There are many different outlets for people to de-stress and for some shopping is their therapy. This is a habit that can get out of control especially if one is shopping on impulse. Credit Karma released the results of a recent survey in which 35% of people surveyed said they made at least one impulse purchase during the pandemic due to anxiety and stress.
Collen McCreary, chief people officer and financial advisor at Credit Karma, said that "Among those, nearly half said they are stress spending at least once a week, and 17% are making impulse buys daily." McCreary recommends a few tips for a healthier way to shop.
She says to create a separate account for spending. Create an account that you can spend on those "nice to have items" this way you can budget how much you spend. Not only should you be tracking how much you spend but you should also be aware of what triggers you to shop. Spending too much to boost your mood but can also affect your pocketbook which can cause more stress.
The "24-hour rule" can help you from making unnecessary purchases. If you wake up the next day still wanting to acquire that item, without overspending, then go make the purchase.
Delete those shopping applications! The easier it is to shop the easier it is to overspend. Saving your card information in those retail apps makes shopping painless which means you can spend more money without even realizing how much you have really spent.
Small items can still be just as fulfilling as those large purchases. Something like a mid-day coffee can increase your mood but limit your spending. You don't need to shop for those big items every time you want to increase your moods happiness.
Read the full article for yourself at WellandGood.com