Impulse Buyers Rehab is Still an Option

• Tweet

• Tweet

Some people just seem to have a knack for spending money, even when they don’t have money to spend. When they do have money, it seems to burn a hole through their pocket before it has the chance to make it to the bank.

Compulsive spending is like any other bad habit – easy to become entrapped in, and difficult to break free from. The compulsion to spend money plagues all of us at one time or another, but for some it is an outright addiction that can create significant debt, bad credit, and a host of other problems. Many compulsive buyers are ashamed of their behavior and may even try to hide it from family and friends.

For those who are willing to admit their problem, there is hope.  If you are compulsive buyer, don’t worry – you can choose to remain anonymous. The following are some tips for curbing your impulse buying and breaking bad spending habits once and for all.

1. If you are a compulsive spender, don’t go shopping ‘just to look.’ Why? Because you know you won’t ‘just look.’ You will see something you like and will feel compelled to buy it. As much as you may enjoy shopping, until you can get your spending habits under control, shopping is your proverbial kryptonite. Get in the habit of shopping only for what you need and/or have carefully decided to purchase before you enter the store.
2. Shop with cash, not with plastic. It’s much easier to visually keep track of how much you are spending when you are using cash than it is when you are using a debit or credit card. As a further precaution, take only money designated for shopping with you so you don’t blow money budgeted for other areas. When the money is gone, you’re done shopping. It’s that simple.
3. If necessary, close credit card accounts and shred cards to keep yourself from giving in to a spending spree. If you don’t have a credit card to use, you won’t have to fight the temptation to not use it.
4. Study yourself: when are you most likely to spend on impulse? Is it when you’re with friends? Is it when you’re alone? Is it when you’re sad, angry, happy, or bored?  Identifying the trigger emotions and settings is the key to changing your response to them.
5. If you see something you want, write it down and wait a few hours, a few days, or up to a month before re-assessing your need for it. For smaller purchases, you may only need to leave the store and wait a few hours or days to let the ‘buzz’ get out of your system so you can make a clear-headed decision. For more expensive purchases, it’s wise to wait several weeks and then re-assess your need for it. You may frequently find that your ‘need’ for something is only a fleeting perception.

Changing bad habits is hard for all of us, but important, nonetheless. Getting your spending under control will not only contribute to your financial health and future, but your emotional and physical well-being as well.

Tagged as: Consumerism, Credit Cards, Debt, Money Management, Self Improvement, Shopping, Spending