Compulsive spending is stated to be a behavioral disorder which is often accompanied by psychological depression and anxiety. The individual may not stop until the last penny in the wallet is shelled out or the credit card limit is reached. Of course, it is an extreme case we are referring here.
You may observe the initial symptoms within you on many occasions. The first step to get a solution is to accept that you are a spendthrift and your finance has become unmanageable. The next step is to have the willingness to getting a solution.
Spendthrift Symptoms
Compulsive shopping, always eating out, frequent borrowing, piling credit card debts, and selling of belongings to facilitate spending are some of the symptoms of being a spendthrift. The equation of Income – (Saving+essential expenses) = Money for spending is something which your subconscious may refuse to accept. For you, saving is always for the next month, next quarter, or next year.
Stop Being a Spendthrift –Learn Positive Procrastination
Psychology experts opine that it is not possible to stop a bad habit. You can only replace it with a good one. It has to be done one day at a time.
- Essential Expenses: Rent, utility bills, groceries and household essentials, fuel, tuition-fees, average emergency expenses, and EMI for debts etc are essential expenses. Make a list and calculate the net value. Keep that money aside. Pay the bills as soon as you get your pay-check.
- Savings Account: Open a saving account in the nearest bank and transfer a part of your income into it every month. Transactions for this account should be preferably from check-books and not debit cards.
- Stock Inventory: Take an inventory of the garments, shoes, jewelry, fashion products, appliances, gadgets, and other luxury items you have. Convince yourself that they are sufficient to run your life for today.
- Home Food: Start preparing and eating food at home. It is hygienic, healthy, and economical. If you are bored of eating the same foods, change the recipe. Motivate yourself to cook and bake at home every day.
- Postpone Spending: Earlier you used to postpone saving for the next month. Today you postpone unwanted spending to tomorrow. Try to calm your mind to be satisfied with what you have today.
Spendthrift –Compulsion Reduction Formula
An average (normal) person will never be able to understand the compulsive mind of a spendthrift. So, you have to find another ex-spend thrift who has been following the Money for spending formula. She can share her experience with you and what she did to overcome the compulsive syndrome.
Impulsive Thoughts: Visuals of things you buy and reasons you spend money can be tempting. They create impulsive thoughts you can’t refuse. Avoid all the places which trigger the reckless spending thoughts. Stop meeting and talking to your spendthrift friends.
Full Stomach: Have healthy breakfast and lunch that are filling. Always carry a box of fruits and candy with you. A full stomach keeps your mind relatively free from anxiety and stress. It can reduce the compulsive Spendthrift-Triggering points considerably.
Increase Working-Time: Take a part-time job or cultivate a hobby. It should (must if you are a chronic spendthrift) keep you busy at home until it is time to eat and sleep.