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Home News What is Compulsive Buying Disorder?

What is Compulsive Buying Disorder?

Posted on | Categories: Budgeting, Personal Finances, Savings

What is Compulsive Buying Disorder?

In this blog, we’ll discuss Compulsive Buying Disorder (CBD), what that means and how to work on limiting what you buy. Even if you don’t technically have Compulsive Buying Disorder, you may buy a little too much here and there which means this blog will relate to you and your spending habits. 

What is Compulsive Buying Disorder? 

Mental Health America states, “Compulsive buying is an uncontrollable desire to shop which results in spending large amounts of time and money on the activity. Generally a person who buys compulsively gets the urge to shop in response to negative emotions (not to be confused with occasional ‘retail therapy’) and often has problems with relationships and finances as a result of their shopping behavior.” 5.8% of Americans are affected by Compulsive Buying Disorder in their lifetime. 

Do you have an issue with spending? 

  1. If you have money left in your account or from your paycheck, do you have to spend it? 
  1. Do you continuously buy things you can’t afford? 
  1. Have you overdrawn your bank account or written checks you know may not go through? 
  1. Do you feel you must always be looking for something to buy? 
  1. Are you agitated when you aren’t shopping or buying something that day? 
  1. Do you pay the minimum on your bills, but continue to buy more and more? 

If you answered yes to many of these questions, you may need to step back and think about why you feel that way. Speaking with a professional or multiple people such as a financial advisor and/or therapist can help you understand your spending habits and aid you on a deeper level. 

How can you control your spending? 

This relates to everyone – not just someone who may have CBD. Taking a look at your spending is always helpful, as it will show you places where you can improve your finances. 

  • Speak with a financial advisor for help with budgeting. 
  • Keep track of your purchases to find a pattern. 
  • Identify why you feel you need to shop that day or what triggered your emotions to do so. 
  • Transfer money from your checking to savings if you feel you can’t control the spending. 
  • If you can’t avoid spending, channel it into buying necessary items like cleaning supplies or groceries. 
  • If you see an item you want, sleep on it. Don’t buy it right away until you think about it and find that you don’t really need it. 
  • Before spending money, think about how many hours you had to work for that item. 
  • Focus on paying more on your bills and channel your energy into seeing those payments as buying something you want – your financial freedom. 

We hope this information helps you understand Compulsive Buying Disorder and ways you can control your spending. It’s not easy to tell yourself ‘no’ when you can so easily click the ‘Buy Now’ button, but it’s time to get your finances locked down. If you need a savings account to store your money, open one today with Fairfax State Savings Bank!