Overspending is a problem for many of us. But the cause of one person’s overspending might not be the same as another’s. In gaining control of your spending, it helps to know the psychology behind it.
Picture: Ludovic Bertron/Flickr
GOBankingRates explains there are some people who have an issue that goes beyond the occasional temptation. For some, compulsive shopping involves hiding purchases or lying to a partner, and it can lead to mountains of debt.
But maybe you don't have it that bad. Maybe you just want to cut back a little. Knowing the different types of mindsets that lead to overspending can still be useful. A few of them include:
- The Bargain Shopper: You buy stuff you don't need just for the high of a good deal.
- The Co-Dependent Shopper: Some shoppers enjoy buying gifts for others because they equate gifting with love, acceptance and approval.
- The Retail Therapy Shopper: Most of us are familiar with this one. You shop for comfort and to improve your mood.
These are just a few; check out the full article for more. And there are probably many other reasons for overspending beyond this list. But the point is that knowing the source of your habit can help you gain control of it.
5 Types of Spending Addicts: Which One Are You? [GOBankingRates]