Sounds crazy, right?
Is it even possible for someone to suffer from a financial disorder? Well, the answer is yes and there are different types of money disorders, which might affect an individual. Most of the people agree that money is major cause of stress in their life. The worst part is that it can affect your life in a drastic manner.
According to Wikipedia:
“Money disorders are the maladaptive patterns of financial beliefs and behaviors that lead to clinically significant distress, impairment in social or occupational functioning, due to financial strain or an inability to appropriately enjoy one’s financial resources.”
The economic crisis a few years back left people with high debt and low savings, hence increasing the financial strain. Are you a victim of financial disorders? Let us find out some common financial disorders and their symptoms.
- Obsessive frugality: Being frugal is healthy in the current economic crisis. However, “under-spending” is a sign of a financial disorder. Some common habits of these individuals include saving money for necessities of life such as visiting a dentist, worrying about financial status even after having a good debt-to-income ratio, and refusing to spend or invest money in safe schemes. The income scale is irrelevant and an individual might earn $500,000 or $20,000 annually.
- Financial rejection: Everybody would love to earn and accumulate more money. However, some people experience guilt because of accrued money and associate it with being a bad person. Most of these individuals make considerably lower amount of money than their skills or professional experience and give away money because they do not want to be associated with money. People suffering from financial rejection often consider themselves spiritually superior to the rich people.
- Compulsive buying: Individuals suffering from the compulsive buying disorder often tend to spend huge amount of money on shopping for a temporary relief from anxiety/worry. It is just like frenzy and the individual indulge in buying to satisfy this urge, which is recursive and might start again. Compulsive buying can destroy your financial status within a short period.
- Financial Enabling: Financial enablers include individuals who give money to other even if they find it difficult to afford it. Such behavior keeps the receiver from becoming financially independent and in most of the cases, it includes parents who are supporting their grown up adults. Financial enabling is among the most common and increasing financial disorders. The economic crisis is one of the major reasons behind the increase in financial enabling among parents and family members.
- Financial dependency: Everyone requires some financial help during financial distress, but it is a sign of trouble if you are overly dependent on your spouse for money. The feelings of low self-esteem and worth are common among these patients. A majority of these individuals is unaware of the monthly income of their family and they have never supported themselves. Financial dependency can stifle your motivation, will to succeed, and creativity in a negative manner.
Financial disorders can be easily recognized and cured with self-control. One can even get professional help from experts (financial psychologists) and improve their mental condition. It is all about challenging your financial belief and becoming emotionally as well as financially strong.