- What is the spending addiction?
- What is considered spending addiction?
- How much spending is too much?
- Some alarming spending addiction statistics
- Symptoms & Causes of the spending addiction
- Symptoms & Signs of spending addiction
- Possible causes of spending dependency
- Why is spending so addictive?
- Problem, bad effects & consequences of spending
- creating general health problems
- affecting your brain & mental health
- affecting your relationships
- How to stop your spending addiction
- Main steps and solutions to break the spending addiction
- Best spending blocker apps & software
- Best books to quit spending
- where to seek extra help?
Am I Addicted To spending?
Welcome to our digital detoxing series! A series on how to stop addictions to Fortnite, Facebook, Instagram, porn, Netflix, Youtube, Tinder… (find them all here).
Today, let’s talk about the spending addiction.
Spending is using money to buy goods and services.
spending, a “real” addiction?
Officialy an addiction?
Let’s have a look to the DSM-5,the Diagnostic and Statistical Manual of Mental Disorders. Does it includes spending addiction?
There is not currently a diagnosis for spending addiction in the DSM-5, the most recent edition of the Diagnostic and Statistical Manual of Mental Disorders. However, there is a diagnosis for compulsive buying disorder, which is characterized by persistent and excessive buying behavior that causes distress or impairment. While spending addiction is not currently recognized as a formal diagnosis, it is possible that it could be included in future editions of the DSM.
So what is the spending addiction?
Spending addiction, also known as compulsive spending, is a condition in which a person cannot control their spending. They may spend money on things they cannot afford, or they may spend money on things they do not need. Spending addiction can lead to financial problems and debt.
What is considered spending addiction?
- 1. Preoccupation with spending: A person with a spending addiction is preoccupied with thoughts of shopping and spending money. They may think about shopping all the time, and plan their activities around it.
- 2. Compulsive spending: A person with a spending addiction feels a strong urge to spend money, even when they can’t afford it. They may make impulsive purchases, or go on spending sprees.
- 3. Spending to relieve anxiety: A person with a spending addiction may use spending as a way to cope with anxiety, stress, or other negative emotions. They may feel a temporary relief after making a purchase, but the feeling is short-lived and is usually followed by guilt or regret.
- 4. Negative consequences: A person with a spending addiction may experience negative consequences as a result of their spending, such as financial problems, relationship difficulties, or work problems. However, they continue to spend despite these consequences.
- 5. Unable to stop spending: A person with a spending addiction may try to stop spending, but find it difficult to do so. They may make promises to themselves or others to cut back on spending, but be unable to stick to them.
How much spending is too much?
Spending too much time on spending would depend on the individual. Some people may feel that they are spending too much time if they are spending more than an hour a day while others may feel that they are spending too much time if they are spending more than four hours a day.
Some alarming spending addiction statistics
There is no definitive answer to this question as it is difficult to accurately measure the prevalence of spending addiction. However, some estimates suggest that as many as 6 percent of Americans may suffer from this disorder. Spending addiction can lead to financial problems and ruinous debt, so it is important to seek help if you think you may be suffering from this disorder.
Symptoms & Causes of the spending addiction
Why is spending so addictive?
There is no one answer to this question as everyone experiences spending differently. Some people may find spending addicting because it provides them with a sense of instant gratification, while others may spend compulsively in order to keep up with others or cope with underlying emotional issues. Ultimately, the reason why spending is addicting for each individual may vary.
Possible causes of spending dependency
There is no one answer to this question as spending addiction can be caused by a variety of factors. Some people may develop a spending addiction as a way to cope with underlying emotional issues, such as anxiety or depression. Others may become addicted to spending as a result of peer pressure or a need to keep up with the latest trends. No matter what the cause, spending addiction is a serious problem that can lead to financial ruin.
Signs & Symptoms of spending addiction
- 1. You spend impulsively, without thinking about the consequences.
- 2. You often spend money on things you don’t really need.
- 3. You are unable to stick to a budget.
- 4. You often use credit cards to make purchases.
- 5. You often find yourself in debt.
- 6. You feel anxious or guilty when you think about your spending habits.
- 7. You have trouble saving money.
Problem, consequences & bad effects of spending
What are some benefits of spending
- 1. It can help boost the economy. When people spend money, it helps businesses to thrive and grow. This in turn can lead to more jobs and opportunities.
- 2. It can help you to enjoy your life more. If you have the money to spend, you can treat yourself to things that make you happy. This can improve your overall quality of life.
- 3. It can help you to make memories. Spending money on experiences, like vacations or concerts, can create lasting memories that you can cherish for a lifetime.
- 4. It can be a form of self-care. Sometimes spending money on yourself, like getting a massage or a new outfit, can be a much-needed form of self-care.
- 5. It can make you feel good. In general, spending money can make people feel happy. This is because buying things releases dopamine, which is a feel-good chemical in the brain.
But at the opposite, what can be some spending addiction problems addicts suffer from?
general health problems
The effects of spending on your health can be both positive and negative. On the positive side, spending on health care can improve your overall health and wellbeing. It can also lead to early detection and treatment of health problems, which can save lives. On the negative side, spending on health care can also lead to financial problems, as well as increased stress levels.
affecting your brain & mental health
- 1. Spending can lead to debt, which can be a major source of stress.
- 2. Spending can lead to financial problems, which can also be a major source of stress.
- 3. Spending can lead to materialism, which can lead to a sense of emptiness and dissatisfaction.
- 4. Spending can lead to a loss of control, which can be very frustrating.
- 5. Spending can lead to a feeling of powerlessness, which can be very discouraging.
Is spending bad for your mental health?
- 1. Spending can lead to anxiety and stress.
- 2. Spending can lead to financial problems.
- 3. Spending can lead to impulse buying.
- 4. Spending can lead to buyer’s remorse.
- 5. Spending can lead to consumer debt.
affecting your relationship
If you spend too much money on your relationship, it can actually have negative effects. It can create feelings of resentment and can cause problems if one person is spending significantly more than the other. It is important to be mindful of your spending and to make sure that both partners are comfortable with the amount of money being spent.
How To Stop Your spending Addiction
So you think you are addicted to spending and you are wondering how to quit it? How to break and overcome your cravings for spending ?
Here are the best solutions, steps, ressources and help you can get to treat your spending addiction.
Main steps and solutions to break the spending addiction
- 1. Recognize that you have a problem.
- 2. Understand what triggers your spending.
- 3. Make a plan to change your spending habits.
- 4. Stick to your plan and track your progress.
- 5. Seek professional help if needed.
That’s what most documentation outhere is about… However, quitting a digital addiction can be a bit trickier than that.
So our team, after testing many ways, designed a bulletproof way to overcome them. Here are some clear and practical steps that are very powerful to quit a digital addiction, including spending:
1. Purge temptations
Cleaning your life from temptations is much easier than resisting to them. Disable or delete your spending accounts, change the password and hide it somewhere you can’t access easily, keep your phone / computer far away… Out of sight out of mind.
Here is a video from our course the The Digital Purge. on how to add resistance to your temptations, so you become so lazy to engage with them that you give them up:
Click here if you want to see more of the Digital Purge!
2. Spot & Reveal your emotional triggers
There are some reasons, often hidden ones, that your brain and your heart love so much spending. Those reasons act as triggers to pull your cravings. Rather than chasing the addiction, it’s a more efficient strategy to look at the feelings driving you toward it. That way you can cure and heal the feeling. You’ll feel better and the cravings will magically disapear.
3. Rewire to life
An addiction FOMO (fear of missing out) can be huge and really painful to resist, especally if it was here for a long time. However learning to live with it is necessary to build a life full of peace and joy. Strategies to fight FOMO and rewire to life include meditation, nature activities, social interraction, intellectual and creative projects, meaningful adventures… basicaly anything that fill your soul.
4. How to not relapse and fully recover?
It may takes days, weeks, months or even years. You may relapse a few times, but the most important is that you keep engaging less and less with spending. Each day you resist to it is a day weakening your brain connections with spending. From your patience and discipline will arise incredible mind strength, hope and wisdom.
Best spending blocker apps & functionnalities
Additionally, you can limit or block access to spending using those apps:
- 1. Mint: Mint is a free app that allows users to track their spending and set budgets. It also provides insights into where users are spending their money and how they can save.
- 2. Spendee: Spendee is a free app that helps users track their spending, set budgets, and see where their money is going. It also offers a premium subscription that provides users with more features, such as the ability to track investments and manage multiple accounts.
- 3. Clarity Money: Clarity Money is a free app that helps users track their spending, set budgets, and see where their money is going. It also offers a premium subscription that provides users with more features, such as the ability to track investments and manage multiple accounts.
- 5. Truebill: Truebill is a free app that helps users track their spending, set budgets, and see where their money is going. It also offers a premium subscription that provides users with more features, such as the ability to track investments and manage multiple accounts.
Best books around spending
- 1. “The Overspent American: Upscaling, Downshifting, and the New Consumer” by Juliet B. Schor
- 2. “The Consumer Trap: Big Business Marketing in the Age of Identity” by Joseph Turow
- 3. “The Myth of Consumerism” by Clifford S. Cobb
- 4. “Affluenza: The All-Consuming Epidemic” by John De Graaf, David Wann, and Thomas H. Naylor
- 5. “Consumed: How Markets Corrupt Children, Infantilize Adults, and Swallow Citizens Whole” by Benjamin R. Barber
where to seek extra help?
Do you need some support and help to stop and overcome your spending addiction? If you or someone you know is struggling with spending addiction, there are a few places to seek help.
First, check our course The Digital Purge. This course has already helped many digital addicts to rewire to what matter. But other options also exist.
There is no one-size-fits-all answer to this question. Some people may benefit from seeking help from a therapist, financial planner, or other financial professionals. Others may find self-help books or online resources helpful.
If you find that you’re struggling with spending addiction, know that you’re not alone. Fortunately, there are many resources and support groups available to help you overcome your addiction and take control of your finances. With a little help, you can get your spending under control and start living a healthier, more balanced life.
To go further, please check our course The Digital Purge.