The 2009 movie “Confessions of a Shopaholic” portrayed a consumption obsessed female drowning in debt from her exorbitant spending on fashion and luxury goods. The movie plot takes an ironic twist when the she is employed by a financial magazine as a journalist to write in their advice section on matters relating to personal finance and savings. Once faced with this new job she is forced to take a hard look in the mirror at her spending patterns.
While the leading lady in this movie is an extreme definition of a shopaholic it is clear she wouldn’t win the #SheVestor lady of the year award.
Here are 3 signs to tell you are a shopaholic:
• Emotional spender: Your purchases are induced by your feelings (weather anger or happiness) and the majority of your purchases are categorized as ‘just because’
• Shopping makes you feel guilty: You experience buyer’s remorse but not compelled to return the items
• Price tags remain on your purchases for long periods: Peruse through your closet and if you find many items still have a price tag indicating you are yet to use them you may be an impulse buyer
Do you feel dragged by these signs? Then, it’s time to have that talk with yourself and face your issues head on. Go on a money date with your bank book, balance sheets and a journal. Do the necessary review and bounce back as a better manage of your cash life?
AUTHOR:
Masho Mukwena is a lecturer specializing in Investment management. With her highest qualification being an MSc in Finance.
