Overspending is a problem that continues to plague many consumers. Compulsive shopping and impulse buys can hold your finances back, and cause you problems in the long run. So, if you have this problem, how do you stop?
According to Fox Business, one of the best things you can do is be aware of the common triggers of overspending. Here are 4 reasons you might be overspending:
- Boredom: Sometimes, shopping is just a distraction. If you are bored, shopping can be one way to break up the monotony and add a little excitement. You have the anticipation of adding new things to your household, but also the fun that comes with the process of shopping.
- Lack of control: According to Fox Business, feelings that you don’t have control over your life can lead to compulsive shopping and overspending. When you spend money, you feel as though you are in charge and making the decisions.
- Family history: What seems “normal” to you? In some cases, your tendency to shop is rooted in what has happened in the past. In some cases, if your family shopped frequently in times of distress, that habit can pass on to you. Another way that family history can impact you, says Fox Business, is if you felt deprived as a child. You might try to make up for it through shopping.
- Insecurity: Finally, the article cites insecurity as a trigger for overspending. If you aren’t secure in yourself, you might be tempted to buy things for status. You might try to “keep up with the Joneses” in order to feel “normal” and good about yourself.
Recognize these triggers, and you can take the first steps toward overcoming your tendency to overspend.