Have you ever gone to tap your card and this wave of nausea comes over – regardless of how long you’ve saved up? You start to question whether this is worth it. Why do I feel guilty about spending money on myself? What if I need this money later on?
I recently went out for a coffee with my coworkers, and I couldn’t help but feel the panic. I think I’ve got enough for a coffee but is it really necessary – I’m trying to save as much as I can. And that’s when I realised, I have enough for a coffee but why am I feeling guilty about spending money even on small purchases?
Feeling guilty about spending money is something that many of us face. These uncertain economic times have all of us rethinking our spending habits. How to stop feeling guilty about spending money often comes down to mindset shifts – learning to cut back on non-essential items. However, for some of us, it can mean rethinking anything we tap our card for – deterring us from spending anything. This can lead to serious financial anxiety and money guilt psychology.
What is Financial Anxiety?
Financial anxiety is when someone is constantly worried about their finances. It’s more than just budgeting and the need to save; it’s emotional and can have a physical response, which may appear as:
- Struggling to fall asleep
- Constant worry (Will I have enough if my car breaks down or if I need dental care)
- Arguing with partners or family about finances
- Cost is the first thought regarding social invitations
- The downward spiral of Will I ever get out of this situation
- Avoiding looking at your bank account or bills out of fear
- Stressed about not having enough to cover the bills – what if these bills increase again?
- Googling hours at a time, wondering how to make extra money as a side hustle… (I’m guilty of this!!)
Many of us face financial anxiety, and in today’s times, it’s not surprising. According to AIA nearly 70% of New Zealanders stress about money daily, weekly and/or monthly.
The Link Between Self-worth and Financials
Throughout our lives, this lingering connection develops between our self-worth and finances. Beginning to be dependent on another.
Our view of money can develop from as early as childhood. Watching other kids getting the flashy gadgets, and you’re not. This perception of financial status is with us right through adulthood. We compare to those travelling the world or those at work with the nice cars and handbags. Leaving us to wonder how they can afford these luxury items and whether that will ever be us?
This mindset eventually chips away at our self-esteem and confidence, which affects our spending habits. We may overspend to prove to others that we are successful or begin to feel guilty about spending money – even if it’s just a cup of coffee. This is where financial guilt and self-worth intertwine.
How To Overcome the Guilt
Feeling guilty about spending money is no easy journey but you can start today with some simple tips to overcome money guilt:
- Start budgeting for these things, even if it’s small savings each payday. You have allocated this money for these items. Budgeting to stop feeling guilty about spending money can help us feel more in control.
- Think about it – if you’re still needing it after 24 – 48 hours then buy it. If you’re still not sure, then it’s not worth it. And let’s face it, we have all been there when we come home and immediately regret it. Impulse spending guilt is something many people experience.
- Your journey is yours only. Comparing ourselves to what others have will only hurt us in the long run.
Moving Forward
Money comes and goes. How others flaunt their financial status is not yours to carry. How it looks is not always as it seems – you have no idea if they are using credit cards, finance or cash.
All you can do is focus on your journey and your spending habits. By reframing your mindset and practicing tips to stop money guilt, you’ll feel more empowered and less burdened when spending on yourself.
If you have any helpful tips for other readers, comment below!
Keep shining,
Madeline
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