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Spendthrift/Overspending: How Do You Stop? |
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 Christmas time is around the corner and, yes! We are going to see over-crowded Malls in Gaborone and throughout the country with people buying Xmas presents or just getting ready for the festive season.
But is this the only time when people shop a lot? Have you observed that some people are just extravagant; they spend excessively, period.
The question is why? You have over ten pairs of shoes; you don’t like big earrings, but you buy them regardless; you don’t go out often, but have all these outfits, some that you have never worn, and you still buy more!
Have you heard of “buyer’s remorse”, where after buying a new cell phone, three pairs of shoes and gold earrings when you love silver, you ask yourself, but why? Did I really need this? My pain or sadness is still there despite this buying spree?
Yes it happens, especially to those people who overspend to deal with stress and other difficulties.
The overspending I’m about to address is one that people use to deal with pain or inability to make everyday decisions. Some people believe that when they are depressed, going out shopping will make them feel better. I have heard people say, “nna ga ke le fra gare ke tswe mo tlung, mathata ke gore keya ko mmolong ke be ke tla ka dilo tse ke neng ke sa di bajetela”.
Unfortunately feeling sad or miserable makes one focus oneself. Because they are out there at some mall, no one witnesses their pain; they go through it alone. At the Mall no-one can see through you, everyone is minding his/her busness and because people who are there are there to buy you become part of those who are spending money. This spending off the budget is subtle, you don’t even think about the implications, your main interest is, spend, spend, spend.
What is unfortunate though is that money becomes an added problem to your sadness or misery. You bought the earrings, you will wear them when you get home and depending on what caused your sadness, if the trigger is still there, the pain comes back and you are left with questions like, “did I have to overspend?”
But then it’s too late, you have used your credit card and you cannot return the item, especially here in Botswana where when you leave a shop with an item, you will be lucky to be allowed to return it.
Control is critical when it comes to overspending. A lot of people experience problems exercising discipline and control. Sometimes it’s not even about that, it is managing money that is a problem. A lot of people - not only those who are depressed - have a problem managing their finances properly. There is definitely lack of knowledge and understanding of consequences due to over-budgeting and abuse of credit cards and loans. By January 09 a lot of people will be in financial crises, missing payments and in serious debt.
WHAT TO DO!!
In Setswana there is a saying “madi ga a we mo ditlhareng jaaka maungo, a berekelwa”. Yes money does not grow on trees; you have to work for it. So use your money sparingly. Someone equated money management with riding a bicycle. Are, it is a skill to be learnt, just like reading, writing, or driving a car. No one is born with the skill to be a good money manager but one can learn. A few tips on what to do:
The compulsive/impulsive buyers - those who think a new thing will bring them pleasure and happiness. Lose the idea. Avoid going to stores if you know you lack self control; careless shopping will cause more troubles for you. Visit and talk to a counselor, especially when you feel really down, rather than going to the Mall.
Knowing your expenses, budgeting and sticking to the budget is helpful to stay focused and within your priorities.
Learn to save and seek advice on saving tips when necessary.
Do not do things to impress others such as dating ten friends to dinner and paying for all of them, then visiting machonisa the next day because the money you used last night was actually for rent and the landlord wants his dues.
Learn to be patient and have a positive attitude. Do not aim too high nor set unrealistic goals for yourself, that is, goals that will result in more financial difficulties.
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