Money brings greed and envy, love and security. It has a profound effect on human thought and behaviours; often irrational. So what exactly is spending? In lay terms, spending could simply be explained as money that is used to buy a certain set of goods and services for the personal benefit and otherwise.
But what happens when this activity crosses the comfortable mark and becomes more than necessary? Research says there definitely is a link between inability to delay gratification of needs and more spending. So what happens when spending is no longer a necessity and has become more of a wasteful, impulsive activity?
There is more to it:
More spending on activities like shopping is supposed to be associated with a rush or a high caused due to dopamine which may lead to compulsive buying. Sometimes one may have observed people around them on a 'high' i.e spending ten times the amount they initially sought out to spend, and then possibly regretting it as it most definitely would have burnt a hole in their pocket. Some people look at it as retail therapy. Going out and spending large amounts of money results in mood elevation.
It is also known to be an addiction sometimes. Research has shown that 6% of the population are compulsive buyers. They buy things that they most often don't need and often cannot even afford.
Family and friends of such individuals end up becoming frustrated and blame them, followed by nagging which is thought to be the best possible solution to this 'problem'.
This may ultimately lead to:
- Damaging thoughts and behaviours including stealing and gambling
- May cause debts
- Strain in relationships
- A feeling of an overall loss of control
How can this behaviour be controlled?
- Identifying that it is a problem.
- Accepting that a solution can be brought about.
- Seeking help.
- Reducing their access to money
- Becoming strict regarding the expenses
- Keeping tab of the expenditure.
If you still feel SPENDING has become OVERSPENDING and poses itself as a problem it is always better to seek help. It's never too late to do so. Seeking professional help can be helpful as the problem can be dealt with in an organised way leading to an effective solution.