“Revenge shopping” refers to a phenomenon where people, after a period of restricted spending, indulge in excessive shopping to compensate for the time they were unable to shop or spend as freely as they wanted. This behavior often occurs after times of economic uncertainty or personal financial constraints, such as during the summer months when people may have more disposable income due to vacations, bonuses, or seasonal work.
If you find yourself dealing with debt after a period of revenge shopping, it’s essential to take proactive steps to overcome it and regain control of your finances. Here are some strategies to help you get back on track:
1-Assess your financial situation: Take a detailed look at your income, expenses, and overall debt. Create a budget that includes all your essential expenses and allows you to allocate some funds towards debt repayment.
2-Prioritize debt repayment: List your debts in order of interest rates or balances. Consider using the debt avalanche or debt snowball method to focus on paying off one debt at a time systematically.
Debt avalanche method: Pay off debts starting with the highest interest rate first.
Debt snowball method: Pay off the smallest debts first, regardless of interest rates, to gain momentum and motivation.
3-Cut unnecessary expenses: Review your spending habits and identify areas where you can cut back. Limit discretionary spending and avoid any further revenge shopping. Redirect the money saved toward debt repayment.
4-Increase your income: Look for opportunities to boost your income, such as taking on a part-time job, freelancing, or selling items you no longer need.
5-Negotiate with creditors: If you’re struggling to meet your debt obligations, contact your creditors to discuss possible solutions. They may be willing to work out a payment plan or offer temporary relief.
6-Avoid accumulating new debt: Steer clear of using credit cards for non-essential purchases and try to pay for things with cash whenever possible.
7-Seek professional advice: If you find it challenging to manage your debt on your own, consider reaching out to a financial advisor or a credit counseling agency for guidance and support.
8-Stay committed and patient: Paying off debt takes time and discipline. Stay focused on your financial goals and remain patient throughout the process.
9-Set realistic financial goals: Establish achievable milestones for debt repayment and celebrate your progress along the way. Having attainable goals will keep you motivated.
10-Build an emergency fund: Once you’ve paid off your debt, start saving for emergencies. Having a financial cushion will help you avoid going into debt again in the future.
Remember, overcoming revenge shopping debt requires commitment, discipline, and a willingness to make necessary changes to your spending habits. By following these steps and staying focused on your financial goals, you can regain control of your finances and work towards a more stable and debt-free future.

By Sadaf Omidy