As A Millennial Beat Your Shopping Addiction To Deal With Debt

When you buy something just for the sake of it, without any need for it and even go overboard to use your credit card for it, you can say that you are suffering from shopping addiction. There are several reasons to become an addicted and impulsive shopper. One of the most significant is your childhood habits. You may have been very lucky in your childhood to have all the things that you wanted. Be it an expensive mobile phone or your laptop, an expensive watch to a pair of designers shoes, everything was provided to you by your parents just at the mention of it, or even with at times.

Use Of Credit Card
Such continuous provision has made you into an addict not knowing the value or importance of any item. You even use your credit card to get the item which you will not even use often. This is the time when you own things bought with someone else’s money, and for such ‘help, lenders charge interest. Such rate is very high and also very dangerous once it starts to show its effect. It may not be possible to keep track of all the expenses made on your multiple cards and make the payments within the interest-free period, and hence debt starts to build up. You start to take desperate measures, borrow more money at higher interest, & take consolidated loans to pay off your debt.

As A Millennial Beat Your Shopping Addiction To Deal With Debt

Just Stop Buying
Well, this is easier said than done for any shopping addict. What you can do, if you cannot entirely stop buying, is to restrict yourself into ‘cash only’ buying. This will limit your scope of expense, and you will end up buying things that you only require. You will make reasonable and realistic purchases only. You will learn to say no to unnecessary expense like eating out lunch with friends. It will be a bit difficult and embarrass in the beginning, but when you see your debt shrinking, you will not regret your decision.

Create A Budget
There are many spreadsheets available on the internet which will help you make a proper and planned budget for your household which will be easy to follow as well. Tracking your income and expense will be easy so that you can identify the areas of extravagance and take proper control of your finance. A proper budget will not only help you to stick to needs and not wants, but it will also help you to save some money, which you can use to satisfy your shopping desire may be once in a month.

Maintain A Record
When you maintain a record of all your expenses along with the receipts of each, you can see whether or not there is any fun indulgence in your buying. Another and probably the most significant way to get out of debt and also control your shopping spree is to keep half of your income aside for paying off the debt. This will not only reduce your debt fast but will also limit your resources to spend. Click here to learn more.

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