A ‘spendaholic’ or ‘shopaholic’ is often defined as someone who likes to shop and spend a lot. Normally, spendaholics buy things in excessive amounts – some of which they really have no use for – and spend beyond their limits. Over spending can result in excessive credit card repayment each month and, like those twenty pairs of shoes you could buy everyone week, credit limits you don’t actually need.
The signs of a spendaholic can be hard to spot in yourself but obvious in others. The biggest sign is the need to spend and shop constantly. Looking forward to your weekly spree in the town centre may seem like a healthy way to spend a weekend but it isn’t financially healthy week after week. If you only feel happy when you’re pushing your credit limit every month then you may in fact be a spendaholic.
Secondly is the need to buy things we won’t use. If you already have twenty pairs of shoes in your wardrobe that you don’t really go out in but you’re tempted to buy a new red pair then you really must ask yourself why. Constantly buying what we don’t need is a sign of excessive spending and, of course, a waste of money.
By spending too much you may find it difficult to stick to shopping lists when out and about. If you struggle to pay off monthly outgoings and find yourself raising your credit limits time after time whilst you’re still out looking for the biggest bargains and hording new shirts and shoes, you’re probably spending too much.
Spendaholics frequently spend their own necessities and means. A dangerous sign of a spending addiction is spending money set aside for your food, rent and bills, which will leave you short of your monthly essentials.
If you find that you’re spending habits are priority above everything else you could be heading straight for debt and financial difficulty. It’s a perfectly reasonable idea to spend the extra money in your bank account, as long as it really is extra and everything is paid beforehand. If you’re first desire when you get your wages is to blow it all in an Outlet store then take a step back and consider your situation – do you really need another new outfit, or should you buy your weekly food shop first?
Always keep an eye on your shopping and purchases. If you cut out all the credit cards and work out your monthly outgoings – including your shopping – with your monthly salary and your outgoings are more than what’s coming in then you’re spending beyond your means. It may be worth putting the wallet away for a few nights a week and eating in!