Stacy Johnson of MoneyTalks had a great phrase for describing over shopping: “When your purchases shift from impulsive to compulsive, you might be a shopping addict.” Psychologists often label it “compulsive buying disorder.” Like other impulse-control issues, such as binge eating or gambling, whatever you decide to call shopaholism, it can easily spiral out of control and cause serious financial as well as emotional distress. One way to curtail over spending is to make a list of what you need to buy and approximate costs. Leave your credit card behind and carry only this amount of cash.
Ask Stacy: How Can I Curb Emotional Shopping
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.