I just wanted to write a quick post about a trend I am seeing with the majority of clients. The overspending phenomenon. I have parents of a participant say ‘why cant they stop spending?’
There is psychology behind this. Its not just a simple ‘stop spending all of your money’ response. Compulsive spending actually activates the brain’s reward centre, releasing dopamine. The feel good drug for your minds. Over spending is so wide spread in individuals with mental health issues I would say it accounts for 98% of my clients.
Learning to stop is not an easy process. We work with the individual to understand the triggers which often happen before spending. They we come up with strategies to help slow down the spend. As I mentioned to a parent of a participant this week, the urge to spend may never stop however we put strategies in place to slow the spending or delay the spending. If we are able to put some space between the desire to spend and the physical purchase, there is room to intelligently discuss if it is a need vs want.
Spending Tips!
Wait 48 hours – then reassess if you still want it.
Think if it is a need or a want. Can you live without it? Will you regret not buying it in 2 months or will you not remember it?
Shop in your wardrobe first. There often is so many clothes in your wardrobe you don’t even remember you have.
How do you change a habit? Slowly.. make small changes
Finance program – First Step Solutions (fs-solutions.com.au)
