Money will grow without that bubble tea
This is my second week looking in depth at the question of how to save money. The economy has not yet fully recovered and will most likely take some time until the condition is fully restored. It's also helpful to know and practice saving money now, rather than become an adult and have a job without a good idea how to manage your money well. One question I want to focus this week is how to control your spending. Maybe it only applies to me… but sometimes I have a hard time keeping my money to myself, no matter how much. When I have some money in my hand, my first instinct is to go out and buy something, anything. Most of the time it's something useless, like a ice cream, or bubble tea, or any other things that I'd be better off without.
Oniomania is the term used for the compulsive desire to shop. "Onio" in Greek means "for sale", and "mania" means "insanity". Hmm, definitely not a pleasant meaning. (coughs) But anyways, here are a few suggestions on how to accumulate your money by controlling your spending habit.
One thing that I newly found out while researching about this question is that bad spending can bring about a cycle that seems to never end.
"Most impulsive spenders sabotage their own prosperity with the “I want it now” syndrome, which is characterized by spending beyond their incomes. This in turn leads to persistent fear, unremitting debt, and depression and feeds into a downward cycle of worry and low self-esteem…. the instant gratification of impulsive spending…deepening debts…more worry…more spending…"
This quote explains the spending cycle. Once the cycle is started, getting out of it can required a strong determination and strong will. Compulsive shoppers usually find themselves in lack of money, or moreover, in debt. The stress that is produced as a result of this situation is usually followed by some more spending.. Because they are worried and they need to "relieve their stress."
Also, if you consider yourself a high risk shopper, it's important to have the right mind set. Label yourself the right way.
"It's important not to label yourself. If you say something along the lines of "I'm a compulsive shopper" or "I'm a shopaholic" then you're actually giving yourself permission to continue with this habit. Which is bad news."
You can't keep on going around calling yourself, say, a shopaholic. This will make you only more inclined to spend more "because you're shopaholic." It shows how important it is to change your personal thoughts in order to actually carry out your wills.
These were some of the suggestions that I found helpful in curing oniomania. Even if you don't consider yourself an oniomaniac, you should still take a look at these since you never know your future and you just might turn into a big compulsive shopper as you grow older. Grow money well.