3 Ways to Overcome the fear of Spending Money.

Are you one of those people who get a knot in your stomach every time you have to spend money? Don’t worry, you’re not alone. The fear of spending money is also called Chrematophobia.

It is more common than you might think. In fact, it affects millions of people worldwide. Society puts a lot of pressure on people related to how they make money decisions. Too many of us attached our NET WORTH to our SELF WORTH. They are not the same. 

Your worth as an individual does not have anything to do with how much money you have in your bank account.

Let’s walk through the 3 easy and simple ways to overcome the fear spending money.

Key Takeaway
The fear of spending money, also known as Chrematophobia, is a common issue affecting millions of people worldwide.
One’s worth as an individual is not determined by their bank account balance.
The fear of spending money may be linked to the amygdala, triggering a fear response.
Risk factors for the fear of spending money include negative financial experiences and upbringing in households where money was a source of stress.
Individuals with the fear of spending money may experience physiological, psychological, and behavioral symptoms.
By acknowledging the fears, reframing thinking about money, and gradually breaking out of the comfort zone, it is possible to overcome the fear of spending money and live a more abundant life.

What happens in your brain to fear spending money?

Well, studies suggest that this fear may be linked to the amygdala, a part of the brain that’s responsible for processing emotions, including fear and anxiety. 

When you’re faced with a purchase decision or the idea of spending money, your amygdala (the region in your brain that processes emotion) becomes activated, triggering a fear response. It causes you to be scared of spending money. 

For example: Even when you find the best deal, you find it hard to decide and take the next step to buy the item because you feel guilty spending money.

Who’s at risk of having a fear of spending money? 

  • Well, anyone can develop it, but it’s more common in people who have experienced negative financial situations or grew up in households where money was a taboo topic. 
  • Let me tell you – while this condition can affect anyone, it’s more common in people, as I mentioned earlier, who grew up in a household where money was a source of stress. 
  • It can also appear in people who have faced financial trauma, such as job loss or bankruptcy. These people will be at a higher risk of developing a fear of spending money.
  • People experiencing mental health conditions can also be more likely to experience chrometophobia.

What are the symptoms of the fear of spending money?

We will explore the symptoms of the fear of spending money in 3 ways which include physiological, psychological, and behavioural signs. Understanding these symptoms, my friend, you will develop strategies for overcoming these fears. So, let’s dive in and explore these symptoms together.

Physiological symptoms.

Let’s talk about the physiological symptoms. These are the physical reactions of your body. 

When you think about spending money, do the following apply to you? Do you feel your heart racing? Do you have a tightness in your chest or shortness of breath? These are all physical signs of anxiety. That means your body is telling you that something is wrong.

This will usually stop you from transforming your relationship with money.

Psychological symptoms.

Let’s now discuss the psychological symptoms. What is your mind trying to tell you? It is trying to make sense of what you are feeling. 

Most of the time, you double-guess yourself, and these are the things that go through your mind. Do you find yourself worrying about your financial future? You feel guilty when you spend money on yourself. 

You may feel like you don’t deserve to spend money on yourself or that you’ll never have enough. These are all signs that you may have a limiting belief when it comes to money. 

Behavioural symptoms

After the physiological and psychological signs, let’s look at the behavioural symptoms. This type of symptom is related to your action. 

Some of the actions are avoiding spending money altogether and putting off necessary purchases because you’re afraid of the cost. 

You also avoid spending money on necessary items like healthcare or education. You will go out of your way to find free services if you can afford them. 

You will have an eagle eye and obsess about every little spending items in your budget.

You will have arguments with your spouse for spending little. These actions will have a significant impact on yourself and your relationship with others.

What triggers fear of spending money?

Now, what’s behind the fear? Well, there’s a whole bunch of science to unpack here, so put your seatbelt on and let’s dive in.

Your brain.

One of the triggers is how your brain is wired up. It is responsible to act when it sees potential threats to you. Let’s put this in context. Let’s say you are walking through the jungle, and you see a lion. Your brain would kick into overdrive, pumping adrenaline and getting your body ready to fight or flee. 

That’s the same kind of response you get when you face the prospect of spending money. It’s like your brains are saying, “Whoa, hold up there, partner! Are you sure this is safe? What if we need that money for something else?” “Are you sure you need to spend that money?” 

Your Habit.

Another trigger is the habit you have formed about money. Habits are powerful things, and if you’re used to living frugally and being careful with your money, it can be challenging to break out of that mindset. 

I am sure you have heard the saying, “People are creatures of habit”. You might find yourself automatically saying no to things that you actually would enjoy or benefit from just because you’re so used to saying no to spending money.

Now when you ask yourself, “Why am I scared to spend money on myself?” it is because of these triggers.

3 SIMPLE Ways to overcome your fear of spending money.

  1. So, what can you do about it? Well, first of all, it can be helpful to acknowledge and address where your fears are coming from. Take some time to reflect on your past experiences with money, and try to identify any patterns or beliefs that might be holding you back. And don’t be afraid to seek out support from a professional if you need it – there’s no shame in asking for help!
  2. Secondly, try to reframe your thinking around money. Instead of seeing it as a scarce resource you need to hoard, try to view it as a tool to help you live the life you want. Focus on the opportunities and experiences that money can provide rather than just the potential risks.
  3. And finally, practice breaking out of your comfort zone. Start small by allowing yourself to buy something you wouldn’t usually splurge on and see how it feels. You might be surprised at how good it feels to treat yourself every once in a while.

Final Thought.

Remember, fear is a natural response to the unknown or the uncertain. But with a little bit of awareness and effort, you can overcome your fear of spending money and start living a more abundant life. So go forth, my friends, and don’t be afraid to spend a little cash on the things that bring you joy and fulfilment!

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