Many people are trapped in a bad cycle of overspending. They already develop an addiction to shopping and this is something that they may not be able to break. People who have shopping addiction problem could be filled with regret and guilt after a shopping binge. They may already max out their credit cards and they are no longer able to save for the rainy day or retirement. Overspending is a modern addiction that affects many people. People who have saving addiction problems could have the following symptoms:
- They fret about losing money all the time
- They don’t have savings
- They regularly go on a huge shopping binge to buy things that they don’t really need
- They have a wardrobe filled with bags, shoes, clothes and other things that they hardly ever used
- They avoid speaking about money problems with family members and friends
- They spend more than they earn
- They consistently miss important payments, such as credit card bills and car loan
- They feel the urge to buy something to treat themselves, although they don’t really have any money.
- They are depressed when bills start to arrive in their mail
In this situation, it is important to avoid the painful accumulation that results from continuous worries related to money and debt. They are affected by consumerism, excessive spending and extreme wants for latest products. The modern society has significant focus on material wealth. It is important for us to have a real resolution to stop buying things that we don’t need. We may need to tell our close friends and family about it. If they are real friends, we should get their supports. In fact, these people could face the same kind of money anxiety. We should be aware that we may shop compulsively, because we are bored or we have an emotional urge to give ourselves treat.
In this situation, it is important for us to look for free ways that can help us fill our time without indulging on expensive stuff. As an example, we could go to a wooded area or walk to a nearby park. In fact, simple things to do, such as finding and installing an free exciting game in our smartphone or tablet can be a great experience that prevents us from going to the mall. We may need to cut up our credit cards and use cash to purchase anything. It is a bad idea to bring much money in our wallet and it would be necessary to leave debit or ATM card at home. We should only bring the amount of money that we need.
If an emergency strikes, it would be better to phone a family member or friend for financial assistance. They will be more forgiving than credit card companies and we won’t need to pay for high interest rate or huge fees. It is important for us to take a pause before buying anything. All spending must be analyzed and we should write down an expense diary.