Compulsive Spending: The Solution
There is a condition I have faced for many years now. It's called compulsive spending. For those of you not familiar with the term, it's been described as an uncontrollable urge to use money in a way that is detrimental to your emotional and physical well-being, typically leading to debt owed by the individual or their family.
It has been said that compulsive spending occurs when someone feels insecure or powerless, when they feel they need the object of their desire in order to feel better about themselves or make them feel happy again. When these feelings happen, people are more likely to spend their time and money acquiring items than focusing on other activities that bring happiness into their lives such as relationships with friends or family members.
Some of the behavior associated with compulsive spending has been found to include:
• The inability to resist impulses to shop for things of which you may not need or want.
• Spending long periods at shopping malls without achieving a sense of fulfillment.
• Focusing solely on buying huge, regular quantities of items such as food or clothing.
In order to stop this behavior, the solution is not a simple one. It takes time and effort, along with self-discipline and persistence which is similar to addiction treatment. However, the severity of this condition has been found to vary from person to person, as well as how long they have suffered from it.
I have personally been diagnosed with compulsive spending disorder because of my shopping spree from mid 2009 until early 2011; a period where I spent over $11,000 and still owe a substantial sum of money. While I am currently in therapy for this condition which could be considered considered a form of obsessive-compulsive disorder (OCD), I know that the work that remains involves preventing myself from doing it again. Although I did not feel like purchasing any new clothes during my time of excess spending and still don't, it is something that is being worked on in therapy along with other behavioral changes.
I know that the extra money I make on my blog will always go towards savings, family, and retirement in order to avoid the possibility of ever going through something like this again.
If you want to prevent this from happening to you, here are a few solutions that have helped me:
• Try not to go shopping alone. If you want some one to come along with you who has your back and won't let you spend too much, ask a friend. This will help save on impulse purchases because of the company you keep. A friend who supports your habit is not what's best for long-term spending reduction.
• Buy only one item at a time, no more. If you buy multiple items at once, you'll be tempted to purchase more in order to fill a hole in your wardrobe. That hole will soon become an "eye" and it'll be harder to resist buying more of the item in question.
• Save up from all your money-making activities such as blogs or e-books to pay for things that you know you'll want eventually. (I started saving for my wedding quite early on after I married my beloved husband. I found it difficult to save up large amounts of money, so I decided that I'd start saving early.)
• If you have the urge to buy something, go for a walk or take a shower. You'll come back feeling more clear-headed and hopefully less needy. Sometimes distractions like this can help curb the spending impulse until it's gone.
• Don't shop online unless you have a set amount available for spending. If you have to wait until pay day to purchase something you've seen online, then the problem won't arise. Set yourself a limit of $20 per month and use that for anything that might pop up on your radar such as clothing items or electronics.
• Donate clothes you no longer use or need. This can be a simple way to help a cause you believe in or it can help reduce the amount of items cluttering your space and which may lead to overspending.
• Ask yourself why you're shopping. Are you feeling stressed or sad and want to spend money on an item that will make you feel better? This is not the only reason someone affected by this disorder may shop, but it's one of the most common ones and something I personally went through myself until I realized I was doing it for this reason every time I went out shopping.
If you have a friend who is affected by compulsive spending, feel free to share this with them. According to my therapist, I am not the first person she has worked with who has spent thousands of dollars on clothes for no apparent reason other than having a high ticket item that they're longing for. It's important to be supportive especially if your friend is going through high levels of stress due to the financial repercussions that may come from this problem.
It's important to remember that while money is something that can make you happy or sad, it's not something which will always make you happy. If you feel that you are becoming addicted to money or are taking advantage of your loved ones, it's important to seek help from someone who will understand and can help you overcome this problem.
I hope that this article has helped some of you who might suffer from this disorder and would like to learn more about the white coat syndrome. If you have a question, feel free to post in the comments section below.
Image via Flickr.com
About The Author: Karen is passionate about creating a better world by sharing knowledge around online marketing, e-commerce and SEO. She has worked with companies such as Sparkly Haze, BizFilings and Cvas Online for increasing traffic to their clients' websites. You can check out her website at karenfitzgibson.com.
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Related Posts:
The White Coat Syndrome, IJ'S Consumer Advice Blog, 7/30/2011
Compulsive Shopping Disorder, IJ'S Consumer Advice Blog, 6/25/2005
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The White Coat Syndrome: A Beginner's Guide to Understanding Compulsive SpendingA Beginner’s Guide to Understanding Compulsive SpendingBy Karen Riegel, M.A., OTR/L, CST Email Karen at karenfitzgibson@gmail.
Conclusion:
The white coat syndrome is a very real thing, and for many people it is just an expression of their personal beliefs about money and spending. The truth is, money doesn’t make us happy or sad, it just makes us feel however we want to feel at that moment in time. That’s why you shouldn’t be afraid to be selfish when it comes to how much you spend on yourself. It’s just another expression of your mood or feeling.