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

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Girl on FIRE

Priya Karan

61 episodes

6 days ago

Girl on FIRE is a podcast helping women navigate their way through financial independence and retiring early. We talk about how to invest, what to invest in and how to grow your wealth so that you can continue living a life you love without going broke - even in retirement. We also discuss the unique issues and challenges that we face as women when building real wealth. Weekly episodes are hosted by budgeting and personal finance expert, Priya Karan. With over a decade of experience working as a finance professional, she's sharing what she learns on her own journey to FIRE. Finally, an investing podcast for women, by women!

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All content for Girl on FIRE is the property of Priya Karan and is served directly from their servers with no modification, redirects, or rehosting. The podcast is not affiliated with or endorsed by Podjoint in any way.

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

Girl on FIRE

23 minutes 6 seconds

3 years ago

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

🎙 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

Ready to finally take control of your money and build the life of your dreams? Join Camp FIRE! Camp FIRE is the premier membership community helping you get your money under control and reach your goals for a happy and fulfilling life. With tons of masterclasses, bonus content, spreadsheets, accountability and fun, get ready to say YES to a life you love. Become a Camper now for just $4.99 a month (or get 2 months of membership for free when you pay yearly): https://www.papermoneyco.com/campfire

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

Remember to:

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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.