Financial Impact with Holly Morphew, AFC® Financial Coach

Financial Impact Logo

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!

author avatar
Holly Morphew AFC®, Award–winning financial coach, author, global speaker, and multi-generational entrepreneur
Holly’s own journey to eliminating $67k in debt in her twenties, reaching financial independence in her thirties, and creating 11 streams of income are what inspire her to help others live their wealthy life.
Scroll to Top