Is money obsession a disorder?
The psychological disorder is called Compulsive Hoarding Syndrome (CHS). It is characterized by an excessive preoccupation with money, often to the point of obsession. People with CHS may hoard money, save it compulsively, or feel a need to constantly acquire more money.
Having said that, money dysmorphia is not an officially recognised psychological condition. It has been used to describe a set of symptoms that some people experience related to their relationship with money. It is often accompanied with other mental health conditions, such as anxiety and depression.
- Don't let money consume your thoughts.
- Get organized.
- Let go.
- Set up monthly auto payments.
- Talk to someone about your financial stress.
- Manage your health to build wealth.
- Focus on your financial goals.
- Live a little.
Disorders associated with money worshipping include hoarding, unreasonable risk taking, pathological gambling, workaholism, overspending and compulsive buying disorder.
Money disorders can be described as certain self-destructive or self-limiting financial behaviors that are recurrent and predictable, and often result in conditions such as emotional distress, anxiety, and even impairment of certain areas of a person's life such as marriage.
Someone who is avaricious is greedy or grasping, concerned with gaining wealth. The suggestion is that an avaricious person will do anything to achieve material gain, and it is, in general, not a pleasant attribute.
A person with OCD might count their money or check in their wallet repeatedly. Some people with OCD also begin hoarding free items to save money. Obsessive-compulsive disorder can cause a person to repeat themselves often.
Those suffering from money dysmorphia frequently compare their financial situation to others, making them feel behind. The obsession to be rich yet feeling like it's completely out of reach is considered to be another root cause of the problem.
Financial anxiety, or money anxiety, is a feeling of worry about your money situation. This can include your income, your job security, your debts, and your ability to afford necessities and non-essentials.
"Overspending is often more than just a lapse in financial judgment; it frequently signals underlying emotional or psychological triggers. For instance, some people may overspend as a form of escapism, temporarily distracting themselves from stress or emotional pain," Hathai says.
Why is money obsession bad?
Dreaming about having money is common, but associating success with money is harmful because it can lead to patterns of money disorders, such as money worship. Other potential consequences include addictions to gambling and compulsive spending, both of which are dangerous to people in vulnerable states.
Financial trauma often leads to increased levels of stress, exacerbating symptoms of anxiety and depression. Feelings of shame, guilt or worthlessness can also emerge as individuals internalise their financial struggles and perceive themselves as failures.
Overspending, however, is a common symptom of bipolar disorder and is often linked to the euphoria and excess energy of a manic episode.
If you experience symptoms like mania or hypomania, you might spend more money or make impulsive financial decisions. You might have an addiction or dependency which makes you spend money.
The Hoarder
A “hoarder” may find it difficult to spend money on what they consider “extras” or pleasures for themselves and their children. They may have a difficult time with the idea that they may have to use some of their savings for paying for expenses for their partner or their children.
- Can't control their obsessions or compulsions, even when they know they're excessive.
- Spend more than 1 hour a day on their obsessions or compulsions.
- Don't get pleasure from their compulsions but may feel temporary relief from their anxiety.
Symptoms fluctuate in severity from time to time, and this fluctuation may be related to the occurrence of stressful events. Because symptoms usually worsen with age, people may have difficulty remembering when OCD began, but can sometimes recall when they first noticed that the symptoms were disrupting their lives.
A person who struggles with “Just Right” (Perfectionism) OCD or Scrupulosity OCD may experience a persistent fear of spending money. Spending money for this person may bring fears that they are a bad person, irresponsible with their money, or that they will spend money and not have enough for something else.
Our mental health might be affected by money problems in different ways, for instance: stress, worry or anxiety because we do not have enough money (financial anxiety) a low mood or feeling depressed about money.
Debt and financial problems can lead to poor mental health, such as chronic and long-lasting stress. And many people feel that money stress is harder than work- and family-related stressors. Not surprisingly, if a person's mental health is already bad, their financial wellness is also put at risk.
What are the negative psychological effects of money?
Other emotions people associate with money include worry, anxiety, feeling overwhelmed and insecurity. These are the money-related activities that triggered negative feelings, from most to least common: Looking at their bank accounts (49%) Paying a bill (41%)
Money anxiety, in basic terms, happens when you worry about your income or fear something bad could happen with your finances. To put it another way, it's an emotional response to your financial situation. But money anxiety doesn't necessarily mean you have no money at all.
Spenders value experiences. For savers, reaching goals is more important. But if you have money-related fears—also known as chrometophobia—life can feel downright gloomy.
Distraction, setting lower expectations for yourself, or making an action plan may help you stop ruminating in the short term. If these strategies don't help, counseling or CBT may be beneficial.
The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings. The savings category also includes money you will need to realize your future goals.
