Shopping addiction is a big issue in Michigan, especially with the holidays quickly approaching. The thrill of finding great deals for gifts and home items can tempt anyone into excessive spending, but this is dangerous for people who already suffer from shopping addiction. By opting to pay with cash instead of credit cards, you can help control some of your urges to overspend. Here is a look at how paying with cash can save you from shopping addiction.
The Physical Component Of Paying With Cash
When you pay for an item with cash instead of a credit card, you have a visual depiction of where your money is going. You can see a $20 bill turn into a $10 bill, then into a $5 bill, and then to nothing at all. You are more likely to hold off on impulse purchases when paying with cash because you have a physical connection with the money you are spending. With a debit or credit card, it may not feel like you are losing much because you’re just swiping a card on a machine. Cash creates a much stronger connection, which will ultimately make you more aware of your spending habits.
The Budgeting Mindset Of Paying With Cash
If you are using a budget to control your shopping addiction, you will have an easier time following that budget with cash than you will with a card. You could use the age-old envelope method to set aside money for various projects, gifts, and plans for the future, or you could make sure that you only bring a certain amount of money with you when you go to a store. That way, you won’t have the option to make an impulse buy even if you feel the urge at the moment.
Recent studies show that people who pay for items with credit cards are willing to pay twice as much for the same item as someone paying with cash. Cash makes you more conscientious of what you’re buying and the value you’re getting for your money. You’re more likely to make a wise decision if you use cash instead of a card.
Cash Has No Overdraft Options
Unlike debit or credit cards that may allow you to spend more than your available account balance, cash is finite. There are no overdraft options. You can only spend what you have with you. Overdrafting a bank account or spending past your credit limit could lead you into serious debt because of the fees associated with your purchases. You can save yourself that hassle by opting for cash payments instead.
Quick Tips For Using Cash To Control Shopping Addiction Urges
If you are not used to paying with cash or you have not had success with that in the past, here are some tips to get you started:
- Do not get a debit card for your bank account. This will force you to go to the bank every time you want to withdraw money, which will make it harder for you to overspend.
- Leave credit and debit cards at home. You may be tempted to keep cards around for emergencies, but doing so may create more temptation. If you do end up needing your cards, you should be able to go back to your home to get them.
- Plan a budget for your shopping trip ahead of time. Only carry a little more than the amount of money you think you will spend at a store. You don’t need to have all of your money with you at all times.
- Set withdrawal limits on your bank account. Use this to control how much money you can pull out per day so you do not make excessive purchases.
If you need more assistance with shopping addiction treatment or other addiction therapy, contact Perspectives Of Troy Counseling Centers in Michigan at (248) 244-8644. We will match you with the perfect addiction counselor for your specific needs.