Why am I anxious when I spend money?
Beyond general worries around your bank account, an extreme fear of spending money can sometimes be linked to some mental health concerns. For example, having extremely rigid control over your finances is sometimes linked to obsessive-compulsive personality disorder (OCPD for short).
Feelings associated with money
You might feel guilty for spending money, even if you know you can afford it. Or, you might feel guilty for seeking support, even if you know you need it. You might be afraid of looking at your bank balance or speaking to the bank. You might feel ashamed for needing support.
- 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.
What causes financial anxiety? According to Blackwell, there are many triggers that can cause financial anxiety. Some common ones include a potential job loss, a money misstep, a lack of personal finance education or your childhood beliefs about money.
It's an easy technique to remember and use in the moment, it's available to us the majority of the time, and it can be a simple strategy to help us focus and ground when anxiety overwhelms. Put simply, you name three things you can see, name three things you can hear, and move three different body parts.
Fear of spending money or excessive frugality is sometimes known as Chrometophobia, a Specific Phobia related to money. Fears about spending money may also be involved in obsessive-compulsive disorder (OCD).
Financial anxiety can be triggered by any number of things, not just a lack of money. Those who suffer from financial anxiety are continually worrying about bills and might be afraid to look at their bank account or cope with anything to do with personal finances.
Never hesitant to rebrand an existing phenomenon, millennials and their Gen Z frenemies are admitting to having “money dysmorphia” — a feeling of insecurity around their financial situation even when the true picture reveals little cause for concern.
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. Let's take a closer look at each category.
In Hebrews 13, Paul reminds us to “keep our lives free from the love of money, and be content with what you have.” No matter how big your dreams are, remember to be content now. The God of the universe is for you, and that is more than enough.
What is money insecurity?
“Financial insecurity” is used broadly to describe living paycheck to paycheck and/or concerns about making ends meet. People who are financially insecure are economically vulnerable; they have little savings, often spend as much as or more than they make, and are frequently crippled by unmanageable debt [6].
Are you always waiting for disaster to strike or excessively worried about things such as health, money, family, work, or school? If so, you may have a type of anxiety disorder called generalized anxiety disorder (GAD). GAD can make daily life feel like a constant state of worry, fear, and dread.
20% of your daily tasks, activities & interactions are creating 80% of your stress. So if you want to remove stress from your Life, simply identify what those 20% of tasks are, that generate the most stress.
More specifically we expect positive association between caring and anxiety and a negative association between the other four Cs (competence, confidence, character, and connection) and anxiety.
- “It's All In Your Head” So is everything. ...
- “I Get Anxious/Feel Stress Too” ...
- “Is This My Fault?” ...
- “Anxiety Is Just a Trend”/”Other People Have It Worse”/”It's Not Such a Big Deal” ...
- “Not This Again” ...
- Stop Worrying/Calm Down.
So why do many of us feel awful when we spend money, even if it's on something that actually makes us happy? A big reason why people feel guilty about spending money is they fear that it could be going towards something better or more important. This feeling is usually the result of a lack of planning.
Recently, psychological research scientists have presented evidence that stresses surrounding your finances—or financial traumas—can actually create the same negative thoughts, feelings, and behaviors that are more commonly connected with post-traumatic stress disorders (PTSD).
A depression is a dramatic and sustained downturn in economic activity, with symptoms including a sharp fall in economic growth, employment, and production. A depression can be defined as a recession that lasts longer than three years or that results in a decline of at least 10% in annual GDP.
While every person has their own relationship with money, Julie thinks that the reason many of us have negative emotions around money is because it is kept so secretive from the time we are young. “We teach kids to be curious about the world around them, but shut down conversations around money,” Julie said.
Consider an individual who takes home $5,000 a month. Applying the 50/30/20 rule would give them a monthly budget of: 50% for mandatory expenses = $2,500. 20% to savings and debt repayment = $1,000.
How to budget $4,000 a month?
- 50% for mandatory expenses = $2,000 (0.50 X 4,000 = $2,000)
- 30% for wants and discretionary spending = $1,200 (0.30 X 4,000 = $1,200)
- 20% for savings and debt repayment = $800 (0.20 X 4,000 = $800)
It is recommended that you spend 30% of your monthly income on rent at maximum, and to consider all the factors involved in your budget, including additional rental costs like renters insurance or your initial security deposit.
So focus on that and immerse yourself in Jesus so you can better understand his faithfulness to you. Read : Philippians 4:6-7 (NIV):"Do not be anxious about anything, but in every situation, by prayer and petition, with thanksgiving, present your requests to God.
- God will supply all your needs (Philippians 4:19) “And my God will supply all your needs according to His riches in glory in Christ Jesus.”
- Open your mouth wide, and I will fill it (Psalms 81:10) ...
- God clothes the grass of the field, how much more will he clothe you (Luke 12:28)
There will always be poor among you (Deuteronomy 15:10-11) “Give generously to them and do so without a grudging heart; then because of this the Lord your God will bless you in all your work and in everything you put your hand to. There will always be poor people in the land.
