Do you own every gadget known to man (or woman)? Does your closet contain lots of shoes or clothes that you almost never wear? Are you feeling lost without credit cards? Do you come home with things you didn’t specifically go to buy? Do you use shopping as a quick fix for the blues? Do you spend more than you can afford? Are neighborhood malls and Internet shopping sites possess a mesmerizing magnetic appeal for you?
If you answered yes to several questions above, you are probably shopping as a recreational activity. You have a condition called Oniomania. It is also known as shopping addiction or shopaholism, is the compulsive desire to shop. People who shop or spend compulsively get a feeling of being “high” from the experience. This translates into endorphins and dopamine, natural receptor sites in the brain, getting turned on, creating a “good feeling” and reinforcing the desire to shop or spend.
Credit cards facilitate the spending of money as well as mail orders via catalogues or the Internet. In America, shopping is embedded in our culture; so often, the impulsiveness comes out as shopping addiction or compulsive spending. Shopping addiction and compulsive spending can put a strain on both your finances and your relationships. In other words, shopping addicts buy more than they need and spend more money than they can afford, in an effort to make themselves feel better. It can wreak havoc on a person’s life, family, and finances.
Here are the 10 simple steps to stop the cycle of shopping addiction and compulsive spending:
1. Identify a “need” from a “want.” Learn to recognize wants from needs, and practice controlling your impulses to spend your money on things you don’t really need, and you’ll be able to change your spending habits and end up far ahead financially. Before buying anything, ask yourself if it is a need or a want. If it is a want, let go of the item.
A need is something you have to buy, such as groceries. It may also be a new pair of shoes to wear to the office if your present pair is no longer in good condition. A want, on the other hand, is something you just desire but can do without. Examples are a new CD or DVD, a nice-looking hand bag when you have a dozen other hand bags at home, and a cellphone that’s loaded with so many features.