47: Why Retail Therapy Is Keeping You Broke and How to Get It Under Control

Girl on FIRE

🎙 Having a bad day? Need some retail therapy to perk you up? You’re not alone. We all need to treat ourselves from time to time. Retail therapy can be good for you, but it can also be super detrimental to your finances if you’re not careful. That doesn’t mean you should stop spending, it just means you need to keep it under control. But how? 🤔

This episode discusses topics like:

🌟 Why you turn towards retail therapy when you’re having a bad day;

🌟 When retail therapy can be damaging to your finances and your life goals; and

🌟 How to keep your spending under control (without giving it up altogether).

Links from this episode:

Episode transcript and show notes: https://www.papermoneyco.com/gof47

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Psychology Today: Why “Retail Therapy” Works: https://www.psychologytoday.com/au/blog/the-why-behind-the-buy/201305/why-retail-therapy-works

Healthline: Retail Therapy: Bad Habit or Mood Booster?: https://www.psychologytoday.com/au/blog/the-why-behind-the-buy/201305/why-retail-therapy-works

Cleveland Clinic: Why Retail “Therapy” Makes You Feel Happier: https://health.clevelandclinic.org/retail-therapy-shopping-compulsion/

Credits:

Producer: Gonzalo Araya

Editor: Gonzalo Araya

Time codes:

00:00 Hello and Welcome!

02:36 What Is Emotional Spending?

03:41 Does Retail Therapy Work and Is It Really That Bad?

08:10 Why Emotional Spending / Retail Therapy Can Be Dangerous to Your Finances

13:12 Sponsor - Camp FIRE

14:19 How to Spot Emotional Spending

16:53 How to Overcome Emotional Overspending

21:39 Next Weeks’ Episode

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The advice shared on Girl on FIRE is general in nature and does not constitute financial advice. The information shared does not consider your individual circumstances. Girl on FIRE exists purely for educational purposes and should not be relied upon to make an investment or financial decision.