A compulsive spender is someone who puts enough time and energy into buying things and thinking about buying things for it to impair his or her life significantly. Impulsively driven oniomania resulting in large debts is nothing new though, as it was first described more than 100 years ago by the German psychiatrist Emil Kraepelin.
Excessive shopping is a tool to help escape from anxiety and tension. Shoppers who fall into this category are instantly rewarded with a feeling of elevated happiness and enhanced self-esteem after a purchase. However, the adrenalin kick soon wears off, leaving the shopper with an urge to buy more things.
In the long run inappropriate buying behavior may lead to greater distress, including a lack of social or occupational functioning, financial difficulties including bankruptcy, and even delinquency. Research shows treatment-seeking patients suffer from psychiatric comorbidity, such as anxiety and depressive disorders, hoarding disorder, binge eating disorder, substance use disorders, and personality disorders.
Therefore, if your buying habits are in the risk zone of getting out of control, you may want to nip them in the bud by trying any of these five steps to stop your compulsive spending:
- Mindfulness. There are many methods in mindfulness to achieve a greater sensation of calm. Mindfulness expert Jeremy Hunter, PhD demonstrated the “Point-Seat-Feet-Root” exercise at the 69th CFA Institute Annual Conference in Montréal. Step one is called “Getting Ready,” where you find a comfortable position to try to recognize what your body feels when it is in that state of comfort.
Step two is called the “Point” step, where you focus your mind on a spot two inches below your belly button. Feel the connection between your body and your seat, and pay attention to your breathing, your pulse, and how relaxed your muscles become. Next step is shifting your focus down to your feet. Pay attention to the feeling of your feet meeting the ground and see if that feeling is different from the others. Imagine roots growing out of the bottom of your feet and into the ground, and try to explore what sensations they evoke.
Compare to the preceding steps and see which was the most comfortable. When you open your eyes to look around you, your surroundings may seem different from when you started. Do you feel calmer? The aim is to come out of the exercise with a greater sense of groundedness. Make a regular habit out of such exercises!
- Cash. You may want to curb your spending with more hands-on advice. Studies have shown that people spend twice as much money when they pay with a credit card instead of cash. Therefore you may want to start to carry cash with you when out shopping, and leave your credit cards at home.
Of course, if you don’t want to spend any money at all, the safest way is to leave your entire wallet at home. If you don’t trust yourself, this will help you select the item you want to buy, and come back later for the actual purchase with the exact amount it costs. A day later the rush may have worn off and you’ll find your desire to buy it gone.
- Budget. A proper budget and keeping track of your purchases will make you aware of where the money goes. Try to create a spreadsheet showing your expenses. Enter each of your monthly expenses, and make sure to write down the exact amounts of each bill along with the due dates. Don’t forget to regularly set aside money for your savings account and have your bank set up automatic transfers when your deposits are coming in so you can’t spend it.
Add the deposits that you’ll receive into your spreadsheet so that you can keep track of your balance. Check your spreadsheet every day and subtract the amount of your purchases. Whenever you consider making new purchases, you’ll have your existing account balance fresh in mind.
- Journal. If your shopping urges are strong enough to impair your life, try keeping a journal to document what you are feeling when the urges to buy set in. Understanding what triggers your shopping cravings will help you to keep them under control in the future. For example, if you write down a note whenever you feel the irresistible desire to buy something, try to take note of your feelings as well.
Did something happen to trigger the urge to shop? Are you feeling bored, depressed, or angry? This may help you to see a pattern, and pinpoint your exact emotional shopping triggers. When that particular emotion hits you in the future, you’ll know a shopping urge is likely to follow, and you will be prepared to fight it. Just understanding yourself and where the urge is coming from will likely lessen the shopping urge as well.
- Professional help. Oniomania is a disorder, and if you have urges to spend money that are too strong for you to keep under control on your own, there is professional help available. You can seek therapy or attend a support group. A shopping addiction therapist will work on changing your shopping habits and help you find your underlying triggers. It’s a continuation of your own explorations with your journal, but a professional therapist is trained in seeing patterns and has the expertise to help you further.
Support groups offer strength in numbers—your shopping addictions may be easier to accept and work on when you are with others in similar situations. Debtors Anonymous is one such organization with chapters in the United States. To get the most out of your sessions, you have to attend regularly and be honest with your revelations to the group.
To find practical solutions to heavy debts, you may need to see a professional financial counselor. Some provide free financial sessions or group meetings. Not being able to pay your debts may leave bankruptcy as the ultimate solution. However, although will give you a fresh financial start, your credit will be severely damaged. A bankruptcy should be avoided at all costs.
Try to negotiate directly with your credit card company for a payment plan you can afford, or seek help from a credit counselor. It’s understandable to feel overwhelmed by addictions and debts, if you can’t control your shopping urges and your debts are getting of control. Remember that there is help for you, and make sure to take advantage of it! Enjoy being back in control!
Christine Sato founded the site https://cpareviewcourses.org/ – an online resource dedicated to helping professionals pass all four sections the CPA Exam on their first try. Christine provides reviews of cpa prep courses and gives expert cpa study tips to ease the process of becoming a CPA. She spends her time keeping an active pulse on all things accounting and finance, and loves sharing her insights with the upcoming generation of financial professionals.