Should you Blame Your Psychology for your Inability to Save Money?

Should you Blame Your Psychology for your Inability to Save Money?

Just when we’re about to go into the dark confines of self-loathing for our inability to save money… someone introduces a queer idea; ‘what if this is my mind playing tricks?’

It would lead us to blameless bliss and hope for the possibility of rebuilding our lives and a fuller bank account.  But it will also raise an important question:

Is there a money disorder that I have?

With the bombardment of personal finance information and advises, what stays in place is a spending habit which is an unhealthy one. It is so toxic that you are not left with anything by the end of the month, or that you do not have enough to cover your expenses, and are incurring debt after debt.

A money disorder could be classified into an avoidance disorder where you go for extremes pertaining to under spending and are in denial about your money problems. People with this issue are risk averse people who just cannot get to the core of the fact that there could be a need for spending every now and then, and sometimes it is just alright to have debt.

The next category of the people with a money disorder, are the money worshippers who find it extremely difficult to let of the need of overspending and may go to any extent with that. These are the exact opposites of the miserly, avoidance disorder struck, people. They may be prone to gambling and addiction who find it difficult to keep the bucks in their pockets and end up with a lot of debt on their shoulders. Along with overspending these people may be prone to workaholism because they just can’t curb the desire to spend all the time.

And then there are people with a relational money disorders, they are characterized by having a difficult time saying no to the unnecessary demands of their kids and family members. Associated examples include playing it hard to hide their expenditures from their partners and depending on some unrealistic expectation of being rich overnight, among others.

And it is often the people who have the habit of spending endlessly that fall prey to the demonic consumption of overwhelming debt.

Here is what they could do about their overspending habits:

  • Make a budget and follow it religiously. You might have a hard time at first but then again, with practice you perfect an art and this is an integral one.
  • Distinguish between needs and wants (and you only need basic course of economics from high school, to be recalled for this) and cease to follow the wants.
  • Do not fall into the trap of the justifications given by your mind about how much something would suit you or that you won’t be getting it anywhere else, etc. Punish yourself for it by restricting various other purchases if you do fall victim to such shortcomings.
  • It is also a good idea to go with cash instead of credit cards and with a limited amount of it so to automatically monitor your spending habits.

Whether your psychological state is the culprit, or you feel liberated blaming it on that, you need to watch out for the unhealthy spending habits which you might have adapted to. You need to let go of them for a sound financial state.

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