Nowadays, with the rise in inflation worldwide, people are constantly stressed out about managing their finances. Some worry about their retirement plans while some worry about the unexpected medical costs in old age. People are constantly juggling between spending and saving enough money to fulfill their responsibilities. Some people worry so much about spending money that they may get anxious. The anxiety may get worse with the passage of time. This mental disorder is called chrometophobia.
The constant fear of spending money may take a toll on a person’s mental health. Even if the people with this disorder have enough savings in their accounts, they will still be worried about mismanaging their finances.
Factors responsible for chrometophobia
There are a number of factors that may inculcate this fear of spending in you.
If you have been brought up in an environment where your parents constantly stressed about being frugal and saving every penny to make ends meet then you are most likely to get this habit in yourself. Children are the reflection of their parents and they notice everything about their parents.
If you spent your childhood in poverty then this factor also gives financial insecurities and worries. This fear of spending stays with you from your childhood to adolescence. Once you get back on your feet and earn yourself a living then this fear will slowly and gradually go away.
People also worry about the uncertainties of life. If you have gone through a sudden financial turmoil in life, you will feel constantly worried that such a situation may arise again in the future.
Tips to manage spending anxiety
The following tips can help you manage your stress related to spending.
Try to look at your financial situation from a different perspective. Look at what you have spare and how you can manage it well. Keep the money for different bills aside. ‘Save first and spend later’ as told by Warren Buffet. This will make you organize your finances in a better way.
- Manage different accounts
You can put money in an account to manage day-to-day expenses. In another account, you can put aside money in case of an emergency. After you have allocated your money for day-to-day expenses, you can now freely put aside some money for your pleasure.
A therapist can help you identify the root cause of your anxiety. You can be offered some financial advice as well to lessen your worries. If you think you are thinking too much about spending your money and this is affecting your relationship with your loved ones then you can take some antidepressants in consultation with your doctor. The online rx coupons for antidepressants are available at PricePro Pharmacy at discounted prices.
- Treat yourself to small luxuries
If you think that you have saved enough to go on a luxurious vacation, you can still get anxious about the expensive trip. Try to treat yourself to small luxuries like having dinner at a five-star hotel or buying an expensive perfume.