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Harris-Courage & Grady, PLLC Dec. 3, 2015

Are You a Compulsive Spender? Watch for these warning signs.

If you are a compulsive spender, you feel like you must buy things, even if you don’t really want or need them.

Ask yourself if any of these warning signs of compulsive spending describe you:

  1. You spend all your money as soon as you have it.

  2. You use credit cards to buy things when you don’t have cash.

  3. You go shopping when you feel emotional, stressed, or upset.

  4. You feel like you cannot stop spending.

  5. Your spending habits cause problems in your life.

If even one of the sentences above describes you, you may have an issue with compulsive spending.

The good news is, you can overcome these compulsive spending tendencies.

Try these tips:

  1. Write a contract with yourself to stop spending. Make it official and sign it. Put it in a place where you will see it and remember your promise to yourself.

  2. Take the credit cards out of your wallet. You can freeze them in a block of ice, shred them, or just put them in an inconvenient place. The important thing is to make it very difficult for yourself to overspend. Be sure to clear the saved credit cards on your computer as well!

  3. Use cash for all expenses. Create a budget with a daily spending limit, and when you’re out of cash, do not buy anything else until the next day.

  4. Write down everything you buy. Keep a notebook and write down everything you buy and how much you spent. Even small purchases add up. When you see how much you are spending and what you are spending it on, it will help motivate you to change your habits.

  5. Go through the items you already own. If you don’t like them or use them, return them (within reason) or sell them.

  6. Think about your money habits. Try to understand why you feel compelled to spend. In what situations are you most likely to overspend? When you understand your own personal reasons for spending, you can take action to overcome them.

  7. Accept that money doesn’t buy happiness. Take an honest look at your life. How would your life change if you had no debts and used your money wisely? Write it down.

Bankruptcy can get rid of your debts and give you a fresh financial start. However, it won’t really help you if you get rid of old debts only to jump right into new ones. If you need support to get out of debt and change your financial habits, call our office.

We are here to help you on your path to financial freedom.