psychology, face, dialogue

Afraid of spending money?

Some people feel a sense of fear or panic when they need to spend money, despite being financially stable. Sounds strange? It’s true!! So why are there people so fearful of spending money, even when they know it would benefit them in their personal lives? If this is you, it can be a sign that you have financial trauma that causes you to have an unhealthy relationship with money and finances. 

What is Your Relationship With Money? 

It’s good to reflect on what your relationship with money is, and how it makes you feel. Are you nervous every time you go to open the mailbox, even though you no longer have a significant amount of debt? Do you enjoy spending money on yourself, or does it cause anxiety and stress? 

Thinking about how money makes us feel helps us understand where our fear of not having enough comes from. Some people acquire this fear after experiencing poverty, while others were taught that being frugal means sacrificing any unnecessary spending, even at the cost of your safety, mental health, or overall well-being. 

How Does Your Past Affect Your Spending Habits? 

Your past experiences shape how you view the world, including how you feel about financial interactions. Experiencing extreme poverty, for instance, may cause you to feel insecure about the amount of food you have in the house, which could create specific spending habits at the grocery store. You may find yourself stocking up on canned goods that are not as healthy as the fresh foods that are available, just because it makes you feel more secure knowing that they are able to be stored for a longer period of time. 

Similarly, what you were taught as a child about money will affect how you spend money today. People who were taught how to manage their finances at a young age typically experience less stress and anxiety surrounding spending money on themselves. This is because they have had the skills and practice necessary to know what they are able to put aside for personal spending, and what they need to save and invest. 

What is Financial Trauma? 

Financial trauma is any type of trauma that affects the way you view or spend money. This can come from experiences throughout your life, and often stems from experiencing poverty or having your money be outside of your control, perhaps due to an abusive relationship. Financial trauma leads to a negative, toxic relationship with money, even after the person has established themselves monetarily. 

How a Money Coach Can Help 

A money coach helps you to recognize your feelings about spending money, and will go over your financial habits, thought processes, and past experiences to help you have a healthier financial and personal outlook. 

As a physician, I became burnt out in the high-stress work environment that doctors often experience. I also noticed that although I had a successful career, I did not fully understand how to manage my finances. I also had a lot of negative thoughts and feelings about money. 

As I spent more time learning about managing wealth, I realized that my experiences mirrored those of many of my peers. I began sharing what I had learned, and saw the positive changes my colleagues were making. I became excited about educating others who, like myself, had experienced financial trauma and were unable to mend their relationship with money on their own. If you suffer from financial trauma, contact me today to find out how we can create a new, healthy financial outlook for you!! 

Leave a Comment

Your email address will not be published.