Shopping is my hobby, but now I’m addicted to it. How do I stop?
Instead of credit cards, use debit cards. Get rid of any credit cards you may have. Completely. You can now use debit cards to do the same job, with one exception: You can’t spend money that you don’t have. Credit cards have the highest interest rates, making them one of the worst debt management tools available.
Do the budgeting. Determine how much money you’ll need for weekly expenses and bill payback. Allow at least another 10% for unforeseen costs. Then you can figure out how you’re going to spend your ‘spending’ money.
Set aside a specified amount of money to spend before you go shopping. You can open a second bank account (with a different debit card) and transfer your planned expenses to it. Bring only your backup debit card, not your primary one.
You can also pay in cash. However, do not carry your main account card. It also applies to impulsive buying. Set a daily or weekly budget for work or exercise and stick to it.
Delete the main account card from your app and keep it at home. Use term deposits Banks offer term deposit accounts if you’re having trouble spending your savings. Money can be deposited but not withdrawn for a set period, usually 12–18 months. It can be a suitable option for forced savings.