Many favorite pastimes can quickly turn into addictions. Consider gambling, overeating, or drug and alcohol use, to name a few compulsions. Ironically, not many consider the compulsive spender as part of this group. Someone who uses spending as a coping mechanism has an addiction, and it’s called oniomania.
Oniomania is a problem just as serious as overeating or using drugs. Though this issue is not an official disorder by the DSM-5 printed by the American Psychiatric Association, it’s a verifiable disorder that warrants a conversation. Overspending can cause a great deal of psychological and financial stress. Have you ever heard of people kiting checks?
Part of why few retailers take checks is because of people who scammed free merchandise. Though it’s much harder to accomplish these days, kiting checks was once a way to buy now and pay later. When the check bounced, they would pay the service fees, allowing them to shop and fix their need to spend urgently.
Kiting checks is just one trip that compulsive spenders use to get things to fill that rush, but other methods include running up credit cards, spending bill money, and borrowing from friends. Sadly, being addicted to shopping and spending money can be just as dangerous as taking cocaine. It all works by activating the pleasure receptors in the brain, and once your body feels pleasure, it will crave that feeling again.
Your Environment Contributes to Overspending
Have you ever heard someone say that you’re a product of your environment? This statement is true because you’re impacted by where you live and dwell. Living in a larger city may make you feel compelled to live a life well beyond your means.
Why does location matter?
In a city, someone can easily access stores, restaurants, nightlife, and many things that cost money. It’s a very tempting area for those who have a compulsive overspending problem. Someone who lives in a rural community that lacks these conveniences might not be as eager to spend. So it’s safe to say that your environment can push you to have a spending problem, though it’s not the only reason one might exist.
6 Telltale Signs of a Compulsive Spender
Are you a compulsive spender? Do you often spend more money than you can spare, run up huge debts, and often lay your head on your pillow and cry about money problems? Here are some classic signs that you have a spending problem and need help.
1. A Compulsive Spender Can’t See the Difference in Your Wants and Needs
It would help if you cared for your needs, but your wants are not something you can buy daily. These are things that you must save for and buy sparingly. Before you buy something, ask yourself if this is a want or a need. It gets tricky for some people, especially those prone to overspending.
They see their wants as needs and feel they have to have them now. However, it’s truly nothing that you can’t live without. How can you differentiate between a want and a need when your rationale is skewed?
Look at your previous spending habits. Compulsive spending often leads to piles of stuff you don’t need later. While you want to take up sewing and purchase that $400 sewing machine, will you use it? This is how homes become cluttered with items based on good intentions. It would serve you better to find a used sewing machine for less and try your hand before making a significant investment.
2. You Deny There’s a Compulsion
Do you deny that you’re a compulsive spender? …
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