If you find yourself obsessing over what to buy or where to spend your money, you may be dealing with a spending addiction. This type of spending can create long-term financial problems and tear a family apart. Knowing the signs of a spending addiction is essential for combating this behavior.
While compulsive buying is not officially listed as an addiction by the DSM-5, mental health professionals agree that it is a real problem that affects a person's life. Treatment for compulsive spending is similar to that of other behavioral addictions. People who are compulsive spenders often try to conceal their spending from family and friends. In an attempt to appear well-off, they justify their spending.
When you're tempted to spend money, think about whether it's a necessity or an impulse purchase. A compulsive spender may have difficulty paying for necessities, miss important bills, or get into credit card debt. They may also resort to stealing money to make purchases.
Once you identify the triggers, you can begin to develop a plan to curb your spending habits. Try to stay away from places where you feel the urge to spend money. This might include shopping malls, clothing outlets, auto parts stores, local electronics dealers, or even the dollar section of Target.
If you think you may be a compulsive spender, seek treatment and support from family and friends. Admitting your problem is the first step to recovery. Avoid people who are critical or judgmental of your habits. Try to find another activity that will keep you distracted and lighter on your wallet.
If you're not saving money, there's probably an underlying problem causing your compulsive spending. Addressing the problem is essential for your long-term financial and mental health. If you're too far into debt, the best solution for you may be to file for Chapter 7 bankruptcy. A Chapter 7 bankruptcy can give you the financial and emotional fresh start you need to change your spending habits.
Lying about purchases is another sign you might be dealing with a spending addiction. A spending problem can leave you with bad breath. A spending problem can also affect your relationships. Compulsive spenders will often hide their purchases or hide them in closets. They also keep a secret stash of items in their homes.
Emotional spending may also cause you to feel guilty after making purchases. Even the guilt may not be enough to stop a compulsive spender from making purchases. As a result, a spending cycle becomes entrenched. If you are struggling with this, contact a professional or a support group. There are many healthy coping mechanisms available.