Overspending while depressed, as well as shopping syndrome, is a very common habit for many people. It actually happens in many ways. Generally speaking, a sad or depressed person tries to look for quick fixes to brighten their mood rather than using the hard route to find the root of the problem.
Think about yourself for a minute, when do you spend much money? Chances are you spend more on weekends, when you are happy, or even when you are depressed!
What do the Studies Say?
Studies show that approximately 14.8% million (6.7% of the American adult population) suffer silently from severe depressive disorders. According to a report published by the Anxiety and Depression Association of America, depression affects 3.3 million adults each year.
Also, according to Cynthia .E. Cryder et al study, sad people are spenders. The study was done on sad individuals, where they found out the participants would spend 300% more of the same commodity.
So Why Do Depressed People Spend More?
When we are self-focused and depressed, we often tend to devalue ourselves and our possessions as well.
This devaluation, as well as self-justification, makes us pay more for some goods with the hope that they will increase our value.
Although one can easily argue that buying products doesn’t improve your self-worth, it increases our psychological discomfort.
The new item often shifts the mind from the issue disturbing us, and this reduces the anxiety.
How to Reduce Overspending While Depressed?
Now that you know the relationship between depression and spending, check out these 4 tips you can apply to reduce overspending while depressed.
1. Avoid Shopping When You Are Sad
If you always purchase the most expensive things when you are sad, try to delay your shopping trip until your moods get back to normal.
2. Carry Limited Cash
You can avoid overspending while depressed by leaving your credit cards at home. This is because it will be quite tricky to overspend when you don’t have the money with you.
3. Look for Other Means to Improve Your Moods
Read a new book, move out with your friends or relatives listen to your favorite upbeat music or even talk to someone close to you.
In short, try to look for any other activity that will shift your current mood even if it’s swimming.
4. Talk to a Psychologist
Sadness often leads to depression and our finances get affected in the long. Actually, a sad person wouldn’t, mind how much they are spending until they clear everything in their accounts.
A psychologist can guide you on the way forward, and help you find the root reasons which you put in that condition. For instance, you should forgive those who wronged or betrayed you have been pushed to depression by extreme hatred you are keeping against them.
Be patient with yourself! After all, Rome was not built in a day. If you are depressed or sad, stay in the company of those who appreciate you and advice you; in this way.
You can manage your finances in a better way.