Compulsive spending also referred to as oniomania or compulsive buying disorder, is spending more than what is necessary. In most instances, such behaviour can result in financial harm. To determine if a person is spending more than needed watch out for these signs of compulsive spending.
Spending most of the money on desired items.
Spending continuously despite knowing that there is a reason to stop.
Accumulating a huge amount of debt.
Hiding items from known people.
Not feeling good about spending.
Not using all the items purchased.
There is a feeling of excitement or agitation while shopping.
The feeling that any item purchased is not going to improve quality of life.
Compulsive spending can harm financial future, but some do away their cash on inexpensive items and do not have debt issues. A shopping addiction can result in financial ruin, and there are other ways compulsive spending can affect the quality of life.
There is a constant feeling of guilt and shame.
Relationship problems become a concern when the affected person is not open about too much money spent.
When compulsive spending becomes surplus, it can result in hoarding.
A lot of time and energy is invested in spending with little room to focus on relationships and meaningful activities.
People indulge in compulsive spending to cope with trauma, pain, stress, guilt, helplessness, and other negative emotions.
People with a history of mental illness such as addictions, or impulse control disorder are likely to become compulsive spenders. Individuals who have a family history of compulsive buying or substance abuse are also at risk of becoming compulsive buyers.
Making a purchase does create a feel-good effect, but it is also required to be aware of how much to spend and not go overboard to an extent of hurting finances and quality of life. There are ways to overcome emotional spending.
Recognize the emotion that is causing excessive spending:
There is an emotion attached to spending and buying a new item. There are times when individuals spend, and it happens after something good has happened like promotion in the workplace, good profits in business, and so on. There are also instances when people spend too much to cope with emotions such as loneliness, anxiety, disappointment, and other negative emotions. Recognize emotions that are causing excessive spending while doing so work on becoming self-aware and recognize self-worth, and it can help improve clarity of mind. Find other ways to manage stress such as reading, listening to music, spending time with a pet, playing a game on the phone, and so on.
Identify spending pattern:
When spending becomes too much regularly, it becomes necessary to be aware of spending habits. Emotional spending emerges from two kinds of behaviour compulsive and impulsive buying. Individuals engage in these behaviours to feel better from negative emotions. People who suffer from anxiety, addiction, or Obsessive Compulsive Disorder engage in compulsive buying, and the focus here is not the purchased item but the mere act of spending. In the case of impulsive buying, shoppers are not aware of buying it happens without a thought process attached to it. Find out what is causing too much spending and do this without the feeling of guilt.
Identify emotional triggers and examine feelings:
As mentioned earlier, there are times when it is okay to spend on desired items that heighten brand value. It is also alright to spend on essential items such as medicines, groceries, and household items. When a person spends too much to the extent of minimal savings, it is imperative to identify emotional triggers. Too much spending can happen from trying to feel a sense of self-worth, numb stress and disappointment, feel competitive, feel in control, and so on. Recognize if uncontrolled spending is happening from the need to feel worthy, in control, or paint a good picture, and so on.
Avoid comparison:
Comparison can be a trigger for compulsive spending. There are times when people spend to feel content and, satisfied with themselves. Individuals should remember to look at their budget before thinking of spending and aim to avoid comparison because everyone has their issue to deal with on a daily basis.
It is a good feeling to spend and do enjoy it, but each person should also look at their finances and buy accordingly.
It is essential, as a society to be open about compulsive spending and offer help to someone who is living beyond their means. Shopping is fun and sometimes necessary but be aware of not spending beyond what is required. It is also essential for people to feel comfortable in their own skin and be happy with what they have. Also, feel proud of being ambitious and working hard everyday. For those who are in need of treatment counseling is beneficial to overcome compulsive spending.
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