Enjoying the occasional shopping trip is not unusual by any means, but one too many shopping sprees can mean financial ruin and emotional distress. If you love to shop, learn to know when to give it a rest to maintain your financial health. If you use shopping to comfort yourself emotionally, you should take a… Continue reading Kick Your Bad Shopping Habits
Category: Money Behaviors
Seven Deadly Spending Traps
Carole Moore at Bankrate.com lists seven shopping traps to be avoided: 1.) Shopping as a hobby or a sport. 2.) Shopping sites on the internet – after all, it’s called “the net” or “the web” for a reason. 3.) Having to own the latest technology – skip an update or two. 4.) Mistaking shortcuts for… Continue reading Seven Deadly Spending Traps
Money Can’t Buy Happiness
With a shopping addiction comes an idea that each purchase will improve one’s happiness, creating an artificial “high” that an addict thinks will last. This is not the case, and although happiness spikes before a purchase it ultimately returns to a baseline level afterward. People known as “high-materialist” consumers have (often unreasonably) high expectations about… Continue reading Money Can’t Buy Happiness
Don’t Let Entertainment Bust Your Budget
It is recommended by financial planners to allocate around five percent of your income for an entertainment budget. Unfortunately for your budgeting, the entertainment industry would like you to spend much more than that. Movies, video games, casinos, and dining can all eat away at your budget very quickly. Saving money can be as simple… Continue reading Don’t Let Entertainment Bust Your Budget
Common Items Women Buy But Just Don’t Wear
If you’re looking at your shopping habits and wondering where to start reining in your spending, take a moment to consider how many things women buy but never wear. It’s possible that you can relate to some of these situations! For example, if you buy something just because it’s on a really great sale but… Continue reading Common Items Women Buy But Just Don’t Wear
Shopping Addiction and Trains: Brakeman Choo-Chooses a New Route
A few weeks ago, I was a guest on the Diane Rehm show about shopping addiction, along with a 25 year veteran of Debtors Anonymous and the President of the Financial Therapy Association. I figured we’d be reaching a typical audience of female compulsive buyers that were overspending on clothing, shoes, jewelry, accessories, and personal services and… Continue reading Shopping Addiction and Trains: Brakeman Choo-Chooses a New Route
The Saver’s Credit Can Lower Your Taxes
Tax season is on the horizon, and it’s always good to look for more ways to save on your taxes. The Saver’s Credit, also known as the Retirement Savings Contributions Credit, is one way to help low- and moderate-income workers start putting money aside towards retirement. This credit helps reduce or offset the first $2,000… Continue reading The Saver’s Credit Can Lower Your Taxes
How to Eliminate Holiday Debt Quickly
Now that the holidays are over, the financial debt that follows may be leaving a sour taste in your mouth, but with a few quick steps you can wipe out this debt before it gets out of hand. First, you have to face it head on and assess the damage. Figure out how much you… Continue reading How to Eliminate Holiday Debt Quickly
Handling a Shopping Addiction During the Holidays
Even if the holidays are coming to a close, the season of shopping and spending continues. For serious shopaholics who are looking forward to the end of this time and mindset, this can mean serious trouble. But a shopping addiction is nothing to be laughed at and can have a very real impact on finances… Continue reading Handling a Shopping Addiction During the Holidays
Compulsive Spending Blends in During Holiday Shopping
It’s no surprise that around the holidays, it is easy to overindulge. We make excuses for eating, drinking, and of course spending too much in the name of the holidays. But for compulsive spenders, this mindset can be incredibly damaging. When everyone is buying more than usual, compulsive shoppers blend in even more and hide… Continue reading Compulsive Spending Blends in During Holiday Shopping