Google “compulsive spender” and you’ll discover an overwhelming amount of heart wrenching stories dealing with broken relationships, child neglect, jail time, bankruptcy, and financial ruin.
We often joke about “shop till you drop,” but compulsive spending is serious addiction that should be discussed and addressed. It has been estimated that up to ten percent of Americans are “shopaholics,” so chances are either you or someone you know is struggling with this addiction.
Compulsive spending can be just as addicting as a dependency on alcohol or drugs. Spending addicts often feel a rush of euphoria when shopping, just as drug addicts do. This addiction is often coupled with other psychological issues, such as depression and eating disorders.
Compulsive spenders often suffer from low self esteem, and feelings of emptiness or neglect. They try to fix their emotions through shopping, just as binge eaters do with food.
The majority of compulsive spenders are women, who tend to focus their addiction on clothes, jewelry, and gifts. Men, who make up around 10% of compulsive spenders, generally spend their money “collecting” electronics, cars, memorabilia, and other items.
Are you a compulsive spender?
- Do you continue to shop, even if you are stressed or anxious over your debt?
- Look at your bank statement. Do you have trouble channeling your extra income into your savings account?
- Do you lie to friends or family about how much you spend?
- Go into your closet. Are there still price tags on your purchases? Do you rarely wear or use purchases?
- Do you feel a rush of euphoria when shopping?
- Do you feel angry or upset when you can’t spend time at the mall?
- Check your internet habits. Do you spend hours upon hours shopping online?
- Do you tell yourself, “If I buy this I’ll feel better about myself”?
- Check your heart rate. Does it race when you’re shopping or making a purchase?
If you answered “yes” to several of these questions, there’s a good possibility that you are a compulsive spender.
So what now? How can I get help?
There are a number of ways you can free yourself from this addiction, but it will take a lot of work. Brace yourself for some major lifestyle changes.
- Get some help. Think of therapy as an investment. Join a self-help group, such as Debtors Anonymous.
- Determine your triggers. When do you feel the urge to shop? Find something else to do when these emotions arise, such as go for a walk, spend time with friends, etc.
- Stick to cash. This is the best way to avoid racking up thousands of dollars in credit card debt. You can only spend what you have.
- Communicate. Let your friends and family know that you’re struggling with compulsive spending. They can help you stick to your goals.
- Put it on hold. Chances are you’ll forget about the item 24 hours later. And don’t forget to constantly ask yourself, “Do I really need this?”
- Stick to lists. Whether you’re at Nordstroms or Costco, creating a shopping list can help you keep your purchases strictly to what you need at that moment.
- Avoid the mall. This includes online shopping too. Cancel e-mail subscriptions to your favorite stores, or at least divert them to an e-mail you don’t check on a regular basis.
- Clean out your closet. Donate your items, or sell them on eBay to help pay off your debt.
Even if you do not identify as a compulsive spender, it can’t hurt to rework your shopping habits. A frugal mentality is an important part of financial responsibility, regardless of the state of the economy.
