Break Your Shopping Addiction With These Tips

We all go through phases of overspending on items and services that we don’t need, but for some people, this phase is constantly occurring. When we think of addiction, spending money isn’t something we always consider. In fact, many people are actually unaware that shopping addictions are real; however, addiction can take many different forms. Typically, those dealing with shopping addictions are also battling compulsive and invisible spending habits too. Therefore, it is even more difficult to break the cycle. In fact, compulsive spending is thought to affect 8–16% of the population. We understand that splashing the cash and buying new things is fun and exciting; however, taking it too far can soon damage your finances and potentially place you in a worrying position that could lead to falling into debt. So, here are a few ways you can try to break your shopping addiction before you’re faced with the consequences…

Understand Your Shopping Addiction

As we mentioned, many people overlook the idea of shopping additions and instead believe them to be harmless purchases. But, if the expenses are outweighing the income, people will soon find themselves scrambling for additional income streams to avoid falling into debt. Unfortunately, it is more common for individuals to borrow short term or payday loans to help get themselves back on track. In order to avoid anything similar, we advise taking the time to understand what a shopping addiction actually is. This way, you can identify and highlight whether you fall into this category, giving you the opportunity to break your addiction before it gets worse. Understanding your shopping addiction also relates to how, when, and why you’re spending. Could this be due to emotional distress, or perhaps just because you’ve found a good deal? Being able to identify why you’re spending will help you redirect your attention to something else.

Set Limits

Becoming more aware of your budget and your income enables you to spend more freely on those items that perhaps aren’t essential. In other words, it allows you to spend on items that you wouldn’t classify as necessities without reducing your spending completely. Once you have a better understanding of your budget, you’ll be able to set individualised limits that suit you. Obviously, most of us cannot completely cut out our bad habits all at once. Therefore, gradually reducing your spending is the best idea. In order to do so, we advise that you implement a couple of rules before completing a transaction. For example, you could try leaving your credit cards at home when shopping; this way, you don’t have the option to overspend. Another example includes waiting before making your purchase. Spending time deciding whether or not you need an item will soon reduce your expenses.

Track Your Progress

While you are trying to change your shopping habits, don’t forget to appreciate and motivate yourself regularly. Giving yourself recognition for your accomplishments is crucial since overcoming an addiction is incredibly challenging. Tracking your progress can be simple! Perhaps consider keeping track of your spending in a spreadsheet or some other type of documentation you use often. By making notes and reminders, you can keep track of how frequently you’ve spent money or visited the shop.