From Overspent to Under Control: Ways to Stop Compulsive Spending

Join our #CreditChat on Periscope, YouTube Live, Twitter, and Snapchat  every Wednesday at 3 p.m ET. In this week’s chat, we discussed emotional triggers that lead to compulsive spending and ways to maintain control of your finances.

The panel included: Neal Stern: CPA and member of the AICPA’s National CPA Financial Literacy Commission; Shannon McNay: Writer for Student Loan Hero; Rod Griffin: Director of Public Education at Experian; and Christina Roman: Social Media Specialist at Experian.

We’re also featuring financial tips all week on Snapchat.

Questions We Discussed:

• Q1: What is compulsive spending?
• Q2: What are common compulsive spending triggers?
• Q3: How can you tell if you are a compulsive spender?
• Q4: What are some of the consequences of compulsive spending?
• Q5: What positive financial habits can help curb compulsive spending?
• Q6: What free activities can you do to boost your mood?
• Q7: What tips do you have to help someone shop smart?
• Q8: What advice do you have for someone whose significant other is a compulsive spender?
• Q9: What resources are available to help those trying to get a handle on their compulsive spending?
• Q10: Any final tips you can share to help an emotional spender?

Resources:

The High Cost of the “Treat Yourself” Mindset via Wisebread
5 Ways to Make Retail Therapy Good for You via Wisebread

If you’ve never heard about #CreditChat, here is a brief overview:

Relevant chats on YouTube:

• Ways to Control Emotional Spending
• How to Juggle Debt & Retirement
• How to Pay Down Credit Card Debt Faster
• How to Eat Healthy (Without Breaking the Bank)
• How to Throw a Fun Dinner Party on a Budget