Apparently, a recent study has shown that Malaysians shop too much and are driving ourselves into bankruptcy with our shopping habits. Ouch! I think that’s a bit of a generalization because there are people who do shop like maniacs, buying this that or the other without thinking twice and driving themselves into bankruptcy, and there are people who shop smart. You just have to know your limits and I’m very sure most of you stopping by here do 🙂
The study also has shown that most people are abusing their credit cards by racking up big bills and then being unable to pay them off (a credit card is not free money ok, you do have to pay it back!) and that people shop because they find shopping therapeutic.
Now, I’m not about to say it isn’t. Sometimes, when you are really down or are really stressed to the gills, indulging in a bit of retail therapy does boost the adrenaline, and sends out the happy hormones. You could probably do the same with chocolate but that’ll just send it all straight to your thighs 😛 And shopping doesn’t have to be an expensive affair. The whole lipstick economy theory has been proven right over and over. When economies are down, people buy more lipstick because its an inexpensive pick me up (plus you also look better with lipstick on 😉 )
What say you then. Do you find shopping therapeutic and do you impulse shop?
I personally try not to stress shop. Having done it before, I’ve learnt that I pick up a lot of rubbish when I stress shop, like spending more just to get a GWP. Yes I find it therapeutic to pick up a little something but when things calm down, I realise that I did not need it or that it was really ugly and I don’t know why I bothered 😛 Shopping while stressed can result in impulse shopping for the sake of buying something, which is bad for your guilt and wallet.
Retail therapy isn’t something I indulge in often also, because I am a bit of a skinflint and I don’t go out to malls very often. So I indulge in some things but not others. I may pick up a new lipstick or drugstore goodie which will keep me happy, but I won’t pick up anything too pricey unless its on sale at a very good price or its something I’ve been planning to get anyway.
If there’s a sale on, and I’m in the market for say, new clothes, I will spend a little more. But I have my limits and I tend to be a cash only shopper unless I’ve forgotten to draw money. I also pay off my credit cards in full every month so I know for a fact I’ve got things under control 🙂
I do find that having a goal to save up for helps me with my reality check. If I have to pay for a car and for a house, that takes priority over buying a new pair of Jimmy Choos just because I’ve had a bad day. Sometimes, that bad day at work may pay its dividends in the end, and then I can splurge guilt-free 😉 Also, once you’ve paid yourself and your commitments first, you’re pretty much free to splurge at will.
But what say you then? Do you find shopping therapeutic and that retail therapy is your cure for a bad day? Are you careful with your money even as you indulge in your shopping therapy or do you impulse shop and panic when you see your credit card bills? I won’t judge and neither should anyone else 🙂
Paris B
I shop less when i visit shops cause i actually see the cash leaving my hands. But i have a bad habit when it comes to shopping online items. It’s so easy to just click the mouse and spend my money without realising it (>x<)
Ahh I can commiserate with that! Online shopping is evil alright, although its so convenient these days to be able to get things you want without having to battle the traffic and crowds in malls 😀
I have a friend who worked in a bank offering personal loan services, and yup, he told me there are many people who need loans due to very high credit card debts. He said it can get quite depressing just looking at their bank statements with hardly any savings 🙁
I dislike using my CC too much, so I tend to use my debit card or cash, unless it’s an emergency or a really expensive item I want to pamper myself with. That said, I still have my fair share of regretted impulse shopping, ick! That one moment when you think you can’t live with that item, only to realise it isn’t that great once the shopper’s high subsides.
These days when I see something that catches my eye, I’ll stew over it for days and see if I’m still excited over it. Most often I get over it and move on, so yay for money saved!
That’s sad Avisse! I have spoken to people too in the banking industry and its really sad just how many people are in debt for the most frivolous of excuses or just poor financial planning 🙁 I do the same thing you do. See something, think about it and if I get sleepless nights, then I’ll get it LOL!
I’d like to think that I don’t indulge in impulse buying, although once in a blue moon it does happen- I just pick something up because I feel like it, though this is rare because I also rarely go out (Maybe once a week?) and also because I’m a skinflint haha! But then again, if it’s something that really works, is good and reasonably priced for the product/item/thing then price is not a problem (Ah, the only exception here is Creme De La Mer- it works beautifully for me despite having all the things I’m sensitive to, but I can never ever justify the price). I prefer window shopping a lot, though- helps me unwind and exercises me haha! 🙂 Then if I see something that catches my fancy I’ll go home and do some research about it or sleep on it first before really deciding if I should get it.
I’d sort of glad I outgrew my mall habit 🙂 These days I go only out of necessity and if I do impulse shop, I make it a point to “impulsively” pick up something I’ve been planning to get for a while instead of just picking up any old thing 😀
When I am stressed and want to go shopping I don’t buy just random things I may buy something I’ve been wanting for a long time already!
I’m starting to do that too! better than picking up random items you may never need, although I sometimes do that in the household departments 😛
Most of the time, my shopping is planned. Once in a while I will shop impulsively. I also make it a point to pay up CC bill every month and I only keep one card. No back up but I like it this way as everything is in one statement.
thanks for the good writeup.
Thanks Lavender! And having control over the credit card is excellent money management. I think many people forget that a credit card is only money on loan, not free money!
I rarely stress shop because going to the shopping mall and finding parking and everything is stressful enough. I have sports for that thank god, however I do agree with Ming Xiu because when I do shop in shops and I hardly spend there because I actually see cash leaving my hands and online shopping.. well.. there is no physical exchange of money so I hardly feel ‘sam tong’.. Man. Gotta cut down on online shopping. 😉
Ahh I have to agree with you about the stresses of just going to a mall! Can be quite a dampener on a shopping mood eh? I like the instant gratification shopping in stores give me, but when I can get a much better deal online, I’d shop online and yes, its easy to get out of hand! LOL!
i cant believe you wrote this today of all days! i have such a big problem with impulse shopping, AND shopping for therapy. for therapy i find buying new clothes is terrible. sure, all my clothes r from timesquare and r really cheap, but i still spend about 300RM everytime i go there. because i keep changing my style…sometimes i wanna do girly, sometimes sporty, sometimes sexy…haih.
and i find it terrible also that i like to buy things for people, and i dont count the money i spend for presents as money spent, and sometimes its alot! then i feel guilty later.
the wrost thing is i DO have an unpaid credit card bill of abt 2k, and it hasnt gone down OR up since last year when i bought the LV handphone strap, Fendi bracelet and Gucci shoes in ONE trip ok. luckily i paid off enough but the 2k still remains, its terrible. aaaa
Yikes! Time to start clearing off that 2k on the card! Its lovely that you’re so generous towards others but financial health would be paramount. Credit card interest rates are one of the highest so its actually unwise to keep too much balance outstanding. Time to pay it off before you buy more presents 🙂
I am guilty of impulse shopping. Especially when I’m sad… Buying something that I won’t normally splurge on temporarily takes away the pain as I focus on the joy of possessing the new toy. It really does help accelerate healing, for me.
I know what you mean – its therapeutic sometimes isn’t it? Especially if its something you have been eyeing for a while. So long as you don’t dig yourself in debt, I don’t think there’s anything wrong with a little splurge now and again 🙂
I am an impulsive shopper. I will plan to buy something, and when I get to the shop, I’ll get something else on impulse! It’s really weird. So, I don’t plan… unless it’s something I’m absolutely dying to get. That said, my retail therapies have always been window shopping, until I started my blog. Now, I blog therapy. LOL! I’ve complained about my disadvantaged location before, not being in the Klang valley, but it’s also a blessing in disguise, having so many enablers around 😉
Still, online shopping is too convenient nowadays. I have to be clear headed to stay away. Haha!
Even living in the Klang Valley, most of my shopping is done online simply because, as you have pointed out, its more convenient. I do tend to be a little more impulsive when shopping online and less when I’m in store. Usually, in store, I’m just checking things out and then I go online to get them if they are cheaper 😛
Used to be a stress shopper and pick up all these little inexpensive stuff and then end up thinking “why in the world did I get all that?”. now that i’m older and pay up my bills properly at the end of the month, i’m not an impulse shopper anymore. I go through a rigorous analysis process before picking up something and like you, prefer using cash. Only use the plastic when I absolutely HAVE to, and even then it’s paid off each month.
Good post, PB!
Its easy to get carried away picking up small cheap stuff but finding a place to house them later can be a right headache! Also it does add up – a friend used to go to Daiso and wonder how she could blow RM50 at a go each time for 10 small items. It all adds up!
I will impulse shop but try not to go anywhere too expensive…like a bookshop. I used to impulse buy a lot in Borders when it was around. Other stress buys are Lush, magazines and notebooks. So I guess I know deep down to stay away from cosmetics, clothes and shoes!
I’m less impulsive about books because they are pricey here. But when I go to a book sale, I go absolutely BONKERS! 😛