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  • Writer's pictureJenna Trollope

Managing Money Dysmorphia

Dysmorphia occurs when our perception does not align with reality, and it can show up in many different ways.

A man frustrated and surrounded by money

Money dysmorphia refers to a psychological condition when individuals have an inaccurate view of their financial situation. This can result in detrimental financial habits like excessive spending, money hoarding, or neglecting financial obligations. On one hand, it may look like you aren't taking care of yourself to save every cent, or on the other, you are too impulsive and consistently overspend your income.

How do you recognize money dysmorphia?

  • Regularly comparing your financial status to that of others

  • Feeling intense anxiety or guilt when spending money

  • Compulsively monitoring your bank account or investments

  • Struggling to adhere to a budget or financial plan

  • Disregarding bills or financial commitments

How do you manage your finances with money dysmorphia?

Seek Professional Assistance: Consult with a therapist or financial advisor specializing in money-related issues. An impartial third party can be a good person to establish financial goals and how to achieve them.

Establish a Practical Budget: Create a budget that reflects your financial objectives, and monitor your accounts to know exactly how much cash comes in and cash flows out every month.

Practice Mindfulness: Stay mindful of your emotions and triggers related to money to prevent impulsive choices. Research your purchases so you get what you want for the best price, and think about what purchases are really worth it a week or a year later.

Set Financial Objectives: Define short and long-term financial goals to maintain motivation and create focus for a fullfulling goal.

5. Minimize Exposure to Triggers: Steer clear of situations or environments that provoke unhealthy financial behaviors. It can be easy to get caught up with shopping online, or stopping into the local eatery for lunch at work.

6. Educate Yourself: Gain knowledge about personal finance, budgeting, and investing to make well-informed decisions. When you learn to manage the money you have, you know what to do with the money you will make in the future.

7. Build a Support Network: We become the people we are surrounded by. Choose your circle of peers carefully, those who can offer emotional support and hold you accountable.

8. Celebrate Achievements, Big and Small: Recognize and celebrate progress, regardless of its size, to stay encouraged. As we go through the seasons of life, and our definition of success changes and its important to regognize personal growth as much as financial growth.

Money is still a taboo subject, and many people are uncomfortable talking about it. If we were never taught how to manage the money we have, we might stress about every financial decision and never get around to making a choice at all.

Life can be hard because we were never meant to do it alone, so reach out to your team to keep you on track.


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