“BOOK CHAT: ‘Spent’ by Sally Palaian: I’m a Compulsive Spender. What About You?”

I’ve known for a long time that I have some kind of issue with money, but all those financial “experts” a la Dave Ramsey only tell you what to do.  Well, I know what to do.  I just want to know why I can’t seem to stick with it.  According to “Spent: Break the Buying Obsession and Discover Your True Worth,” a new book by Sally Palaian, I’m a compulsive spender.

In “Spent,” Palaian examines peoples’ attitudes about money from a psychological standpoint.  She proposes a continuum where to help plot your attitudes related to material things together with how you behave in financial situations.  Because I indulge and obsess about money, I fit in right here, making me a compulsive spender.  I’m different from a compulsive shopper (which is what I thought I was) because I like to spend my money on all sorts of things not just shopping– clothes, food, vacations, gifts for my friends, presents for my kids.  It doesn’t really matter.  I just like to spend money.  When I described this to my husband, he was like, “Ding, ding, ding, ding, ding!!!  That’s it!”

I’m not a person who typically likes to label people, but in this case it’s seemed to help me find a category for my behavior.  Knowing this about myself has actually empowered me.  For me, it’s deeper than trying to discern a need from a want.  It’s about ending a destructive cycle with money.  When I feel the urge to buy something, I can now ask, “Is this my compulsive spending kicking in?”

My next few posts are inspired by “Spent: Break the Buying Obsession and Discover Your True Worth.” I invite you to read along with me, and share your thoughts on the topics we discuss.

COMMENT: Have you already started reading the book? How have you identified your spending habits? Do you think it’s helped you adjust your urges?

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