Salewa whistled happily as she surfed through her favourite online shopping site, she was going to get a toaster for her sandwiches. Breakfast tomorrow morning sounded promising. Her budget was a 2-Face Sandwich Toaster of not more than N5, 000.
‘Money is hard to come by in this COVID-19 period, so we must be on a tight budget’. She said, reassuringly to herself. ‘Wait, what is that?’ She spotted a 19-Litre Electric Toaster Oven for N13,180.
‘You know what that means, right?’ she continued to soliloquize, ‘I don’t have to buy bread, I can make my own. That way, I’m saving money. Nice deal.’ So, she added it to her cart.
‘Oh my, that is a five-piece kitchen combo set!’ She shrieked excitedly at the display of pot set, cooking utensil set, blender, electric kettle and toaster, all for N17,999. ‘The best deal, ever!’ She added it to her cart. 9MOBILE- 2735 9688 8944 292
Salewa swallowed. By the time her delivery fee was added, her bill was N32, 000. ‘It was a good investment’, she reassured herself. But as she was leaving the site, she decided to surf what goods were trending. To cut a long story short, in the space of 20 minutes, Salewa whose initial plan was to spend 5k, spent 66k, buying clothes she didn’t need. MTN- 9643 2653 7444 32835
That was when it dawned on her, that she was a shopaholic and needed help. Furious with herself, she sought help from her friend, Jennifer, who was an unofficial personal finance adviser. Jennifer had plenty to say;
1. Have a support system
Once a male or female can admit that he/she is a shopaholic, they need to seek help. It’s a type of addiction and without the help of an external factor, will be hard to break. Hence, Salewa, seeking the help of her friend, Jennifer. The friend, in turn, wasted no time to add Salewa to an online support group. Oh, yes. There are such gatherings, to help curb an addicted shopper, just like there are groups for stronger dangerous addictions like alcoholics and drug addicts. A shopaholic needs to seek help from a friend or group.
2. Take away the distraction
Next, Jennifer deleted every shopping app on Salewa’s phone and added apps that would help manage her finances. She did that to stop these enticing sites from bringing pop-ups that will most likely ensnare Salewa into their trap. Now, it was up to Salewa not to get tempted and go surfing on the web for items.
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3. Replace the addiction
For Salewa to stay away from shopping sites, she needs not just a new hobby, but something she has placed a higher value on. It is her dream to own a chips factory, and at the rate at which she is blowing her money, she will never actualize that dream. So, with the help of her friend, she focused on apps and causes that teach about money management. She used an app, the likes of Reach that helps her keep track of her expenses daily, giving her exact figures of how much she can only spend and what to spend it on. It also teaches her to invest and gain specific interest on her money. Salewa was happy with this new hobby.
4. Apply the 30-day rule
It’s quite simple. If you have a strong urge to purchase a product, while you’re trying to curb your spending habit, then wait for a month and see if you still want that item. The 30-day rule is a method of controlling impulse spending, thereby eliminating the urge to purchase items you do not need.
5. Answer the question of ‘what will they say’?
‘What will Jennifer think if I buy this shoe?’ Salewa asked herself. Of course, she could give herself logical explanations as to why that shoe was important, but she could imagine her friend scowling at her with a disapproving look. Giving yourself honest answers can prevent you from a lot of unnecessary spending.
Armed with this information, Salewa began her journey as one who no longer got carried away with impulsive spending but instead focused on managing her finances to help realize her dream business. She was a cured shopaholic.
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