Financial Bulimia

Do you suffer from Financial Bulimia? I think it’s an interesting definition for a way some people spend money. I’d never heard it before, but I came across it at So Now What?:

Financial Bulimia. I have a tendency to get ultra frugal, and then snap and do something like book a last minute weekend getaway–to the tune of $3,000! I would like to get on a more even, moderate keel.

I think that the term fits quite accurately to a lot of people trying to get their finances in order. It also rings true since dieting and personal finances / debt reduction have a lot of similarities. Just like with dieting, there is no quick fix with debt reduction. It takes time and ultimately a cha

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3 Responses to Financial Bulimia

  1. Brian says:

    Agreed Jeff, like a health diet, it’s a lifestyle change. People have to be in it for the long haul, use discipline and believe your life will be better if you reduce your debt load.

  2. samerwriter says:

    We generally don’t “binge spend”, but I do find that over time our spending slowly increases.

    Every year or so we spend perhaps a month going through some conscious belt-tightening. In my experience, one can only be ultra-careful about spending for a limited period (especially if one’s spouse isn’t entirely bought into the idea!). That helps establish some good habits.

    Then in about a year we start the cycle over. I think the ‘dieting’ analogy still applies, but rather than financial bulimia we just slowly start growing a financial spare tire…

  3. Pingback: Frugal For Life » Blog Archive » Financial Bulimia and the Mind

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