The Hidden Influence of Money Dysmorphia on Your Financial Decisions
Our relationship with money is complex and deeply personal, shaped by our upbringing, culture, and generation. But what happens when our perception of our finances becomes distorted, leading to irrational beliefs and feelings about wealth, spending, and financial stability? This phenomenon is known as “money dysmorphia,” a term that draws parallels to body dysmorphic disorder (BDD).
The Signs and Symptoms of Money Dysmorphia
Money dysmorphia can manifest in various ways, causing stress, anxiety, and unhealthy financial habits. Some common indicators include:
- Avoiding checking bank account balances or constantly monitoring them
- Maxing out credit cards
- Constantly worrying about not saving enough money
- Avoiding spending or making financial decisions due to anxiety
- Feeling guilty or ashamed after spending money
- Constantly comparing your financial situation to others
The Consequences of Money Dysmorphia
The effects of money dysmorphia can be severe and far-reaching, holding people back in personal and financial ways. According to Han Lim Kim, a licensed clinical psychologist, “You might be losing or hurting relationships by avoiding spending on activities with friends and family and miss out on the joys connected to these interactions.”
Breaking Free from Money Dysmorphia
If you think you may be struggling with money dysmorphia, there are steps you can take to overcome it. Start by paying close attention to your feelings about money and identifying the moments when illogical or unwarranted feelings arise. Having a budget and a clear idea of your income and expenses can give you peace of mind and quell any fears about being able to cover your expenses.
Reframing Negative Thoughts
Negative thoughts about money can lead to a scarcity mindset. By reframing these thoughts, you can view your financial situation in a more positive light. For example, instead of thinking “I’m bad with money,” try reframing it to “I haven’t learned how to budget yet, but I can start now.”
Seeking Professional Help
Financial advisors can help you get a clear sense of where your finances stand and create a plan for achieving your goals, putting your financial anxieties at ease. They work with people from all economic backgrounds, not just the wealthy.
Creating a Goals-Based Plan
A goals-based plan can help you feel psychologically safe and ensure that the technical aspects of your financial life are covered. By outlining your goals, assets, and spending patterns, you can project your financial situation over time and make adjustments as needed.
Taking Control of Your Finances
Money dysmorphia doesn’t have to hold you back. By recognizing the signs and symptoms, reframing negative thoughts, and seeking professional help, you can take control of your finances and achieve financial peace of mind.
Leave a Reply