Money disorder – is a chronic pattern of self-destructive financial beliefs and behaviors. According to psychologists it can be diagnosed if it leads to significant consequences in patients’ life harming health, social life, work performance, etc. Money disorder might be caused by early life experience related to financial issues. For instance, if you experienced childhood in a home where your parents attempted to make a decent living, you may exhaust yourself to ensure that it doesn’t happen to you. Money disorder is considered to be treatable by a medical professional.
It is crucial that the term “money disorder” is not mentioned in the current Diagnostic and Statistical Manual of Mental Disorders since it is still under investigation and requires more standardized diagnostic criteria. Some mental health experts state that those who suffer from money disorder or who have problematic money convictions can look for financial therapy. In this case, financial planners and relationship therapists cooperate to provide in-depth treatment.
Types of behaviors (“scripts”) related to money disorders:
- Money avoidance: regular dismissal or avoidance of money that comes from contents that linking money to negative events or painful emotions. People who experience these consider money as a root of evil. The disorders that included to this category are:
- Financial denial. This is when people avoid thinking and discussing their money problems. Individuals with this issue neglect to look at their bank or financial records, don’t speak with their partner about money and maintain a strategic distance from investment funds. This usually leads to late fees, overdraft charges, and a lot of obligation.
- Financial rejection. This is when individuals feel remorseful about having money. They ordinarily feel that they are dishonorable or undeserving of anything good in life. This disorder can be revealed in different ways like quickly spending a legacy or avoiding the acquisition of wealth.
- Under-spending. This is when people refuse to use and appreciate what they have. They spend extremely less than they earn restraining themselves in a self-destructive way.
- Excessive risk aversion. It is not a reasonable reluctance to take any risks with money. Individuals with this disorder become anxious discussing any financial risks. They will rather do nothing than risk.
- Money worship: believing that having more money will lead to enormous happiness. People with this problem are convinced that getting more money is the most important in life and, simultaneously, persuaded that they will never have enough money to satisfy their needs or wants. There are several representatives of this condition:
- Unreasonable risk-taking is when you focus on multiplying your money even though you may lose everything. It includes gambling addiction.
- Workaholism which comes from severe anxiety or depression around poor money management or being afraid of having not enough money. Workaholics have trouble with sharing the work and having a rest.
- Overspending, compulsive buying is when you have an irresistible desire to spend money and most of your time is consumed with shopping.
- Money relational disorders include conditions that affect the financial lives of others in addition to oneself. Individuals with these problems are frequently dishonest about money, even with their friends and family.
- Financial infidelity. People with this disorder keep a secret about their finance situation consciously and intentionally making buys outside a settled upon spending plan or lying about the expense of a big-ticket thing. It is based on the absence of trust in the relationship. For example, these are taking out a loan without informing your spouse, making risky investments, opening a savings account without telling your life partner, etc.
- Financial incest. This is when people use the money to manipulate somebody especially their children. It is a mental and emotional abuse that can be damaging for a child. The common example is using a kid to talk with bill collectors, negotiate financial problems that should be tackled by adults only, purchase something that the spouse would not approve of.
- Financial enabling is giving money to somebody even when you can’t afford it, the inability to refuse to borrow money sacrificing your financial well-being. The most usual example is when parents are financing their children when they can do it by themselves.
- Financial dependence. This is when individuals choose to stay financially dependent on others since it shields them from money related education, readiness, arranging, and responsibility.
- Money vigilance: people do not want to share information about their income or wealth but spend money wisely.
Symptoms of money disorders:
- Avoidance or denial
- Perhaps the greatest sign that somebody is in a difficult situation is that they start staying away from discussion about money and deny that anything isn’t right.
- Change in spending habits
- An unexpected change to either spend more or essentially less is normally a sign that something isn’t right.
- Credit card reliance
- Individual relies upon their credit cards to postpone paying for essential costs, for example, food supplies and service charges.
- Mental symptoms
- Such mental problems as anxiety or depression might be present as in any other psychological health issues.
- Physical symptoms
- Different signs as weight loss, fatigue, weight gain, sleeping problems can also stem from money disorders.
Diagnostic and treatment of money disorders
It’s common for the individuals who have a money issue to realize what they should do but be unable to drive themselves to do it or to attempt to change and be fruitless. Frequently, it requires some agonizing occasion to make the individual address their behavior and get help.
At the point when the individual is prepared, here are a few things they can do:
Look for expert assistance. Ordinarily, a condition will need a type of expert medicinal support. In some cases, the issue is getting serious and requires a greater arrangement than you will need money related experts to come in. Just make sure you choose a trustworthy expert who is devoted to helping you, not simply taking your money and conceivably exacerbating things.
Connect with a spouse, friend or relative. In case you’re not prepared to converse with an expert, the initial step might be taken with your friend or relative. Trusting in somebody you’re alright with can help make you talk about the issue and grasping its seriousness, which can be hard to do. You can request this individual to encourage you when you do look for expert assistance.
Join a support group. Similarly, as there’s a 12-step program for heavy drinkers, comparable projects exist for individuals with different money disorders.
The most important thing to keep in mind is that you are not alone. The truth is that many average people are dealing with these problems. When you feel that you need help don’t be afraid to ask for it.