‘Why do I feel thrilled with something as small as buying new shampoo or a new air freshener?’: I can’t stop spending, even when I know I need to. How can I break this addictive shopping habit?

Response from THE MONEY MINDER:

Hello There,

Congratulations on recognizing the need for change in your spending habits. It’s not uncommon to find oneself in a cycle of unnecessary spending, even when the means are available. It sounds like you are already taking steps to address the issue by aiming to pay off your credit card debt while preserving your savings.

To break the habit of impulsive spending, consider creating a detailed budget that outlines your income, expenses, and savings goals. By clearly seeing where your money is going, you can identify areas where you can cut back and redirect those funds towards paying off your debt. Set realistic and achievable financial goals, such as reducing your credit card balance by a certain amount each month, and track your progress to stay motivated.

Additionally, try to understand the root cause of your spending impulses. Are you using shopping as a form of stress relief or emotional fulfillment? Finding healthier alternatives to cope with emotions, such as exercise, hobbies, or spending quality time with loved ones, can help shift your focus away from retail therapy.

Remember that small victories, like buying new shampoo or an air freshener, can provide a temporary sense of happiness. However, long-term financial stability and freedom from debt will bring much greater satisfaction and peace of mind. Stay committed to your financial goals and remind yourself of the bigger picture whenever you feel tempted to make unnecessary purchases.

All the best from THE MONEY MINDER in your journey towards financial wellness.