Gain control over your spending habits—your bank account will thank you.
Thanks to online shopping and credit cards, every impulse purchase is just a single swipe or click away. When it’s this easy to shop, it’s no wonder many of us end up making impulse purchases we may later regret. In turn, these financial missteps (buying a dress you don’t need, or splurging on a phone you can’t afford) can lead not just to overspending, but also to feelings of shame. Considering how connected our shopping habits are with our emotions, financial therapy can help us take control of our impulse buying habits.
“Impulse shopping occurs because of a lack of mindfulness around the actual transaction of money,” explains Dr. Megan McCoy, a licensed Marriage and Family Therapist who is the secretary for the Financial Therapy Association. But by following some simple steps outlined below by Dr. McCoy and Bari Tessler, a financial therapist and founder of The Art of Money, you can become more aware of the reasons behind why you’re impulse shopping in the first place. By focusing on what’s motivating you to shop and learning easy strategies to curb your spending, you can set up a system that will make you (and your wallet) happier.