How to curb ‘retail therapy’

(InvestigateTV) — Nearly a third of Americans have turned to “retail therapy” in the past year—buying something to boost their mood—according to a recent survey by NerdWallet.

Sara Rathner, a credit card expert with NerdWallet, said it’s okay to include room in your budget for occasional fun or frivolous purchases. But the same survey found that 41% of Americans say shopping has contributed to their credit card debt.

That’s nearly as many as the 48% who cited essential expenses—such as groceries or medical care—as the reason they went into debt.

“When you are getting into debt because of these mood boosting but unnecessary purchases, you really want to reevaluate your budget and make sure that you are able to meet your financial obligations,” Rathner explained. “And then set aside some money in your budget for those fun purchases too so you don’t feel like you’re being deprived.”

For those who regret a recent purchase, Rathner recommended taking a moment to reflect on what led to it.

“Was I susceptible to the advertising? Was I served up an ad on social media? Should I maybe spend a little bit less time on social media, so I’m not viewing these ads as often?” she asked. “And how was I feeling when I made the purchase. Was I doing something to alleviate a negative emotions like sadness or anger or boredom?”

Reviewing recent purchases, she added, can help reveal emotional spending patterns.

Taking that pause before clicking “buy” can make the difference between a want and a need—especially when finances are tight.

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