Chrometophobia: The Fear of Finance and How to Triumph Over It

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Nowadays, people have latched themselves with a plethora of expenses; maintaining financial stability sounds like a myth. Any average person has to go through several activities that certainly drain all their money, be it paying the bills or dealing with the necessities. Sometimes, this financial burden becomes overwhelming or just too hectic for a person.

Well, to some extent, people feel concerned when it comes to financial stability. However, if you are one of those who start panicking or fear a lot about money, then this could be a serious issue that has gone overboard. You might have Chrometophobia which is precisely the fear of money. Now, let us discuss this concept.

 What exactly is Chrometophobia?

It is the term given to the person who is suffering from extreme fear of money and might affect the perception that he/she has towards finance. Now, this fear of money can have serious cause effects on the person, such as:

  • Drastic change in spending habits
  • How one saves money
  • Constant feeling of lack of money
  • Unwillingness to take financial decisions

It is true that at a certain point of life, everyone faces a financial crisis that causes stress. But, if that stress or anxiety is prolonged and the person keeps on fearing over money daily, then this is the indication that he/she consciously fears from financial things.

Significant signs that you are suffering from Chrometophobia

Now, the biggest challenge is that a person might not be able to figure out whether he/she is suffering from such kind of money-related disorder. Thus, to make it clear for you, we have mentioned the indicative factors of Chrometophobia. So, let us see them one by one.

Financial denial

The most significant sign that you are facing Chrometophobia is if you have been in financial denial for a long time.  When the person is in the state of financial denial, he/she keep on trying to forget all the lousy memory linked with the money problem that one faced in the past.

However, ignoring things will make the situation worst. Hence, rather than running away from your problems, learn to face it and find a solution. For instance, if your credit score is damaged with the past debt burden, and you need instant funds; you could go with installment loans that can be availed for bad credit from reliable direct lenders only.

Spending way lesser

There is a difference between being frugal and following a cheaper lifestyle. If the fear of money has captivated you in such a level that you think twice before spending even a penny, then you need to work on it. Focusing on savings might sound like a good idea to attain financial stability, but at the same time, sacrificing your basic needs might not do any good either.

Take brave steps to get out of that cocoon of fear and do focus on spending in a balanced way. Learn to adapt a frugal lifestyle and spend when you need and get rid of the discretionary expenses.

Excessive panicking while taking financial decisions

Another big sign that you have Chrometophobia is when you are unable to take any right financial decision. As soon as the moment comes when you need to pass out judgement and make a firm decision related to finance, you freak out.

Before you face any situation like this, find out everything about the problem as soon as possible. Even if it is an investment or a decision to buy something more significant, gathering information will surely help you improve your choices.

Counting money over and over again

Checking your overall savings or money in the account once or twice a week is something healthy that every ordinary person would do. However, if you have been counting the money every time you spend it or just randomly, then this is an alarming sign of extreme fear of money.

The best trick to save yourself from this is to start spending the money with the help of budgeting. It will give you a clear idea about the overall cash going in and out from your pocket. You will get a regular check of your finance and provide the analysis of the savings and total expenses.

It was everything that you need to understand about Chrometophobia and the steps that you can take to get out of it. It might take time to get out of the fear, and you must not overexert yourself while doing this. If you are unable to do on your own, then consult a professional expert.