Money Dysmorphia, a saving behavior till stress out

January 18, 2024
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Article, Finance

Is there anyone who is dealing with the problem of savings? You may try so hard on savings but suddenly you feel that your savings isn’t enough and want to save more, but you do not want to use your savings when you have to use them. It might be a sign of “Money Dysmorphia” or “A saving behavior till stress out” How does this financial point of view affect us? ACU PAY will explain it to you.

What is Money Dysmorphia?

Money Dysmorphia derives from Dysmorphia which is used to explain people who have obsessive thoughts, overthink something, or are dissatisfied with their appearance.

Money Dysmorphia is a similar condition in which people with this condition tend to focus on saving money until they are stressed out and worried. When they have money, they don’t want to buy happiness, feel inadequate, and want to save more money.

The causes of Money Dysmorphia

Money Dysmorphia usually occurs in people who have enough savings but do not spend it to buy happiness for themselves because they are not confident about their financial status. The main reasons for this condition can be divided as follows:

1. Concern about financial status

There are concerns about future financial conditions, such as the fear of a catastrophic event and not having enough money to spend, even though there is already enough reserve money in this part.

2. Too much pressure on oneself

Too much pressure on financial matters discourages you from spending money on small pleasures, buying only what you really need, such as food, medicine, etc.

3. Bad financial experiences in the past

Whether they used to be in a lot of debt, had a poor life in their childhood, and lived in a difficult family, etc.

The effects of Money Dysmorphia

This condition also causes people to not dare to spend or buy good things for themselves and be afraid to spend money with friends, causing stress, and accumulating negative effects on the body and mind as well.

What to do if you have Money Dysmorphia?

In fact, Money Dysmorphia isn’t a scary situation if we know how to deal with it by having good financial planning such as setting goals, or when you have reserved money for at least 3-6 months of your salary, some of the money may be divided to allow themselves to spend as a reward. Maybe try to consult a financial planner or get therapy from a psychiatrist or psychologist to help you improve your condition and be happy with the present.

Although it’s good to have a goal of saving money that gives us more stability in life, let’s not forget that we who are working hard on saving need a little happiness to fulfill our minds. Too much tension can harm our mental health and our daily lives, so it’s quite important to be flexible in spending on happiness.

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