Low self-esteem or self-worth Hoarding Anxiety Depression Recklessness or impulsiveness Obsessive or compulsive disorders Perfectionism
Feelings of shame, hopelessness, or worthlessness can often trigger binge spending. While overspending can be a problem, there is likely an underlying emotional problem that is more to blame for your spending habits. Take a moment to acknowledge your emotions and how they contribute to your spending. You may want to take a walk or get some exercise instead of buying something.
Practice methods that make you feel good and that you enjoy doing daily. Check out yoga classes, qigong, tai chi, and meditation. Find something you like and stay consistent.
Don’t turn to gambling as a means to excitement. You can become addicted to gambling and damage your finances.
Binge spending is often used to help people cope with negative emotions. A therapist can help you deal with these underlying issues in a healthier way while providing you insight on how to stop this habit. Psychotherapy and mindfulness are often used by therapists to treat compulsive behaviors like binge spending. These will help give you more control over your impulses.
Check out if your community has a local branch of a national support group, such as Shopaholics Anonymous or Debtors Anonymous.
Pause and take a moment before impulsively buying something.
Asking questions helps you to take a moment to assess how the purchase will affect your life and what kind of impact it will have.
For example, if you go grocery shopping, buy only the items you need for the next few days. A new product may catch your eye, but if it’s not on your list, skip it. If it stays in your mind, write it on your list for your next trip.
Before making your decision about the purchase, do things that bring you back into your rational mind. You may do some math problems, read, or problem solve something else to bring your thinking capacity to the forefront.
For example, notice how your thoughts change to things you want to buy, and wanting to buy them now. Say to yourself, “I don’t need this, and it won’t bring me happiness. I know this urge will pass. ”
This method can help you with impulse buys. By making a “rule” and sticking to it, you can include some structure to your spending habits and decrease your binges.
Talking to a finance counselor or budgeting coach to help you learn how to set and stick to a budget. Reading books or free web resources can also help you learn healthy financial habits. You may also want to budget in “free money” which can be applied to anything you want that doesn’t quite fit in the budget. This can help you feel like you have some leniency while also keeping your expenses under control. For example, you may put aside $40 each month as free money, and decide to spend it on something you want but don’t need.
Once you run out of cash, this means that you cannot spend any more money, even if you find something you want. Refill your money each pay period.
If you’re not willing to part with one item, reconsider buying another one.
Play around with what works for you. You may take a spending vacation one day each month, or work up to one week without spending.
