By: Masho Maz
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 of the year award.
Let’s start with 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 categorised 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
3 ways to cut the shopaholic in you
*Identify your shopping trigger: Self-awareness is paramount to curbing excessive spending habits. Try to avoid or minimise the factors that cause you to spend
*Budget: If you fail to plan. You plan to fail. Simple. There are many mobile applications that can make this task easier.
*Avoid impulse purchases: Don’t allow yourself to fall victim and purchase under the influence of adrenaline induced by the melodic feel-good music played in the store. If in doubt regarding a purchase wait 3 days and see if you still want need the purchase
3 ways to develop good saving habits
*Direct debits: Automated transfers will deduct regular instructed amounts from your bank account before you have the opportunity to “swipe the mall away”
*Join a savings plan: Set a saving target and an appropriate attainable schedule for you to regularly put aside money so as to create a habit and discipline of saving. Be sure to reward yourself at the end .
*Consult an expert: Many avenues exist such as banks, other savings organisations and sheVestor Africa that can offer you advise and savings opportunities
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