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Help for Shopping Addictions

The author of the book, "I Shop, Therefore I Am" estimates that about 15 million Americans are "shopaholics."

Now if you have an unlimited bankroll, I don't suppose it matters. But for the rest of us, here are a few ways to curb your excessive shopping.

  1. Use cash whenever possible. Leave the credit cards and debit cards at home.
  2. Set a spending budget before you leave home and then add a small amount of mad money for yourself. But stick to the budget.
  3. If you believe you can't do much damage in a Wal-Mart or K-Mart, guess again. Temptations can be found in every aisle, and they can really break your bank.
  4. Even when you go to the mall, use a list. Don't deviate from it any more than your mad money will allow.

Know the difference between your needs and your wants. Before buying anything, ask and answer two questions - do I need it, and why?

We hope this article was helpful. But if you'd like to read more on this—or a closely related—subject, just click here.

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Child Savings Accounts

When opening a savings account for your child, make sure their Social Security number is used as the account's tax identification number. That way, as long as your child is under age 14, interest earned will be taxed at your child's lower tax rate, not at your tax rate. This rule holds true as long as your child earns less than $1,300 a year in interest.

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