Is Materialism Ruining Your Personal Finances?

Over the past couple of weeks I’ve been more observant than usual when money comes up in conversation.

I’ve talked to some of my younger friends and family members who brag about getting a new car, only to complain three seconds later about their car payment and insurance. They also pridefully state which of their friends just landed new jobs with high pay and how that money will soon be spent up.

Then, with my older friends and family money is talked about in a different way. Most are scrambling to keep up with all their bills and don’t have the slightest clue how they’re going to fund their retirement.

While I try my hardest to refrain from dishing out unsolicited financial advice, I can’t help but think that materialism is the cause of all these financial problems.

Is buying too many items that you don’t really need a problem for you to? If so, here’s what to do.

Treat Materialism Like an Addiction

An addiction is simply the tendency to perform an action repeatedly. Materialism is putting higher value on physical items than on spiritual value. (Or at least that’s the technical definition.)

Materialism is an addiction and it should be treated like one.

If you feel the need to buy items to keep up with societal expectations or if you’re pulling all of your happiness out of material possessions, then you have a problem.

Money is the most cited cause for stress and if you’re spending money that you don’t have on stuff that you don’t need you’re going to feel the pinch.

Take materialism seriously. It’s an addiction just like smoking cigarettes, doing drugs, or becoming an alcoholic is.

Slowly Decrease the Amount of Stuff You Buy

I’ve been around addicts for the better part of my life. And if you look around you probably have too. Trying to fight an addiction by going cold turkey almost never works.

For instance, have you ever known anyone who tried to quit smoking? The smoker tries to go cold turkey and might have success for a couple of days but it almost never lasts. Instead, after one stressful day the habit is picked back up.

Instead of trying to go cold turkey you should slowly decrease the amount of stuff you purchase until you’ve got your habit under control.

Examine how much money you spend on stuff you don’t need each week and cut that number back by 10 or 20 percent every couple of weeks. You’ll slowly adjust to the new lifestyle change and in a month or two you’ll have developed a new habit.

Start Paring Down Your Stuff

While you’re in the midst of retraining your brain to spend less start examining the items you currently own.

Go through your house room by room, look at your belongings while asking yourself if the items is something that you need or use. If it’s not put in a pile and sell it. (Or donate it, whatever you prefer.)

You can get some of your money back by selling the items you don’t truly need. Then you can take that money and put it toward whatever debt you’ve accumulated.

Stick With It

Defeating any type of addiction is an ongoing effort. You have to retrain your brain and find a new normal.

But trust me, after a while you won’t feel the urge to buy everything you want. You’ll develop self-discipline, reduce your stress, and be able to build a stronger financial foundation.