Numerous stories have circulated on how many lottery winners have lost their windfall - If you have never had the abundant wealth to spend you may not know if you are a shopaholic or compulsive spender -
This information may prove to be valuable post RV to insure and safeguard your wealth from this possible hidden addiction -- Comments will be open for this article and will be available for viewing upon approval
Are You a Shopaholic? Six Steps to Curb Compulsive Spending By J.D. Roth
I had dinner with my friend Sue the other night. Over pasta and clams, we talked about life and money. She told me about her brother. “He’s a compulsive spender,” said Sue. “He spends money even when he doesn’t have any.” “What do you mean?” I asked.
“Well,” she said, “for one thing, he spends his money before he gets it. For example, when he was still working with Big Computer Company, Inc., somebody told him he was going to get a raise. But instead of waiting for the raise, he started spending as if he already had the money. He never got the raise.”
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I nodded. I’ve done that myself in the past. “And now that he’s on his own,” Sue continued, “he does the same thing. He’ll get a consulting job that promises to pay big bucks, so he’ll buy a new laptop or go on a trip.
Sometimes these jobs fall through, though, and he’s spent money he never received. It’s dumb.” I could tell she was frustrated. “But the dumbest thing he’s done is cashing out his retirement when he quit Big Computer Company, Inc.
He did use that money to pay off debt. That was good. But that debt has slowly and surely reappeared. He owes just as much as he used to, but now he doesn’t have anything saved for retirement.” She shook her head and ate another clam.
“He’s a compulsive spender,” she said. “If he was a woman, I’d call him a shopaholic.”
I knew exactly what she meant. I used to be a compulsive spender, too. For years, I was addicted to shopping. I got a rush out of buying new stuff. I especially liked buying new books and movies, but really I didn’t care what I bought — it was the act of buying itself that made me feel good.
Sometimes on the drive home from work, I’d stop at a department store just so I could buy something: candles, magazines, small pieces of furniture, whatever. I could rationalize any purchase.
What is compulsive spending?
According to the Illinois Institute for Addiction Recovery, four or more of the following money habits indicates a problem with shopping or spending:
Those who have never suffered from compulsive spending cannot understand the problem.
They don’t know what it’s like to see something and feel the urge to buy it now. They don’t know the rush from shopping, and the subsequent nausea from the guilt of having spent more money they do not have. At the height of my spending, I had a love-hate relationship with my credit cards. I knew that what I was doing was destroying my life, but I felt powerless to stop.
The only thing that gave me comfort was buying new Stuff. (The very Stuff that I’ve spent the last three months purging from our house, by the way.)
Coping with compulsive spending
Based on my own experience — and based on conversations I’ve had with others — here are six steps you can take now to put a stop to compulsive spending:
For more information on coping with compulsive spending, explore the following web sites: