Spending issues can affect your financial future and may lead to serious financial problems such as debt, foreclosure, poor credit, and even marital issues.
The Five Signs of a Spending Problem
There are signs indicating that you have a real spending problem and you should take swift steps to address it:
Hiding Purchases from Others
If you are hiding your purchases from others, especially your partner, this is a big red flag that there’s a real spending problem. You could be hiding purchases from your spouse if you’re married, from roommates if you’re single, or even from your friends. You should recognize that this is a serious indicator of a spending problem and you need to take steps to address it.
Seeking “Retail Therapy”
Like any other addiction, some people feel a “high” after shopping or buying things, even if they don’t really need them. If you find yourself craving a shopping experience especially after a bad day, or counting down the minutes or hours until you can shop again, you might have a spending problem. You don’t have to spend a lot of money on high-value items to have a spending problem. You can have a spending problem whether you’re buying goods from high-end brands or regular brands.
Maxing Out Credit Cards
If you have multiple credit cards and they are always maxed out, or if you keep maxing out after making a payment each month, you may have a spending problem. You might also have a problem if you are constantly juggling between cards trying to figure out which one has enough credit left so you can spend more. Continuing to spend even when you don’t have enough money to do so is another sign of a spending problem. Denying how much debt you have or how much money you are actually spending on things you don’t need each month is another sign.
Losing Track of What You Own
If you have difficulty remembering what you actually own, you might have a spending problem. You may find yourself running out of space at home due to having so many extra boxes stored in every closet, or you may have an extra room dedicated just to the things you have bought recently. This is a big sign that you have a spending problem. Take stock of what you own. If you start to see many duplicates, like three toasters or five similar white shirts, you may have a spending problem and should look for professional help.
Buying Just to Buy
Do you go to the store and start wandering around, randomly putting items in your shopping cart? Do you fill your online shopping cart even if you don’t need anything new? Is it less about what you buy and more about the simple act of buying something? If so, you might have a spending problem. People who buy things just to buy, or those who purchase in bulk for their family and friends for holidays and special occasions, may have a spending problem.
When to Seek Help
If you recognize any of these signs in your spending, you might have a spending problem and should seek professional help before it’s too late and your finances are at risk. Remember that spending problems can lead to serious financial issues such as debt, foreclosure, relationship problems, and more. Additionally, you might be dealing with other financial issues such as getting out of debt separately.
Resources
To Deal with Shopping Addiction
There are many resources you can take advantage of to deal with shopping addiction, including therapy or counseling, or joining a self-help support group such as “Debtors Anonymous” or “Spenders Anonymous.”
Article updated by Rachel Morgan Cottero.
Source: https://www.thebalancemoney.com/signs-you-have-spending-issues-2385517
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