Money disorder might sound like a condition meant only for consumers with heavy financial burdens on their shoulders. However, this is a lot more common than most people anticipate. CNBC shares how the “Mind Over Money” author Brad Klontz defines it as an umbrella term for recurring money issues people have.
Digging deeper into the issue, it is not as simple as being in debt or having a hard time catching up on your payments. Disorders related to your finances has a deeper cause. The same author explains that it stems out from underlying psychological issues. This makes it a lot more complicated than people think it is.
Types of money disorder
Once you start looking at specific disorders, there will be a number of then to look into. HuffPost shares that there are conditions with distinct symptoms and causes. That is why it is important that you get to read up on them to understand and distinguish one from the other. Here are a few of the disorders related to money.
Compulsive buying disorder
Have you ever found yourself shopping and making purchases because you simply feel like it? You just want to go out and buy something new. It can even be logging on to your favorite online shopping site and start browsing through different items. The next thing you know, you could be putting items in the cart and paying for them.
If you love buying items you do not really need because of the thrill and rush it brings you, then this could already be a money disorder. You could be relying on shopping your heart out to cope with other factors. It can be stress at work or at home, feeling left out with all the new things your friends have, or even depression from all the different problems you have.
The Cleveland Clinic describes hoarding as an act where you save a lot of items regardless of whether you need them or not. This can lead to a huge amount of clutter which can lead to mental and even physical stress. Hoarding coupled with a buying disorder is a challenging combination where you cannot control what you buy and everything you purchase stays with your whether you use it or not.
This is closely tied to your money disorder since you will be spending a lot of money when you talk about gambling. There are a few people who go out and gamble a small portion of their discretionary income to blow off steam. The problem starts when you begin to put in more and more money into gambling all in a bid to either win or recoup your losses.
The next thing you know, you are already using the money you don’t have just to try and get back what you already lost. The worst part is when you start dipping into funds you have saved over time for something else. It can be your emergency fund, your retirement fund, or even that college fund you have saved up for your children.
Money disorder can also come from lying about your finances with your husband or wife. You might already be keeping a huge credit card bill that is coming at the end of the month. You might be getting an extra source of income and you choose to hide that from your partner so you have money to spend on your vices.
This can be a dangerous decision because it can put a wedge between you and your partner. The trust you have can start to crumble because of issues like this. Once you start lying to your loved ones about anything in life, it will be a challenge to regain back their trust. You do not want to give them any reason not to trust you because if that trust is broken, the relationship can be in peril.
Tips to overcome money disorders
Now that you have an idea about some of the problems caused by disorders in your finances, hope is not lost. These challenges can be triggered by stress at work or at home, feeling left out with all the new things your friends have, or even depression from all the different problems you have. Here are a few things you can do to get it under control.
Understand the underlying factor
This type of disorder is always triggered by an underlying factor and you need to get to the bottom of this. If you find shopping to be an outlet for you, look at why you need an outlet in the first place. Are you stressed with your current life path, is your job too demanding and hard, or do you have relationship problems you cannot handle?
Once you understand the trigger, you can start putting together a plan to help you manage and control it. If it is stress with your life choices, layout a long term goal and base all your decisions towards that goal. If work is too much, look for a way to manage your time better or look for a new job. it could also be about relationship struggles, if it is, work through it together if it involves another person until you find a solution.
Recruit help and support from people you trust
There are people in your life that you trust which might be able to help you out in your financial struggles. It can be as simple as lending an ear to hear you out with your struggles because there are times when you just have to blow off steam and tell someone about your problems. As you do, you might be able to get a clearer picture in your head and see what needs to be done.
The people you trust and those you have been with the longest are the ones who know you well. This makes them excellent judge of characters and knows your strengths as well as weaknesses. They can help you understand and get through the toughest of times. The journey to financial recovery is also a lot better with the people around you.
Consider getting professional help
Money disorders can severely affect your efforts for financial stability and independence. It can also ripple out to other long term goals you might have for yourself and your family. These types of consequences are no joke that is why you might want to explore the possibility of working with a professional to help you out.
A financial professional is a good choice to help you plot out your financial course of action. You would need to lay your cards on the table from your income, expenses, financial challenges, and even your goals in life. Then with these pieces of information, you can both put together an action plan to help you manage your income, overcome your hurdles, and push you closer to your goals.
There are a lot of types of money disorders you need to look into so you can get ahead of the problem if you are going through one. If done early enough, you can mitigate the damage it can do to your finances. However, it does not mean that you cannot do anything anymore if you have been enduring it for a long time. You just have to remain focused and determined to set your finances straight.