How To Do Retail Therapy The Healthy Way

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Sometimes there’s nothing better than buying something for yourself to lift your spirits, but it’s easy to see how making it a habit could be bad for the budget. Shopping to ease stress or frustration works because it distracts us with something we enjoy and science even backs this up. A study from Pennsylvania State University finds healthy retail therapy can help with mood regulation. But the key is doing it the right way and not using it as your only coping mechanism.

According to a recent Credit Karma survey, 35% of participants made at least one impulse buy during the pandemic because of stress and anxiety, nearly half said they stress shop at least once a week and 17% admit to making impulse buys daily. That’s not great for the budget and it can actually lead to added stress, so how do we do retail therapy in a healthy way? Here’s what Colleen McCreary, chief people officer and financial advisor at Credit Karma recommends.

• Create a separate account for spending on “nice to have items” - Make a separate budget category for your retail therapy and when the money’s gone, it’s time to stop shopping.
• Track your spending and your feelings - So you can pay attention to triggers and habits and make sure you’re not spending too much to boost your mood too often.
• Use the “24-hour rule” to avoid impulse buying - Hold off on purchasing something you want and if you wake up the next day and still feel strongly that you want to buy it AND it won’t cause you to overspend, go for it.
• Get rid of shopping resources that make it easy to overspend - Those shopping apps on your phone? Delete them. Your credit card info stored on your favorite sites to make checking out easier? Delete those, too. Just having to take that extra step will help you slow down and think twice, so you’re more mindful about what you buy.
• Think small - Buying something inexpensive, like a book or a mid-day coffee, can still boost your mood and it keeps your spending within your means. McCreary says, “There’s a chance that $5 purchase will feel just as great as the $500 purchase.”

Source: Well and Good

Thought Starters:

• Sometimes the perfect fix is a new pair of shoes!
• I’d hate to pay the credit card bills for those people making impulse buys every single day!
• Ever use the 24-hour rule to avoid impulse shopping? It’s saved me from buyer’s remorse countless times!