Impulse Spending

Impulse spending has always been an issue for me. Just today I found my checking overdrawn and credit card maxed out so I couldn't go get a $10 haircut. So I took the personal loan approval I got in the mail and took out a $6000 personal loan with 26% interest. The bank couldn't even cash it for me because my account was overdrawn. Tomorrow I'm withdrawling the $6000 and buying a motorcycle, laptop, and maybe anther gun. This has me extremely excited.
Any thoughts on controlling this kind of behavior?

LOL.......I can relate.......except for some reason my impulse shopping is done at thrift stores.........oh I know why...I murdered my credit by stuff you do now.....so if you want to shop at thrift stores with no credit to your name..continue on your path or get help!!!

thinking of you;
Hugs;
Dee

Been there done that, have a bankruptcy to prove it. Still have the urges, just no funds. I too shop thrift stores, but for me it's the 'hunt' that I'm drawn to by thrift stores, flea markets, yard sales things like that. I wish I could give you answers on the control part, but I myself have no control. I'm OCD also, therefore I buy several of the 'thing' that I just have to buy.

You're not alone, but that doesn't help your situation much. Sorry.

Dollar store for me

Take your money and pay all your bills for that month and buy your groceries for the entire month. Thats what I did. Then when I have an impulse to spend I dont have any money left but my bills are paid and I have food.
I also started going to thrift shops.
Just a thought.

This is a really hard thing for me and the stress got to be too much not being able to pay the bills. So I put all of my credit cards in the safety deposit box but one in a file cabinet at home to cut down on impulse shopping. It takes more of an effort to get to them. And then I've been trying to supplement the habit with other activities and to stay away from the stores and online shopping with new hobbies to keep me busy and entertained other ways. It's a constant struggle though.

Oh boy... That's a fun topic! I've went out and spent over $100 developing old film on a whim one day. I go broke a week before payday no matter what it seems, I can't get enough toys for my daughter... I buy cartons of cigarettes for people and go negative in my account all of the time. My credit is done. If you could have a credit score of 0, I probably do. Taken out loans with extreme high interest rates and can't afford it... It's a rough one... Wish I had tips on how to break the habit, then I would have a little bit of money for gas for the rest of the week, but it look like I'll be walking lol

Dollar stores are a great way to get it out of your system without breaking the bank though, I saw that posted above and do have to agree. I spend so much at the dollar tree though. When I'm on one of my sprees there I keep saying "It's only a dollar" but eventually only a dollar becomes 70 something dollars lol.

I have always had trouble with money, but am slowly but surely building a savings account. My thing is helping people out, going out with friends too much, and buying useless items. I have stopped the useless items part, and for a while had stopped going out all together but lately I have went out some. I am comfortable with my savings right now though so it's okay. I just need to keep saving. There's really no advice that will help, you have to WANT to stop. I wanted to. You have to deny yourself and anyone else, and that's the way to stop. That 6,000 dollars should be put in your savings account and then you pay that off monthly until that 6,000 dollars is there for keeps. That's the appropriate thing to do. If you want to stop, don't go out and spend that money, you have to deny yourself. Other than that the only good advice I have is to pay off all your bills and food right away, and then put a certain amount of money in savings and pretend it isn't there. Don't touch it.

Years ago we got in trouble with our credit card and were able to pay it off. Cut it up. Our credit was horrible for years afterwards. The utility companies were very helpful and kept our utilities on until we could pay. Taking 2 small children in to talk to them helped too.
After I started to become depressed and then hypo manic my used to say he would rather me be depressed than manic because depressed he knew where I was (bed).
I am very fortunate that my husband takes care of me and only gives me cash. I don't have access to the debit card or check book. There has only been one time when I gave him my savings bonds and credit card. I scared myself as the urges were so strong.
I would suggest you seriously find someone to keep you accountable. At this rate you will never have a future or get out from under your debt.

Omg thank you for posting this, I never knew others like me with the dollar store and thrift stores! Yeah I racked up two credit cards, and store cards, they are hidden. After medical bills and I'm obsessive about my credit right now, the dollar store and thrift stores help even if I don't get Much. I agree projects or other activities help too...
I guess I'm little different in a way I've sold things too or returned things if unused, after realizing my no money situations. I'm currently thinking about my phone and to pay what I can get out of it back on the card, it won't pay it off but it would help....

I've found a very financially sound and responsible solution to my spending problem: a Roth IRA. Now, instead of buying frivolous items with my extra cash, I can but money into the account, and not touch it except to purchase stocks and bonds. I will be saving money for retirement and major investments and my money can grow instead of being flushed down the toilet.
I am very excited about this new venture and very proud of myself for taking the next step to controlling my terrible spending habits. Thank you all for the great advice!