I just finished watching Confessions of a Shopaholic, which if you haven’t seen it, is as much of a chic-flick as you think it is. But sadly, it’s also a very accurate look at how some people get lost in a vicious cycle of spending addiction. You might recognize the signs: Every purchase can be justified, you ignore the fallout of your spending habits, and when the post-purchase high fades, you’re left wondering where all your money has gone and what you can buy to make yourself feel better. This cycle is a far cry from healthy financial goals – wealth creation, growth, and enjoyment. Plus, it leaves you with a pile of stuff that you don’t really need.
If you want to get out of debt, start saving, and become financially stable, there’s a new website that can help. I found it – of all places – via an article in Canadian House & Home’s April 2009 edition. The author of the article, Wendy Dennis, points readers to Spendster, calling it “AA for overspenders.”
Spendster is simple but effective. You go through your spending history, total it all up, input the scary figure, and the site will tell you what that money would be worth if you had invested it or saved it. On their “More Stuff” page there are tips on how to break the cycle, commit to spending less, and even straighten out your tax refund.
Check it out, and let me know if you think Spendster will be one of the tools that helps you achieve your financial goals.