You’re not too far off when you see “Retail Therapy,” and you think it’s seeing a professional about going to the mall too many times. It was a term coined by the Chicago Tribune in the 1980s: “You get upset, need a release, so it’s time to go shopping.”
Have you done this? Ever have a bad day at work, and despite what you may–or may not–have in your bank account, you go shopping? That’s because of a hormone called dopamine in your brain. Its mission is to make you feel good, so when you buy something you don’t need, you get that satisfaction.
Beyond Finance Chief Financial Wellness Advisor Dr. Erika Rasure, CTC believes dopamine creates a nice but fleeting feeling. If you deal with your issues with retail therapy, Dr. Erika suggested to Yahoo! Finance, it will “destroy your finances.”
Why?
“Even with consumers cutting back on their day-to-day spending, there are alarming reports of loan and credit card delinquencies reaching new highs surfacing daily.”
In Dr. Erika’s opinion, “retail therapy” is a misnomer because nothing is healing or cathartic about this “type” of therapy. “It’s an escape from your troubles, and if you’re not financially practicing good skills, retail therapy does nothing but create more troubles,” she said.
This article provides excellent insight, and we highly recommend it to anyone visiting the Beyond Finance Newsroom or Blog to search for answers. Bookmark it, read it several times, and learn what you can do better with your own finances.
And if you need help, that’s okay too.
“If you’re really having a tough time breaking up with retail therapy, it is wise to enlist the help of a financial therapist,” Dr Erika continued in the article. “Financial therapists can help you find the balance between money matters and mental health, ways to tackle anxiety related to money, strategies for saving toward your goals and more,” she said.