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Editorial
Don't confuse the spirit of giving with 'retail therapy'
Thursday, December 1, 2022
It may be the “most wonderful time of the year,” but what is really wonderful about it?
Is it celebrating the biblical message behind the season, the chance to show our loved ones how we feel — or is it something else?
According to a CouponBirds survey, something else may be in play.
When the organization polled 3,000 consumers on their online purchasing habits, they found that many of us buy things just to make ourselves feel better.
The survey found that almost three in four of Nebraskans said they buy things for that reason, with equates to over a million people in the Cornhusker state.
Each “retail therapy” session typically costs a shopper an average of $212.95, for a collective $221 million spent to try to improve our mental attitude.
Broken down by states, a whopping 83% of Kansans admit to retail therapy or 1.8 million people. West Virginians were the least susceptible to the practice, with only 11% or 159,000 people likely to go on an irresponsible spending spree.
While the pandemic certainly hasn’t helped the situation, experts say numerous social stressors can help lead to mental illness.
And we’re not especially wise about our choices. For example, 45% of survey respondents said they are more likely to buy things online than do exercise to lift their mood.
So what’s the answer? To start with, be honest with yourself about the reasons for making that purchase.
Beyond that, try to heed Warren Buffett’s admonition to “spend what’s left over after you save,” rather than “save what’s left over after your spend.”
Other ideas include cutting down on recurring costs, such as streaming subscriptions you don’t use over the holidays, packing a lunch for work and forgoing that drive-through latté, keeping track of expenses to see where your money is going and getting an early start on saving for next year’s Christmas purchases.
So enjoy the process of finding that perfect gift for your loved one, but don’t let happy holiday dreams turn into January nightmares.