Are you one of the people who thrive on retail therapy? You feel depressed, you buy something online. You feel lonely, you head to the mall. You get the idea.
If “yes” is your answer, think of how to change your ways. Retail therapy isn’t really a therapy. It is almost a disorder or an addiction that costs a lot of money and time. It could lead to a personal financial crisis, if you let it take control of your money — yes like any other addiction. Because when you get into the pattern of buying things to make yourself feel better, all logic goes out of the window.
And from there, it is all downhill. Where do you do the line? Budget has no place, either. And the subsequent credit card statements are likely to get you even more stressed. So what can you do to avoid this cycle? Consider the following five tips.
Set an impulsive-shopping budget
As contradictory as this sounds, if you have clear guidelines to how much you can spend on your habit, you are more likely to find the strength to hit the brakes before you hit “buy.” Knowing the limit that you should not exceed every month to keep yourself within your budget also can help you make better decisions. Remember, if you are looking for something to buy to make yourself feel better, there is a wide spectrum of things and prices — will you go for a scented candle, a new tablet or a car? The more you can keep yourself at the lower end, the longer your budget will go.
Replace behaviour
If you quit smoking in the past or followed a strict diet, you probably know how behaviour replacement works. Find an alternative behaviour that helps you deal with your stress, boredom or whatever triggers your impulsive shopping. For example, you might find routine changes helpful. Instead of heading to the mall or setting by your computer surfing websites, channel your energy into something else. It could be social groups or volunteering or even movies and reading. Any of these options should be less costly and more rewarding.
You also should find more productive ways to deal with stress. Stress doesn’t go away when you buy something online, despite the instant gratification. Long-term stress can cause serious medical conditions that cost you even more money and grief. Exercise can be a good way to reduce stress, and it comes at a fixed, predictable cost of joining a gym or buying some DVDs. Just make sure that you’re committed to do it in the long run.
Track your expenses
Define impulsive purchases. Until you do so, many of your random collected items — from groceries to household items — might not be recognised as an impulsive purchase. For example, look at your receipts and see patterns of over shopping in grocery stores. Do you have to go through your refrigerators and kitchen cabinets often and throw away expired items? Now you know that your shopping habits need to get rechecked.
Tracking your expenses also could help you identify where you let your guard down. Is it typically in those after-work shopping sprees? Are you more likely to spend during weekends? Know these patterns should guide your efforts in pursuing alternative activities and behaviours.
Less exposure
Smokers who are trying to quit don’t hang out in smoking zones. Similarly, if you know that impulsive shopping is a weakness, avoid malls, unsubscribe from retailer email notifications and let your friends know that you’re trying to cut back.
By reducing your exposure to temptations, you more likely will be able to commit to a new lifestyle that doesn’t revolve around instant gratification from purchases. In addition, once you get to experience having more money available in your disposable income, you hopefully will see the benefit of self-restraint and can pursue more rewarding activities with this money — if you don’t decide to save it.
The writer, a former Gulf News Business Features Editor, is a Seattle-based editor.
Get your shopping under control
— Set a budget for impulsive purchases
— Know your triggers
— Find alternative activities and behaviours
— Know where your money is going
— Reduce temptations and exposure
—R. O.
