You might have heard of financial anxiety and financial stress, but here’s another term that might be more accurate to describe the constant worry about your finances – Money Dysmorphia.
Worrying about your finances in this economy is normal, but if this worry never leaves you whether you’re awake or asleep, then it could be more than just anxiety. If you constantly worry about money, feel guilty after spending it, or avoid financial decisions, you might experience money dysmorphia. While money dysmorphia is not a recognized mental health disorder, the term can describe irrational fears and anxieties over your financial situation.
So, how do you know if you have money dysmorphia? What signs do you need to watch out for? And if you do experience it, what to do about it? Let’s read more!
What is Money Dysmorphia?
Money dysmorphia is a distorted perception of your financial reality. This disorder mirrors body dysmorphia (BDD), a mental health disorder where one’s perception of their body is distorted. In this case, it is your finances that look unhealthy and distorted.
A study found that money dysmorphia affects 29% of Americans. Moreover, money dysmorphia is affecting younger adults, with over 40% of both Gen Z and Millennials reporting feeling financially unhealthy, regardless of their actual financial situation.
Some common money dysmorphia examples could include:
- Earning well but panicking over spending too much
- Skipping hanging out with friends because you feel financially insecure
- Spending hours stressing over small expenses and feeling guilty about spending
- Refusing to spend on experiences as you believe that spending is wasteful
Is Money Dysmorphia a Real Thing?
Yes, money dysmorphia is real in the way one might experience it. While no one can say that money dysmorphia is a recognized disorder, it is a term that describes the disconnect one feels between their financial situation and how one sees it in their mind. Just like BDD makes you see the flaws that aren’t there, money dysmorphia makes you believe you’re financially struggling, even if you’re not.
A study found that money dysmorphia affects 29% of Americans. Moreover, money dysmorphia is affecting younger adults, with over 40% of both Gen Z and Millennials reporting feeling financially unhealthy, regardless of their actual financial situation.
Money dysmorphia is real in the way that it impacts your thoughts, emotions, and even how you behave with your spending. This psychological condition can cause you to feel financial stress and even avoid budgeting. Besides, if money dysmorphia is left unchecked, it can take a heavy toll on one’s mental health, and relationships, and even take the joy out of living their life freely.
Signs of Money Dysmorphia
Money dysmorphia can look different for everyone, so the symptoms and signs of the disorder might also vary. However, here are some common money dysmorphia symptoms you need to know.
You avoid checking your bank balance.
If you avoid checking your bank account because you fear what you’ll see, then it can be a sign of money dysmorphia. You go with the principle “What I don’t know won’t hurt me”. In the end, ignoring your finances won’t make the anxiety go away. If only, it makes it worse.
You overspend without considering the consequences.
You use your credit card, go impulsive shopping, and convince yourself that you’ll figure something out. You overspend on takeout, designer things, or expensive trips without considering the aftermath. You regret your decisions when bills pile up. If this is you, then it’s a sign you have money dysmorphia.
You constantly worry about savings.
No matter your savings, you worry that you don’t have enough. If you keep dwelling on the “what ifs” then take it as a money dysmorphia symptom that you should not ignore. While it’s ok to be financially cautious, worrying too much can stop you from enjoying your present.
You feel anxious about spending money.
Every purchase you make, even if it’s necessary, fills you with fear and guilt. You always second-guess buying things, even when you can afford it. The thought of spending money gives you anxiety. If you can relate to this, then take it as another sign of money dysmorphia.
You feel guilty for your expenses.
No matter how necessary you purchase it, you feel guilty. You overthink about how you should have saved instead of spending your money. Even buying groceries is a decision you feel guilty over.
You feel you don’t have enough money.
Another money dysmorphia symptom to watch out for is the feeling of financial insecurity. No matter your investments and savings, you keep feeling insecure when it comes to your finances. You feel that you never have enough money and this makes it hard for you to recognize financial stability.
You compare your finances with others.
Another sign of money dysmorphia is when you can’t stop comparing your financial situation with those of your friends and family. When you see others doing well financially, you feel inadequate. This constant comparison can also add to your stress and anxiety, making you feel worse.
If you see these signs in yourself, then you’re not alone! Money dysmorphia is real and can hold you back from enjoying your life.
Some common causes of money dysmorphia can be:
Financial instability in childhood
Let me tell you, if, as a child, you’ve seen a financially insatiable household, then it can stick with you, making you experience money dysmorphia as an adult. You might have developed habits like saving more than necessary, avoiding spending on luxury items, and even feeling guilty when you spend your money.
Social media influence
Social media is a great tool, but it can be a cause too! Seeing influencers on TikTok or Instagram showing off their designer items, high-end vacations, and expensive stuff can also make you feel financially insecure. Even if you have a financial cushion and are doing well, you might feel that you’re behind others or not making enough.
Unstable economy
Let’s take the recent government change as an example. The cost of living, student debts, and unpredictable job market can make it hard for groups such as millennials and Gen Zs. Even with a steady income, these groups might worry about the future, making them feel that they will never reach financial stability.
Past traumas
Another cause of money dysmorphia can be any past financial decision you’ve made that didn’t go in your favor. You might have overspent on something, maxed out your credit, or taken a loan that you can’t repay. These past bad experiences can cause extreme anxiety and stress when money is concerned. This can also make you second-guess every decision you take involving money.
Fear of failure
Yes! Even a fear of failure can make you feel money dysmorphia. Some people I’ve seen are so obsessed with making money right that they avoid financial decisions totally. They will worry about making the wrong investment, choosing the wrong adviser, or simply not seeking financial help at all.
Who Is Being Affected by Money Dysmorphia?
Now the big question! Who all are affected by this psychological condition? Does it affect only low-income groups? Or can anyone, regardless of their financial status, can experience money dysmorphia?
The answer’s simple! There’s no discrimination when it comes to money dysmorphia, but, some people are more likely to experience it than others. Who? Let’s see:
Millennials and Gen Z
In a recent study, researchers found that over 40% of millennials and Gen Zs are likely to experience money dysmorphia. Even if they are earning well and are financially okay, they feel that they can never afford a home, save enough for the future, or stop stressing about their finances.
People with financial anxiety
Yes, you read it right! Money dysmorphia affects people who struggle financially, even people earning well but have financial anxiety. They often feel that they are just one step away from losing their hard-earned savings. So, to avoid that they save excessively, avoid even necessary expenses, or stress over small money-related details.
Self-employed people
If you are working in a field where income is unpredictable, then money dysmorphia can be experienced. Self-employed professionals often feel financially unstable, even if they are making ends meet, simply because they don’t get a stable paycheck each month.
People living with financial crisis
If someone has grown up in a house where finances were always insufficient, then they might also experience money dysmorphia. Surprisingly, even after becoming financially good, they might not shake the crisis away.
How to Overcome Money Dysmorphia?
While we can’t point to one cause of money dysmorphia, that does not mean that there are no ways to overcome money dysmorphia. Here are some tips that can help you treat money dysmorphia:
Find Your Triggers
Pay attention to what causes you to feel financially anxious. Do you feel stressed when you check your bank account? Do you feel guilty and regret making necessary expenses? Knowing what causes your money dysmorphia can help you manage it effectively.
Check in with Yourself Regularly
Try to have a day each month to go over your finances. Knowing what comes in and what goes out can help you ease your money-related fears. Keep a budget and check in with your bank balance regularly to focus on facts over anxiety.
Change Your Mindset
If you always think about the “what ifs”, then try to change your thinking. Move your thoughts to a more positive charge. One simple change in how you see your budget and finances can make you feel more in control.
Talk to a Financial Advisor
Another way you can overcome money dysmorphia is to ask for financial advice from a professional! A financial advisor can help you get a clear picture of where you are with your money and how you can plan for your future without anxiety taking over your mind.
Money’s Important But So Are You.
Money dysmorphia can make you feel financially insecure even when you are financially stable and well-off. This disorder can distort your reality by making your fears and anxieties seem too big. The good news is that you can learn to see the signs of money dysmorphia, see what triggers you, and overcome money dysmorphia.
Take charge of your money mindset and don’t forget that while money is important, so are you and your mental health. You’re not alone in facing this insecurity, so don’t let it control you.
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