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A Recent Twitter Chat On Compulsive Spending – Joe Moneyjojo – Medium

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I recently was engaged in a Twitter chat for #CreditChat.

Below are my answers to the question topics.

What causes compulsive spending?

Through analyzing data and conducting surveys on moneyjojo.com readers we found that social influences are some of the main causes of compulsive purchasing

How do you know if you’re spending compulsively?

When you realize that you are running out of space in your home and have lots of products stored away or cluttering your room, you even have items you forgotten about, then that is a clear sign your a compulsive spender.

Is there professional help for people who have compulsive buying disorder?

There are psychological help services out there but perhaps try to realise yourself why you are making these purchase. I categories purchases into necessity and would like to have. Then weigh up the importance of each purchase.

How do you determine how much to spend on gifts?

Tough one to call! How important is that person you are buying gifts for? Whats the occasion? They are the main pointers

Can compulsive spending affect my credit?

Certainly can! If you keep maxing your credit cards then you could be in trouble down the line with your credit

Is there anything you can do to avoid spending compulsively?

Track your spending! Even if it is on a notepad or you record your spending on a spreadsheet, they all help you realize what you are spending your money on

What should you do if you can’t afford gifts this holiday season?

Not a great position to be in! How about try acts of kindness as a gift? Sometimes actions are worth more than material gifts.

Should you open a new credit card with low-interest rate for holiday shopping?

If you know you can repay your #debt, then yes! Enjoy #Xmas #YOLO For an example we did a post recently on a Ollocard who offer credit cards for those with a poor credit rating https://www.moneyjojo.com/reviews/get-my-ollo-card-review/

What are some ways to keep track of your spending?

I like using spreadsheets, like #Google Sheets to keep track of my income and outgoings! Really keeps you on track with your spending!

Any final tips on how to avoid compulsive spending this holiday season?

Buy what you need and not necessarily the things that you want! In other words, shop with your head and not your heart.

#CreditChat

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