In order to be able to comfortably live, understanding how to manage your money is vital. But unfortunately, many of us struggle with this idea and often wind up spending money we either don’t have or shouldn’t be spending.
Even if we know that we shouldn’t be doing it, it’s an inclination that many of us have. So why can’t we stop spending our money? There are a lot of reasons, but primarily the biggest is a lack of education when it comes to financial management.
If you’re someone who is struggling with this, you may find yourself in stressful and anxious situations that you don’t want to be in. In this article, we’ll take a look at why you’re spending this money and how you can overcome this compulsion to do so.
What Is It Called When You Can’t Stop Spending Money?
The truth is that when you are spending money and can’t stop, there are a lot of different things it can be called.
But typically, it is looked at as compulsive spending, and when diagnosed by a mental health professional, it could potentially be called compulsive buying disorder.
This is an ad many of us have to spend money that we just don’t have. That being said, just because you continually spend money doesn’t mean that you have this condition.
Sometimes overspending like this is due to a lack of education when it comes to financial literacy.
So before you begin thinking that you have some sort of addiction problem, make sure that you look at your relationship with money and understand money management.
What Causes Excessive Spending?
Several causes come to mind when thinking of compulsive or excessive spending. The first major cause, if it isn’t something tied to addiction, is a lack of understanding of their finances or what they have to spend.
For those that are dealing with an addiction problem when it comes to spending though many root causes could potentially be the reason behind your inability to stop spending your money. Here are a few of those:
- feeling emotionally deprived and childhood
- unable to deal with negative situations and feelings
- a need to fill a void with something
- Need for excitement
- looking for approval or to be perfect
- compulsive and impulsive
- a desire for control
How Can You Stop It From Happening?
The best thing to do when it comes to spending your money consistently when you know you shouldn’t be is to try to figure out ways to make it not happen. There are a couple of things you can do, and the very first thing you need to do is understand your budget.
That means tracking your spending and your income to ensure that you always have enough to meet your basic necessities.
After that, you can then start looking at the things in your life that trigger these spending habits. Understanding your weaknesses and triggers can help you not only avoid them but be able to cope with and handle them when they do present themselves to you.
These are the two biggest things you can do to help prevent future overspending.
What Are the Best Methods to Stop Doing It?
There are plenty of methods you can utilize to help stop overspending. If you’re looking to become more financially responsible and secure, you will need to find ways to cope with and avoid your triggers. Below are some great ideas we have in regard to doing just that.
Only carry cash on you. This can prevent you from overspending because credit cards are very easy to swipe. Whereas if you have the cash, you can only afford to spend what you have on your person.
That, of course, means that our next tip is to leave your credit card at home. By taking away that temptation and the ease of transaction, you are going to limit your overspending quite a bit.
If you see something you want, and it is a large ticket item, practice a little patience, and waiting a week could be helpful.
This allows your brain and yourself time to really think about if you need that item or if you can afford that item. This could potentially take away the excitement and therefore decrease your spending habits.
If it becomes a huge problem and you find yourself in financial struggles, then the best thing you can do is reach out and ask for help.
This can be done in many different ways: it can be from a friend that you trust with your finances, or it could be an actual professional, whether that be a financial consultant or a therapist.
Overspending is a form of addiction and could potentially lead to some devastating future issues. So finding someone that can help you understand the root causes and how to navigate this issue could be just the ticket to help you stop doing it.
How Long Does It Take to Stop Overspending?
Like with any other issue, the length of time it takes to stop doing this could vary depending on the individual. It may also vary on whether it is simply a matter of poor financial literacy or an actual spending addiction.
For those with poor financial literacy, it could take a couple of months and a little help from a financial planner to get you set on the straight and narrow. However, for those with an addiction or compulsive disorder, you may find that the triggers are always going to be there.
You will be able to learn how to navigate them and cope and find tools to help you overcome these feelings, but they will never completely go away.
That being said, it’s not a loss because many people struggle with these compulsive issues and find ways to live happy and healthy lives while being financially responsible.
Final Thoughts on Why Can’t You Stop Spending My Money
Constantly wanting to spend your money can be frustrating, especially if an emergency situation crops up and you don’t have anything in the bank.
So understanding what causes your overspending habits and addressing them is vital to ensuring that you live a secure and stable life. We hope that the information we’ve given here helps you do that!