get a buzz out of it. Even if you want a relief from stress, overspending is certainly not the way to go. If you feel that nothing is working out and find yourself in increasing debts every month, don’t hesitate to consult a therapist, experts say.