Impulse buying: Why some people can't stop shopping and how not to overspend
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Impulse buying: Why some people tin can't finish shopping and how not to overspend
There'southward no harm in a little splurge every now then only can you spot the warning signs? CNA Lifestyle asks the experts and offers tips on how to be a wiser shopper. In partnership with UOB.
Are yous addicted to shopping? (Photo: Pexels/Gustavo Fring)
04 Jun 2022 06:30AM (Updated: 10 Aug 2022 07:22AM)
Raise your hands if any of these suspiciously audio like the internal monologues you take when y'all're out shopping.
"The pink lipstick is less orangish than the other 20 pink lippies I have at home."
"I work then hard, I totally deserve this (thing that I never even knew existed until 5 minutes ago."
"I just need to find i more Southward$5 cropped tee to qualify for the S$200 free delivery – fifty-fifty though there is zilch else I need or want. I volition be saving so much money on shipping!"
If yous notice yourself nodding in agreement, it might be time to take a footling step back before you lot whip out your wallet or click "buy".
Rationalisations like these are a warning sign that y'all could be starting to overspend, which in turn might lead to a strain on your personal financial goals if left unchecked.
READ: Ladies, here's how to manage personal finances at dissimilar stages of your life
"An impulse towards overbuying is a form of medicating ourselves to escape our busy minds," explained Dr Perpetua Neo, a psychologist and leadership autobus.
"Most commonly, it'southward the drive to escape whatever distress ane is going through, like a level of background stress like overwork, burn-out and poor sleep, which in Singapore may not quite count as 'stress' or even 'distress'. Buying is a momentary salvage for our heads, and that adrenaline rush feels oh-so-wonderful."
An impulse towards overbuying is a form of medicating ourselves to escape our decorated minds.
Merely over time, this coping behaviour has the potential to escalate.
"Quite frequently, small-ticket overshopping can be the metaphorical gateway drug towards bigger items, because you learn to become more comfortable with spending and with a bigger total amount," added Dr Neo.
So, with time, it's not impossible for that S$2 Daiso spree to escalate to Gucci sneakers and Chanel handbags to go that hitting of exhilaration as you lot walk out of the shop with a shiny new buy in hand.
Due east-commerce and shopping apps add to the temptation since you lot really do not have to attempt very difficult to spend your moolah.
"Online shopping allows for immediate gratification considering we exercise not demand to leave our home but it too means the bicycle of gratification is shorter and as a upshot nosotros feel the demand to buy again soon," said Andrea Kennedy, a finance behaviour specialist and founder of Wiser Wealth.
To catch consumers' attending, many e-tailers also offer up a slew of promotions that tin feel hard to resist.
"Deals and coupons make you lot spend money but are framed to prime your mind to believe you lot're saving money. In a time when we are told to be more prudent or austere, the idea that we're saving whilst spending can make united states experience darned skilful about ourselves," said Dr Neo.
And when you receive an alarm for online flash deals with countdown timers or notices that only a few items are left in stock, be aware that these can trigger a sense of urgency.
"In Singapore where we are already hardwired with kiasu and kiasi mentalities, these are a Molotov cocktail that may implode in your face and bank balance," she added.
Deals and coupons make you spend money merely are framed to prime your listen to believe you're saving coin.
To get a sense of how dependent you are on shopping for the feel practiced vibes, have annotation of how you lot experience after that initial dopamine blitz fades away.
Sue Anne Han, principal consultant psychologist at Adelphi Psych Medicine Clinic, said: "While shopping can offer a brief boost of positive emotion, such behaviors are often and then quickly followed by shame, guilt and regret. And to manage the feelings of shame and disappointment, they get into another reinforcing cycle to cope with the feelings – so y'all feel good, then y'all feel bad, and then yous spend more to feel good again."
Those feelings of guilt may even crusade some individuals to lie about how much they spend on shopping and buying or resort to great lengths to conceal their purchases from their family and friends.
"We often refer – quite frivolously – to this emotional spending every bit 'retail therapy'. The proper noun is misleading, as it implies the act will meliorate mental health – the opposite is far more likely," said Han. If an private feels that the situation is spiralling out of control, it is important, she said, to seek therapy to assist manage the deeper emotions that may be at the root of such behaviour and larn salubrious coping tools.
In the worst case scenario, some people may even get into debt or experience financial problems caused past excessive shopping. "It is dangerous when your spending is completely out of whack with your income or asset base of operations and you lose the ability to save or go into debt for consumption," said Kennedy.
We ofttimes refer – quite frivolously – to this emotional spending as 'retail therapy'. The name is misleading, as it implies the deed volition improve mental health – the contrary is far more likely.
Of course, in that location is nothing wrong with appreciating the finer things in life. As Dr Neo said, "If you are an adult in command of your money, by all means, spend away."
"Shopping is an action that everyone engages in, so to some extent, it can be difficult to tell when shopping has crossed the line. Many people dearest to shop and even spend more than they should, simply these traits don't make them addicts," explained Han.
Still, there'south no dubiety every one of us loves the satisfaction of being a smart shopper. So, here are five hacks to aid you steer clear of overspending so you can enjoy the pleasance of shopping sans the guilt.
PAUSE Earlier Yous Buy
Take three deep breaths to do a "brain reset" before you ring up your purchases, recommended Dr Neo. Requite yourself some time to logically evaluate if you need what is in your shopping cart – digital or otherwise. And most of all, do not shop when you feel stressed, broken-hearted or down. She said, "What you lot buy when you are in a good identify is very different from when y'all are in a bad or meh place."
COMMIT TO A FINANCIAL PLAN
To genuinely alter your spending habits, you lot volition need to make a commitment, said Kennedy. For example, "pay yourself" by transferring a fixed corporeality to a separate bank account every month earlier allocating what is left equally your "spending money".
While it may seem tough to have an austerity budget, retrieve that this is not permanent as your fiscal habits and bandwidth volition change with time, brash Dr Neo. And here's something to expect forward to: "Allow yourself some rewards from time to time so you won't have bouts of explosive overspending," she said.
Proceed AN EYE ON CREDIT Carte USAGE
"Have a divide debit card with simply a fixed amount of coin in the debit carte for spending so you tin't impulse buy. Or go rid of multiple credit cards," said Han.
Kennedy agreed, saying at that place may be perks from consolidating your spending on one type of card. "If the carte gives you points and allows you to buy what would otherwise exist a big ticket item such as flights for free, strategically using a card this way tin can pay off," she said.
For instance, every quarter, the UOB Lady's Menu allows cardmembers to select up to 2 preferred spend categories such as fashion, travel, dining or transport from which they earn 10 times the reward points. This allows the cardholder to maximise her points aggregating depending on how she spends her money.
Accept AN ACCOUNTABILITY BUDDY
Shop simply with friends or relatives who exercise not compulsively spend so that they tin assistance yous to adjourn your spending, said Han.
It is likewise worthwhile to spend time with a network of friends who prefer to focus on saving and investing, said Kennedy, so that their habits also rub off on y'all.
PICK UP OTHER HOBBIES
If shopping is becoming such a preoccupation that it is leading you to fail other aspects of life, discover ways to keep yourself decorated. "Find alternative ways to savour your leisure time such as exercising, making social connections or learning something new," said Han.
For more great ideas for you lot and your money, visit www.uob.com.sg/ladys.
READ: Starting a concern with mum? This Singaporean learned valuable life lessons
Source: https://cnalifestyle.channelnewsasia.com/women/shopping-impulse-buying-how-to-stop-overspending-248691
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