Presented by BetterHelp.
With the advent of the internet and websites like Amazon, shopping has gotten easier than ever before. In fact, many people have sworn off malls altogether and do all their shopping entirely online. When all you need to do is click a button to get what you need, it’s no wonder that more and more people are struggling to stop spending their money.
What many people may not realize is that compulsive spending can have lasting impacts on mental wellness. Poor spending habits can cause more problems than falling behind on bills, quickly becoming overwhelming to those experiencing this concern.
Here, we’ll discuss the association between spending habits and mental health and explore how to develop a greater sense of agency over your life.
Poor Spending Habits & Mental Health
Many people overbuy at some point in their lives, even if they’re usually very careful with their money. However, others consistently struggle to control their spending habits. Some of the consequences associated with poor spending habits like compulsive buying include:
- Stress: Legal and financial problems can create overwhelming amounts of stress for you and your family. You may spend beyond your financial capabilities and struggle to pay off overdue bills. The mounting stress may make the issue worse, leading you to spend more to try and cope with your stress.
- Interpersonal difficulties: Poor spending habits can lead to fights with your partner or anyone else you’re financially involved with. If you and your partner disagree about where your money should be going, it can be a source of tension in the relationship and create feelings of isolation and loneliness.
- Guilt and shame: Guilt and shame can be natural byproducts when you’re spending beyond your means and feel unable to control your behavior. You may frequently experience buyer’s remorse over your purchases, leading to a host of negative feelings.
- Low self-esteem: Not being able to control your spending habits can make you feel out of control of your own life, contributing to low levels of self-esteem. The insecurity associated with spending too much can cause you to view yourself in a negative light and lead you to tear yourself down instead of building yourself up.
One of the most difficult things about poor spending habits is that people often use shopping to cope with their feelings, making the issue even worse. Thus, it can be challenging to break free from the cycle of overbuying and overspending; however, it is not impossible.
Choosing Healthier Spending Habits
Even habits that are deeply ingrained can be overcome with the right tools and support. The following are some strategies that may be helpful when trying to overcome poor spending habits:
- Build a budget: Creating a budget can help you see how much you have to spend each day, week, or month. Knowing that you won’t be able to pay your bills if you go above that amount may help motivate you to spend within your means.
- Identify your triggers: It’s crucial to figure out what commonly causes you to overspend. Do you tend to shop when you’re feeling sad or stressed out? Is loneliness the root of your habits? Identifying what leads you to make poor spending choices can be key to stopping the behavior, as you can find other, healthier outlets to alleviate your distressing feelings.
- Seek professional support: Often, unidentified negative emotions are the driving force behind poor spending habits. Talking to a professional, such as a therapist, about your habits can help you get to the root of the issue and find healthier ways to cope with your feelings. A therapist can hold you accountable to your goals and equip you with strategies to change your relationship with money.
- Buy only what you need: Create a list of essentials that you and your family can’t live without and stick to that list when you go shopping. Remind yourself that you don’t need anything else to survive other than what’s on that list. Make the list before heading to the store or online so that you’re not tempted to add to it.
- Pay with cash: Credit card debt can quickly add up since you’re not handing over physical amounts of money. Instead of using credit cards, consider switching to cash. Having to hand over your well-earned money may cause you to hesitate before buying something that you don’t really need.
Some of these strategies may be more effective for you than others, making it essential to find what works for you and stick to it.
Forging A Healthy Relationship With Money
Although your situation may feel discouraging, it is not hopeless. Finding the motivation to change your circumstances and the courage to reach out for help can be pivotal in changing the relationship you have with money. It’s important to treat yourself with compassion and remain patient throughout the healing process, as self-blame may only delay your recovery. Remember that you are not alone, and support is available to those who ask for it.
