If you’ve ever fallen victim to purchasing a “must-have” item while mindlessly scrolling through social media (those shopping hauls always get me!), this episode is for you! We’re diving into impulse buying, emotional spending, and the powerful influence of social media on our purchasing decisions with Spending Coach Paige Pritchard! She’s sharing her expertise on how to break free from the grip of impulsive shopping and regain control over your finances. Let’s take a deep dive into the world of social media-fueled purchases and embark on a journey to financial freedom. Ready?
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About the Guest:
Paige Pritchard is a spending coach who helps women stop impulse shopping and overspending. Paige discovered her passion for helping women develop healthier spending habits through her own personal struggles with impulse shopping. At age 22 she blew through her $60,000 salary. By uncovering the root cause of her shopping and making a commitment to develop healthier spending habits she was able to turn her financial situation around in her twenties by paying off her $40,000 of student loan debt, cash flowing her MBA, becoming a homeowner and building a multiple six-figure investment portfolio by age 29.
In 2020 Paige became a certified life coach through The Life Coach School. Since then, she’s coached thousands of women and helped them become better spenders and reach their full financial potential through her social channels, her podcast The Money Love Podcast, and group coaching program, Overcoming Overspending. Paige’s work has been featured in publications like NBC News, The Washington Post, The Daily Mail, BuzzFeed, The Guardian, and the Dr. Phil Show.
What is the focus of your work as a spending coach, and who do you primarily assist?
As a spending coach, my main focus is helping women who have good incomes but struggle with impulse shopping and overspending. I’ve noticed that many of these women are using money as a means of escape, trying to buy their self-worth and confidence. Even though we know deep down that these things can’t truly be bought. The women I typically work with are in their twenties, thirties, and forties. They’ve spent years trying to fulfill their needs through excessive spending, only to find themselves in credit card debt and feeling guilty or ashamed. That’s where I come in! I aim to change the narrative around spending, emphasizing that it’s not just a thoughtless act, but a skill that can be learned and improved upon. By focusing on the outflow of money and helping these women become more mindful spenders, we can make progress towards their financial goals.
What are some signs of compulsive shopping and why is it important to recognize them?
When it comes to compulsive shopping, there are several telltale signs to look out for. One of the biggest indicators is using shopping as a way to change your emotional state, especially if you find yourself in a negative emotional state before starting to shop. It’s important to recognize if you’re using shopping as a quick fix to make yourself feel better. However, the irony is that after the initial rush of dopamine and temporary happiness, there’s often a crash that leaves you feeling even worse than before. Another sign is spending more than you make or having credit card debt, although it’s worth noting that compulsive shopping can still occur without these financial consequences. Hiding your shopping behaviors from others is another red flag. It’s essential to take compulsive shopping seriously and not dismiss it as a harmless behavior. In our culture, we tend to make light of it or justify it as “retail therapy,” but the effects can be similar to other addictions. Compulsive shopping can lead to internal feelings of shame and guilt, as well as external consequences such as strained relationships and clutter. Recognizing these signs and the non-financial consequences is crucial for personal growth and addressing the root causes of the behavior.
How can someone start changing their behaviors and overcome feelings of guilt and shame associated with compulsive shopping?
To overcome the guilt and shame associated with compulsive shopping, start by practicing self-compassion and understanding. Instead of criticizing yourself for past choices, recognize that you made decisions based on the knowledge you had at the time. Focus on the present and future, setting realistic goals and envisioning a healthier financial future. Be patient and consistent in reinforcing positive behaviors. Seek support from a financial coach or support group. Use this journey as an opportunity for self-reflection and personal growth, finding healthier ways to meet your emotional needs. With self-compassion and a commitment to change, you can overcome compulsive shopping and build a positive mindset.
How can external influences like social media and sales impact our spending habits, and what strategies can help navigate them?
External influences like social media and sales can significantly impact our spending habits. The constant exposure to social media content can create a desire to participate in trends and feel connected by purchasing certain items. Sales promotions and email subscriptions can trigger impulsive buying behaviors. To navigate these influences, it is important to practice pausing before making a purchase, giving yourself time to cool off and reflect on whether you genuinely need or want the item. Creating a “Things I Want to Buy” list can also help by allowing you to add items you’re interested in and revisit them later with a clearer mindset to make more conscious decisions.
How can one limit opportunities for impulse shopping and identify spending triggers?
Limiting impulse shopping and identifying spending triggers requires a combination of strategies. Firstly, you can utilize tools like Unenroll Me or Leave Me Alone to clean out your inbox and unsubscribe from tempting email subscriptions. Chrome extensions like Pause and Icebox can help create a pause before making purchases online. It’s also essential to reflect on your spending habits and identify patterns. Consider when you shop, where you shop, what triggers your desire to spend, and what specific items or categories tempt you the most. By understanding your triggers, you can set boundaries, such as avoiding certain websites or shopping at specific times. Accountability can also be helpful, whether it’s having a shopping companion or sharing your intentions with someone else. Remember, developing discipline in your spending habits is a skill that takes practice, and each time you make a conscious choice aligned with your goals, you’re strengthening that skill
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