We have 2 words for you today: Money Disorders!
Sometimes we don’t know about it that’s why we can’t control it, other times it’s a coping mechanism for anxiety or a depression-related disorder.
There are times we even do it intentionally to impress our peers. You’ll be shocked to find out that for some it’s even a psychological state, where their beliefs and attitude toward money are fundamentally flawed, maybe because of how they were raised or what they witnessed as a growing child.
But at the end of the day, these disorders disrupt the systematic functioning of our finances.
A great example would be a disorder like overspending, it may offer temporary relief or euphoria, but it can get worse and lead to a lifetime of debt, family problems, and even add more stress.
The fascinating and unfortunate thing about these money disorders is that they are more common than any of us would like to believe.
You don’t agree? Keep calm as on today’s blog we’ll discuss some common money disorders that most people might be experiencing but aren’t aware that they are disorders.
Shine your eyes! 👀
In simple terms, this means having a money problem and not being able to admit it. In situations like these, you fail to acknowledge the existence of difficult situations or even underplaying the consequences of a tough financial situation.
According to psychologists, denial, in all its forms, is the brain’s defense mechanism where it rationalizes the mistakes you make to protect you. To avoid digging yourself deeper into a financial hole, you have to get started on a journey to acknowledging your situation.
This is an interesting habit where a person piles up on their savings without exactly having a particular goal for it. It is majorly controlled by anxiety that you will always need more. Hence you feel the constant need to make more money.
We know we’ve sung the song about saving your money a lot but there are situations where you can take your savings to an extreme. This can be potentially harmful as you will always be under the belief that the money you currently have or are saving is never enough.
Did you know that in December 2021 survey by the US research firm GeoPoll found that 84% of Kenyan youth polled had tried betting, and one-third of those reported betting on at least a daily basis?
People who persistently gamble have a mentality that if they keep trying, one day their day will come. There are stories online of people who have even sold their belongings and household items just so they can have money to bet or gamble.
This happens when a person feels like they’re out of control with their funds. They end up spending most of their money, if not all, on more possessions with the mentality that they will make them happy and solve their problems. This ends up with them feeling worse as they realize they used all their money on meaningless things.
You’re committing financial infidelity if you’re keeping financial secrets from your spouse. We’re talking about taking and accruing loans or more credit cards without the knowledge of your significant other. This is a relational money disorder and most of the time it brings shame to both you and your loved one if you’re not careful.
This is where a person can’t say no when friends ask them to continuously spend or lend them money. These people usually feel that if they hold people accountable for their finances, then they’ll lose friends. It’s a sad scenario as you can lose so much money all in the name of friendship.
When you ask anyone who may be suffering from any of these disorders, there’s always a justifiable reason as to why they’re stuck in these patterns or behaviors. If you feel like you’re experiencing any of these disorders don’t beat yourself up, forgive yourself. Your next step can be looking for a trustworthy confidant who will not judge you. Or you can be on the lookout for our next blog article next week where we’ll discuss the symptoms of these disorders and how you can deal with them.
Now be a lamb and share this with a loved one who may need this information.