By: Tamara Ince
You spend a bit of your hard earned money for a once in a lifetime experience and the joy you feel is indescribable. Money can buy security, experiences, and freedom, which can lead to increased happiness. Yet, there is the dark side of money. Some compulsively overspend and spend money they don’t have. Some who do this wear their ability to shop as a badge of honor. However, it can actually be a destructive habit and perhaps even a psychological disease or symptom of a disease. Research has found that over-spending in general or to cope with stress can be a symptom of psychological disorders, such as anxiety, addictive disorder, bi-polar disorder, depression, and others.
Money is one of the top ten reasons for divorce, according to experts. It is rarely lack of money that causes issues. Instead, it is a lack of agreement on how to handle money. Studies have shown that overspending is more likely to sink a relationship than sexual infidelity. This is why we need to explore our relationship with money. When we find ourselves overspending, we need to think about:
Therefore, if a friend, a spouse, or you tend to use credit cards frivolously, spend money you can’t afford to, or spend money unnecessarily consider talk therapy. Behavior science suggests that money-related issues are hardwired in our brains and negative experiences associated with money can have major impacts on our lives. This is why talk therapy can be a necessity. It can help address core issues, teach concrete and practical strategies for handling money, train people in boundary setting, and address underlying psychological concerns.
Changing your life can be challenging. This is why it is vital that you consider a 12 step program, such as Debtors Anonymous. These programs will provide you with support to achieve your goals and hold you accountable for your actions through sponsorship and meetings. They can help you make permanent changes to improve your life and break the cycle of spending and hurting those you love. Let’s work together and stop overspending from creating havoc in our lives.