Simple Tricks to Control Your Inner Shopaholic

Shopaholism is an actual disease, people. Psychologists call it impulse driven buying. Everyone is susceptible to compulsive buying, but some are more prone than others. Buying a new pair of Jimmy Choos each week is indeed very satisfactory. But have you really thought about what that habit is doing to your budget and overall debt? Compulsive shopping is what leads most people to credit card debt and disastrous personal loan borrowing. The sooner you rein in your shopaholism, the less indebted you would be. Now, let’s look at simple and almost effortless methods you can try to control impulsive buying:

Delete Your Saved Credit Card Information off the Internet

One-click buying on Amazon or eBay? Disable it right now. If you have your credit card information saved online, then you can shop online with your eyes closed. Shopping sites cleverly make buying easy so you check things out without thinking twice. If you have to enter your credit card information each time to confirm a purchase, then you will have time to think whether you really need that new faux-jacket.

Stop Surfing Shopping Sites During Leisure Time

You may think you are “just browsing” when you visit shopping sites frequently. What you are really doing is making a shopping list in your head. Also, you are very likely to buy “something really cheap just this once” during one of these visits. Visiting shopping sites is like waving a heroin sachet in the face of an addict. The person will not be able to stop themselves from grabbing the sachet. If you want to cool down your shopping addiction, you need to stay away from the heroin, a.k.a. the shopping sites.

Disable SMS Alerts for Your Favorite Shopping Sites

Do you get several SMS alerts per day for “unbeatable prices” or “newly released” products on your smartphone? This is another tactic shopping sites try to lure in customers. Disable these if you want to control your impulses. Otherwise, you could end up clicking a link that takes you to a shopping site. Read the above point as to why this is bad.

Find an Alternative Hobby

If shopping is like a hobby for you to spend time, then you need to find another hobby. Find an activity to do that interests you without costing you like shopping does. Instead of shopping online for clothes, why not learn to make clothes, sew or crotchet? It will keep your mind preoccupied and away from shopping.

Shop with a List

In life, shopping is, of course, unavoidable. You will have to shop for groceries and other necessities on a monthly basis. It’s important to keep yourself from splurging on such occasions. It’s easy to go to the store to buy a bottle of milk and end up buying ten things that you did not originally intend to buy. You can prevent such unnecessary purchases by shopping with a list. Note down everything you need to buy on a piece of paper. When you are at the store, buy only the things on this piece of paper, and nothing more.

Addiction, even to shopping, is hard to shake off. It will take time and enormous effort on your part to stop being a shopaholic. In the meantime, try the above suggestions to help you get started.

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Horribly Wrong Ways to Spend Your Retirement Savings

So you spend decades working your butt off for a fat retirement savings account. Now you can retire in safety and comfort. Right? Let’s take a step back here. Unless you are a billionaire, your retirement fund will not last forever. Once you retire at the age of 60 or 65, you still have decades to live. Your final years will also incur hefty medical bills whether you like it or not. It’s easy to think that you can spend all you want in your sunset years and be all right. Not exactly. Some people do waste their hard-earned retirement savings and end up destitute. Don’t let this be you. Be aware of these simply awful ways some retirees end up wasting their lifelong savings:

Spending Your Final Years in Hotel Rooms across the Globe

You are retired! Yay, now you can spend your life cruising around the globe. Sure, but only if you can afford it. It’s typical for many retirees to go on extended vacations soon after retiring. However, these vacations can be quite costly. If you plan to go around the world in 80 days, it has to be budgeted for. You must calculate the cost of vacations and deduct that amount from your total savings. Now take the remaining amount and estimate whether it is enough to survive the next two decades on. Plan for one or two luxury vacations. It’s best to keep vacations in mind and save extra early on to avoid running out of money.

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Buying Cars, Boats or Other Vehicles

Once you have your hands on your retirement savings, do not go on a vehicle buying spree. Vehicles, in general, are terrible investments. If you buy a shiny new car today, the value of that car will go down in price year after year. You can never sell a used vehicle for more money that you initially bought it. So, buy a new car or a boat only if you really, really need it. Consider whether it’s better to rent a boat or another vehicle than buying it and keeping it in your garage.

Buying Everything the Shopping Channel Tells You To

If you are a retiree or a soon to be a retiree, avoid the shopping channel. Stop browsing shopping sites online “just casually” as well. Some shopping ventures are set up deliberately to target elderly retirees. Deals and discounts that you can’t refuse will be pushed onto you, and the next thing you know, you don’t have money to buy the basic necessities. Be very careful when you shop with your retirements savings. If possible, consult with a friend, a child or a confidante whether buying something expensive is really worth it.

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Deciding to Become a Late Blooming High-Risk Investor

The retirement years are not the time to be high-risk investors. You should ideally avoid investing in retirements. The reason is simple. If you lose money on a bad investment, you no longer have a source of income to pay for it.

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And the absolute worst way to spend your retirement savings is anytime before actually retiring. Do not spend a penny in your retirement savings fund until you have left working life for good. Save separately for emergency needs that might occur before you retire.

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