It seems like there is tremendous wealth all over the world doesn’t there? We are hit with TV shows highlighting millionaires and all their toys; rich “Housewives” of whatever major city, and HGTV with their international home buyers. These shows become the standard – it seems everyone has wealth and toys everywhere so why shouldn’t we? This perception of great wealth and materialism can attack our self-esteem when we aren’t those people. There is a lot of pressure to feel included – to keep up with the Joneses so we too feel, and look like, we’re successful in the world.
In addition, buying has evolved from a necessity to a national past time in North America. We are surrounded by store signs, commercials, flyers, catalogs, online advertising – you name it. We are a materialistic society – where people are often judged by their appearance and what they own. It’s hard to fight it and some embrace it to a point of self destruction. Are you one of those people?
If you purchase on a regular basis – everyday, in response to negative experiences, or in response to positive experiences – you may be seeking way too much ‘retail therapy’. The purchases could be for yourself, friends or family – any excuse works.
Look for these warning signs:
1. Clothing hangs in a closet with the labels still on.
2. Purchases are a thrill but quickly lose appeal.
3. You shop to avoid a major decision or action required.
4. You feel a bit low and need to boost your spirits.
5. You hide your purchases or bills to avoid confrontation.
There is a tipping point between shopping occasionally with friends, versus shopping as a regular reaction to emotions. There is no black and white score card, but when shopping becomes a compulsion like alcoholism or gambling, it’s time to get it in check.
In Part 2, we’ll examine why people are driven to shopaholism.
Carrie Rattle is the CEO and Founder at BehavioralCents. She is an executive veteran of the financial services industry and works with professional women on their mind and money behaviors to help them build an equal voice in the world. Thoughts always welcome: carrierattle@behavioralcents.com.
Carrie Rattle is a Principal at BehavioralCents.com, a website for women focused on mind and money behaviors. She has worked in the financial services industry for 20+ years and hopes to inspire women to better prepare themselves for financial independence.