8 Steps to Overcome Your Shopping Addiction And Becoming Financially Healthy

In a world where consumerism has become the norm, it is no wonder that shopping addiction has emerged as a prevalent issue. With the constant bombardment of advertisements promising happiness through material possessions and societal pressures encouraging us to spend, it is easy to fall into the trap of compulsive buying. Shopping addiction, also known as oniomania, is a behavioural addiction that offers a temporary escape from negative emotions like anxiety and depression. However, this addiction can quickly spiral out of control, wreaking havoc on various aspects of our lives.

However, there is hope for those struggling with shopping addiction. By taking proactive steps to address the underlying causes and developing healthier habits, it is possible to overcome this addiction and regain control of your life. This article provides guidance and 8 practical steps to help you break free from the cycle of compulsive buying, ultimately leading to improved financial health and overall well-being.

Before we learn the steps to overcome your shopping addiction, let's first know the signs that you may be grappling with a shopping addiction:

1. Constantly thinking about future purchases and constant thoughts about shopping.

2. Inability to exert control over impulsive shopping behaviour, finding it challenging to halt the urge to make unnecessary purchases.

3. Experiencing a rush of euphoria and pleasure upon completing a purchase, as if it provides a temporary high.

4. Feelings of remorse or guilt after buying items, realising that the purchases were unnecessary or excessive.

5. Financial difficulties arising from excessive spending leading to the accumulation of debts and the inability to repay them on time.

6. Engaging in deceitful behaviour, such as concealing or downplaying purchases and resorting to lies about their shopping activities.

7. Opting for new loans and credit cards without fulfilling existing balances.

8. Engaging in unnecessary purchases, buying items that are not essential or fulfilling a genuine need.

9. Using shopping as a coping mechanism during times of stress or sadness, seeking solace in retail therapy rather than addressing the underlying emotions.

These signs serve as red flags indicating the presence of a shopping addiction, requiring attention and intervention to regain control over one's shopping habits and overall financial well-being.

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8 Steps to Overcome Your Shopping Addiction And Becoming Financially Healthy:

1. Accept the condition:

The first step in addressing a problem is acknowledging its existence. It is crucial not to deceive yourself with fabricated excuses or remain in denial when the adverse consequences of your addiction are evident to others. By honestly admitting that you have a shopping addiction, you can delve deeper into its underlying causes and begin to explore effective strategies to overcome it.

2. Unsubscribe yourself from the sellers' list:

One effective way to restrain your spending is to steer clear of situations that entice you to make purchases. Many of us spend significant amounts of time on digital devices, leading to subscriptions to numerous retailer emails that offer tempting deals and discounts. If your vulnerability lies in online shopping, the initial step involves unsubscribing from these emails and blocking access to these websites across all your devices.

By removing yourself from retailer email lists, the impulsive urge to spend will diminish, and the allure of temptation will fade away. Furthermore, if you enjoy using social media platforms, particularly Instagram, it may be beneficial to unfollow influencers who encourage spending through their promotional content.

3. Set your financial goals:

Setting financial goals can be a powerful tool in curbing your shopping addiction. Whether saving a specific amount for an emergency fund or earmarking funds for a dream vacation, having tangible goals provides a compelling reason to prioritise saving over impulsive spending. By establishing clear objectives, cutting back on expenses becomes more manageable and meaningful. This practice not only creates a direct connection between saving money and enjoying the things you love but also shifts your focus away from your addiction, reducing the urge to make unnecessary purchases. It is a win-win situation that keeps you motivated while helping you overcome your shopping addiction.

4. Take time before making a purchase:

Allowing yourself a period of a couple of days to a week before finalising a purchase can be a valuable practice. By keeping items in your online shopping cart rather than immediately proceeding to check out, you create a buffer that allows for reflection and evaluation. This timeframe provides an opportunity to determine whether the desire to make the purchase is driven by compulsion or genuine necessity. It helps to prevent impulsive buying and encourages more thoughtful decision-making. During this waiting period, you can assess whether the item aligns with your actual needs, budget, and long-term goals. By exercising patience and deliberation, you can make more informed choices and avoid regrettable or unnecessary purchases.

5. Know where your money goes:

It is crucial to have a clear understanding of your spending habits. Many individuals fail to monitor their daily expenses and lose track of their purchases, often buying things they do not truly need. Hence, it is advisable to track every small amount you spend. This enables you to identify your spending patterns, highlight areas where you tend to overspend and identify opportunities for saving. By visualising your spending habits, you gain valuable insights and can take proactive steps to make positive changes. You can try using expense-tracking apps that are easily available in app stores. Many such apps provide insights into your spending habits and deliver feedback and useful information to help you manage your expenses effectively.

6. Adopt a cash-only approach:

Our spending often goes unnoticed when we rely heavily on credit cards. Credit cards can enable and fuel our shopping addiction by creating an illusion of financial flexibility, leading us to make excuses and delay payments until the end of the month. For individuals struggling with shopping addiction, it is advisable to eliminate credit cards, at least until healthier spending habits are established.

Once you have cut up and discarded your credit cards, consider adopting a cash-only approach. This deliberate inconvenience serves a purpose. If you are addicted to shopping, the aim is to break the habit, and this requires making sacrifices. Using cash exclusively serves as a constant reminder that you are spending real money. Furthermore, you may choose to withdraw a fixed amount each week and limit your spending to that amount, ensuring that you remain mindful of your expenses and their timing.

7. Change your surrounding:

The environment we surround ourselves with significantly influences our behaviour and actions. While we may not always have complete control over our surroundings, we can exert power over certain aspects of our environment. If you are grappling with a shopping addiction, it is essential to be mindful of the places and situations that can trigger your impulsive spending.

Avoiding locations like malls or online fashion websites that tempt you to make unnecessary purchases is a wise choice when attempting to break the overspending habit. By understanding the underlying causes of your shopping habits, including factors like time management and stress triggers, you can gain insights into how to overcome your addiction. For instance, some individuals may find the workplace to be a stressful environment that drives them to seek solace in online shopping. Recognising the influence of our environment on our behaviour empowers us to leverage it to our advantage. By consciously choosing where we should and shouldn't be to support our recovery from addiction, we can create a conducive environment for positive change.

8. Seek help:

Dealing with a shopping addiction can be challenging when faced alone. It is advisable to seek support from friends and family members. Furthermore, consulting with a professional and joining support groups can be immensely beneficial. If the problems associated with the addiction become overwhelming, there is no shame in considering psychotherapy as a means of addressing and managing the issue. Remember, reaching out for assistance is a courageous step towards recovery.

Conclusion:

When faced with the temptation to indulge in impulsive shopping, consider the detrimental effects it can have on your finances and overall well-being. While managing finances may feel burdensome for those struggling with a shopping addiction, it is crucial to embrace this practice to cultivate a peaceful and financially stable life. Gaining control over your spending habits is the key to breaking free from the trap of impulse buying. By exercising restraint and adopting mindful spending habits, you can liberate yourself from the negative consequences of impulsive spending and pave the way for a more secure and balanced financial future.

KETKI JADHAV is a Content Writer at PersonalFN since August 2021. She is an MBA (Finance) and has over seven years of experience in Retail Banking. Ketki specialises in covering articles around banking, insurance, personal finance, and mutual funds and has been doing it for over three years now.

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Disclaimer: This article is for information purposes only and is not meant to influence your investment decisions. It should not be treated as a mutual fund recommendation or advice to make an investment decision.