It all starts innocently enough. After a particularly rough day at the office, you can’t think of a better way to reward yourself than by finally adding that cute, strappy black sandal you’ve been eyeing to your black sandal collection. Your closet already boasts several more like it, but you’ve been drooling over this one for weeks. Such are the symptoms of a fetish spender. Fetish spending, as defined by Christephor Jones, a certified financial planner and retirement specialist, is a tendency to spend repeatedly on specific items that have a perceived value. These items are sometimes slightly out of your price range but often convey a certain status.

“Professional and successful women in their 20s and 30s are most often guilty of indulging in spending fetishes,” according to Jones. When there is disposable income available, women naturally focus on what they enjoy purchasing the most. The problem often occurs when spending outpaces earning, which is not always recognizable to the fetish spender.

You are surely asking yourself: Am I a fetish spender? If you must have the latest handbag or the hottest new pump, this is probably you. For some women, even vacations can make the list. The reality of fetish spending is that often these items decrease in value. The value starts diminishing almost at the moment of purchase. Fetish spending is not altogether bad, however, knowing when it has become out of control is key. If you find yourself constantly rearranging your expenses or not meeting important bills because of your fetish items, you could be headed for financial ruin.

“Developing a strategy hinged on including fetish items in your budget will still allow for the inclusion of the latest Louboutins, while actively working toward financial health,” explains Jones. However, he warns against spending without establishing a real financial foundation. “If your foundation is shaky, everything else will crumble.”

A good first step for fetish spenders is to control your income-to-debt ratio. Mountains of debt can destroy your financial goals, especially in the short-term. Once your debt is under control, it’s important to determine how much income you can realistically afford to allocate to your favorite fetish items. Although these items tend to satisfy you temporarily, it’s important to recognize that fetish spending can become a hindrance to long-term financial aspirations. “It’s all about developing a plan that works for you,” Jones stresses. “The more money you make without a plan, the more apt you are to spend recklessly.”

By: Kim Snow

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