How one shopaholic became a saveaholic
Written by Amaara Dhanji

Thursday, July 20th, 2023

I have a confession: I used to have a terrible spending habit. I was an impulsive shopper and used shopping as a coping mechanism when I was sad or stressed out. I never tracked my spending or saving. While this was great for my wardrobe, I can't really say the same for my bank account.

Then came the pandemic. I was stuck at home, so I finally dedicated time to declutter my living space and take a closer look at my finances. It wasn't pretty. I realized my mantra of “I'll always have time to make money when I'm older," was not doing my future self any favours.

It was time to make the shift from being a shopaholic to a saveaholic.

This is an example of what a typical week used to look like for my wallet:

Monday

  • I'd take transit to work and load up my monthly card. $50
  • On the way back, I'd stop by the grocery store to pick up groceries for the next two weeks. $150
  • I'd pick up dinner as a result of being too tired to cook. $25

Tuesday

  • To make the commute feel better, I'd treat myself to a coffee on the way to the office. $5
  • I'd do a workout class on my way back home from work. $20

Wednesday

  • My music streaming subscription renewed for the month. $10
  • I'd shop for cute houseware items while bored at work. $40
  • I'd meet friends for dinner downtown. $50

Thursday

  • I'd treat myself to an online shopping session to release work stress. $300

Friday

  • I'd run out of prepared food for lunch and order something near the office. $17
  • Friday night meant going out to the bar. $60

The weekend

  • Saturday morning workout class. $20
  • I'd pick up some art supplies on my way back for a DIY project. $15
  • My friends and I would grab brunch and go to a movie. $60

Total spent in one week: $582

Once I took a good hard look at my finances, I promised myself I would improve my spending habits. Outside of creating a budget for myself, here are some of the other changes I made:

  1. 1. Unsubscribed from sales emails:My impulse shopping was often fuelled by getting a sale email in my inbox. Once I unsubscribed from all of these brands' email campaigns, my urge to shop online decreased dramatically. Of course, I still enjoy a sale every now and then, but only when I'm looking for one.
  2. 2. Found other coping mechanisms:The early pandemic made me realize that I used any emotional excuse as a reason to go shopping. Sad? Buy something cute. Stressed? Buy something cute. Happy? Reward myself with something cute. I was only able to stop this habit by finding new hobbies. Now when I'm sad, I bake; when I'm stressed, I work out, and when I'm happy, I treat myself with a nice meal instead of a huge haul.
  3. 3. Do a semiannual audit of my living space: Realizing how much junk I had accumulated over the years was probably my biggest wakeup call. I don't have a huge living space, so I have to be efficient with the space I have. Twice a year I do an audit of my home to remind myself that I have everything that I need, unless it needs to be replenished.

Since scaling back my spending habits, this is what a typical week of spending looks like for me now.

Monday

  • I still need to commute to work and reload my pass. $50
  • I grab groceries on the way back to cook for the next few weeks. $200
  • Dinner at home from the weekend's leftovers. $0 in new spending

Tuesday

  • After a stressful day at work, I treat myself to a baking night with ingredients I already have. $0 in new spending
  • While waiting for things to bake, I do an online workout at home. $0

Wednesday

  • As a little pick-me-up, I grab a coffee near the office. $5
  • I go over to my friend's place for dinner, we cook together and I grab drinks. $10

Thursday

  • I prepare coffee for my commute to work. $0 in new spending
  • I do a workout class after work. $20

Friday

  • My friends and I grab dinner and drinks. $50

The weekend

  • I pop into the mall to grab coffee pod refills. $32
  • My friends come over for a board game night. $0 in new spending
  • The bubble tea craving hits during my Sunday refresh. $8

Total spent in one week: $375

At the end of the day, shopping made me happy, and that's never going to go away. But you can see that with just a few simple lifestyle changes, I was able to cut my weekly spending by over $200 (sometimes less, sometimes more). I'm proud to say that I'm no longer a shopaholic!

Share now

Saving, tracking your spending and staying on top of your finances can all be a breeze.

Learn about Tangerine’s options for spending that put you in charge.

Related posts

Should couples get joint credit cards?
Should couples get joint credit cards?
August 18th, 2023 | Sarita Harbour
How to protect your money when you travel
How to protect your money when you travel
August 11th, 2023 | Barry Choi
How well do you know your credit score? (quiz)
How well do you know your credit score? (quiz)
July 7th, 2023 | Barry Choi
Legal Stuff
This article or video (the “Content”), as applicable, is provided by independent third parties that are not affiliated with Tangerine Bank or any of its affiliates. Tangerine Bank and its affiliates neither endorse or approve nor are liable for any third party Content, or investment or financial loss arising from any use of such Content.
The Content is provided for general information and educational purposes only, is not intended to be relied upon as, or provide, personal financial, tax or investment advice and does not take into account the specific objectives, personal, financial, legal or tax situation, or particular circumstances and needs of any specific person. No information contained in the Content constitutes, or should be construed as, a recommendation, offer or solicitation by Tangerine to buy, hold or sell any security, financial product or instrument discussed therein or to follow any particular investment or financial strategy. In making your financial and investment decisions, you will consult with and rely upon your own advisors and will seek your own professional advice regarding the appropriateness of implementing strategies before taking action. Any information, data, opinions, views, advice, recommendations or other content provided by any third party are solely those of such third party and not of Tangerine Bank or its affiliates, and Tangerine Bank and its affiliates accept no liability in respect thereof and do not guarantee the accuracy or reliability of any information in the third party Content. Any information contained in the Content, including information related to interest rates, market conditions, tax rules, and other investment factors, is subject to change without notice, and neither Tangerine Bank nor its affiliates are responsible for updating this information.
Tangerine Investment Funds are managed by Tangerine Investment Management Inc. and are only available by opening an Investment Fund Account with Tangerine Investment Funds Limited. These firms are wholly owned subsidiaries of Tangerine Bank. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.