Shopaholic? 3 Ways to Curb Your Spending

Like many women, I love to be unique. One of the ways I do this is with what I wear, how I decorate my house, and gifts I give. The upside is I am expressing myself. The downside is these things can cost a lot of money. I’m not a bonafide shopaholic, but I love to buy things, so here are some ways to curb spending if you just have to have that treasure that so defines YOU!

1. Go shopping without your wallet. “Individuals will get some kind of high from an addictive behavior like shopping,” says Ruth Engs, EdD, a professor of applied health science at Indiana University. “Meaning that endorphins and dopamine, naturally occurring opiate receptor sites in the brain, get switched on, and the person feels good, and if it feels good they are more likely to do it — it’s reinforced.”

So, if you enjoy shopping and it makes you feel good, then go ahead and do it – but leave your wallet at home. If you find something you like, most stores will allow you to place it on hold for a certain amount of time, usually 24-72 hours. Chances are, you will realize you don’t want or need it after all. But if you do, first make sure it’s in your budget, then pay cash for it. You must pay cash! When you use credit you always pay more if it’s not paid off right away.

2. Don’t turn your nose up at consignment stores, thrift stores, or flea markets. Items found here were often once sold retail, and you can find some pretty awesome things at cut-rate prices this way. For example, I bought a pair of Waterford crystal champagne glasses in mint condition at a local antique store. I only paid $25.

3. Focus on what you already have. You might think you need a new (insert what you want here), only to discover you have one that has been tucked away in the clutter closet (don’t worry, we all have one) for all these years. Go through your old things. What is old always becomes new again. You might find home decor items, clothing, or gifts you never opened. These can all be used in new and fun ways. Get creative and open up those old drawers and storage bins. You just might find exactly what you are looking for. And this is free!

Holly Morphew, AFC® is personal finance expert, coach, writer, and speaker based in Denver, CO. She is the CEO + Founder of Financial Impact, a specialized financial coaching practice that helps career-driven entrepreneurs and professionals create personal wealth and financial independence. She is the author of Simple Wealth, a #1 best-seller in wealth management, personal transformation, real estate, and women & business. Holly began teaching personal finance in 2006 as a service project with Rotary International, and received the prestigious “Rotarian of the Year” award for her work in financial literacy. As an Accredited Financial Counselor® with the AFCPE, Holly has also been recognized for “Bridging the Gap” for outstanding work in private practice. Her philosophy, “abundance is our natural state” is the core of Financial Impact programs, which help clients bridge behavior and mindset to realize their potential. In addition to personal wealth building, Holly also helps clients start and scale businesses and create new streams of income.

Hi! I’m Holly, the founder of Financial Impact and an award-winning financial coach. I help career-driven leaders and entrepreneurs create wealth, take the stress out of managing money, and feel confident and powerful when it comes to their finances.

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