Can’t Stop Shopping?
If your answer is yes, believe it or not, you’re not alone. Spending urges are normal and can happen to anyone occasionally. There can be various reasons for these urges, such as stress, boredom, or perhaps you are an innovator and want to acquire new things. However, keeping these urges in check is essential, and you should not let them spiral out of control or get in the way of your financial goals.
It is essential to understand the root of the problem. Money problems can affect your mental health, and likewise, mental health problems can cause money problems.
Impulsivity is a common denominator in mental health problems like bipolar disorder, ADHD, depression, and anxiety, which can influence your purchase decisions when you’re experiencing mania or hypomania. Additionally, past experiences can create feelings associated with money that may affect how you perceive money, making it more challenging to stick to your financial goals.
What Can You Do When You Feel a Spending Urge?
There are several strategies that you can use to control your spending habits.
- Identify the triggers that cause your spending urges. Noticing your feelings can make a big difference on your next purchase and help you find alternative ways to address them.
- Delay purchases and apply the 24-hour and 30-day rules. The 24-hour rule can help prevent making emotional decisions, including impulse buying. The 30-day rule, on the other hand, consists of waiting 30 days before purchasing to see if you still want it. It can help control those spur-of-the-moment purchases.
- Give yourself an allowance or include a fun bucket in your budget. Doing so can ensure you have enough funds for your essential expenses while treating yourself. Restriction can often do more harm than good since the craving for restriction can lead to impulsive buying.
- Consider rentals. Rentals can be a way to control your spending urges by providing a temporary solution to your needs without the long-term commitment and expenses that come with owning something. For example, instead of buying a new dress for a special occasion that you may only wear once, you can rent one for a fraction of the cost. This can help satisfy your desire for something new without breaking the bank. Additionally, many rental services offer various options, so you can try out different styles and products without committing to purchasing them. However, keeping track of your rental expenses is important to ensure you spend appropriately in the long run.
Balancing your finances and satisfying your urge to spend requires self-discipline, patience, and a willingness to compromise. By being mindful and intentional about your spending, you can work towards achieving your financial goals while still enjoying the things you love.