Are you addicted to owning stuff?

Everybody loves to own things. We love it when we get something new, and old things have a special place in our heart.

However, sometimes, our love for things becomes an addiction.

If you are buying stuff just for the sake of having it and find yourself buying more things than you’re using, you may have what some call “consumer addiction”.

The Dangers of Being Addicted To Stuff
Consumer addiction might not seem to be that big of a problem. It’s certainly not as bad as other addictions, such as drug or alcohol addictions. Yet, consumer addiction has its own dangers.

The biggest problem is the amount of money being spent on these things. Students with this addiction may put off paying their debts to buy the latest trends in fashion, technology, or collectibles. Before long, their wallets are empty, and they are struggling to stay on top of their debts.

Also, the more things you obtain, the less space you have available. You might rent a storage unit to store your belongings. Again, this is more money being spent on things you don’t really need.

How to Overcome Consumer Addiction
Are you suffering from this addiction?

Like any addiction, it can be overcome with patience and dedication. Here are a few steps you can take to overcome consumer addiction.

Before you buy something, think “Do I need this or do I just want it?”

Use the one-in-two-out technique. For every item you buy, get rid of two similar items.

Learn about perceived obsolescence. This is when one is convinced that they need a newer version of something–be it clothing, an electronic device, or a piece of furniture– they already have, even when theirs works well.

Don’t buy new things when your old one is still functional.

Find a Balance between Saving and Spending
It can be hard to refrain from doing things we love, and the good news is you don’t have to. The key is to find a balance between how much you spend and how much you save.

It’s okay to buy something new every once in a while, as long as you are saving money, too.

How to Pay off Your Debt Quicker

Creating a budget is essential in managing any debt you may have.

With the cost of living on the rise, trying to stay on top of your debt is difficult. The purchase of a home or a car, or putting a lot of purchases on credit means you’ll have to pay it off monthly, but with all your other bills, it can become overwhelming. Debt is a reality for so many Australians, so here are some helpful tips to get your head above the water.

  • Know what you owe. Make a list of all the debts you owe, how much you owe on each, how much you need to pay monthly, and what their interest rates are.
  • Refinance or pay off debts with higher interest rates first. For example, credit card debt has a higher interest rate than an auto loan, so target the credit card debt first. You’ll end up paying a lot less interest over time. Sometimes, debts with higher interest can be refinanced into a loan at a lower interest rate, which means you’ll owe less monthly.
  • Make more than the minimum payment. If you only make a minimum payment on your debts, the interest can pile up fast. Even if you are only to make payments a few dollars above the minimum, it can help you pay off your debt faster.
  • Create a budget. To avoid going deeper into debt, create a clear monthly budget that tracks where all your money goes. You may find that the fifty dollars you spend monthly on coffee might be better invested in paying down debts

Debt may seem like an overwhelming problem, but if you start to have more aware of your spending, and pay debts off as quickly as you can, you will find yourself getting ahead.

Load more
Study Loans Australia Pty Ltd (ABN 13 618 345 314) Australian credit licence 498589
whose registered office is at Level 5, 570 St Kilda Road, MELBOURNE VIC 3004.