Ask a Latina is your advice column offering personal and professional guidance. Submit your question here.
Dear Ask a Latina,
I’m obsessed with material items in my hands, but I wish I was obsessed with money in the bank. It seems that no matter how much I wish to prioritize saving money, I always end up succumbing to the allure of shopping.
Whether it’s a casual trip to Target or a leisurely browse through TJMaxx, I can’t seem to leave a store empty-handed, and every outing results in yet another unneeded item, while my bank account continues to dwindle.
This behavior is unsustainable and detrimental to my financial well-being. I want to break free from this cycle of impulsive spending and regain control over my finances. However, despite my best intentions, I struggle to resist the temptation to indulge in retail therapy.
What steps can I take to curb my impulse purchases and cultivate healthier spending habits?
– Spend No More
Dear Spend No More,
They say awareness is the first step to successful change. So you’re taking an important step already! Research shows that while spending money on material items can give us a quick feeling of happiness (hello dopamine hit), that feeling fades away fast.
Then we’re looking for happiness in the aisles again. Since this behavior is causing negative consequences, please consider free or low-cost counseling to help you understand what may be driving you to shop when you do not want to. It’s always best to find the root cause of any issue so you can conquer it.
Spend Time Instead of Money
Finding new ways to spend your free time could keep your hands busy and mind occupied. Volunteering, hiking, reading books from the library, or trying a low-cost hobby are alternatives. Shopping only from a list you make before you hit the store can help you stick to your needs.
Set some financial goals for what you want to save money for and remind yourself of those often. The snowball method is an easy approach to tackling debt and experiencing small joys of progress along the way.
Organize those closets and explore reselling to start purging impulse buys and making steps forward in a satisfying, money-making way.
Resources to Explore
Yo Quiero Dinero – Jannese Torres offers culturally relevant and relatable personal finance advice via her blog, podcast and book.
