Feeling Guilty About Spending Money? Here’s How To Free Yourself
We work hard for our money and should be able to enjoy it.
That’s easier said than done.
Some people can spend money without thinking twice. Others can’t find themselves to spend a dime on themselves.
I used to be the latter. It was hard for me to spend money on leisure activities like sports events. Now, I’m in the stands losing my voice. This begs the question: Why do we feel guilty for spending money?
Below are a few reasons why our spending habits bring us shame.
Financial trauma usually stems from childhood. In a study conducted by Dr. Galen Buckwalter at Payoff, almost 1 in 4 Americans and 1 in 3 millennials suffer from PTSD-like symptoms caused by financially induced stress.
Our understanding of trauma isn’t usually money-related. We think of car accidents, natural disasters, war, assault, or death. Financial trauma can come from economic recessions, divorce, losing money on a bad investment, or living in poverty for an extended period of time.
As a result, the person may develop a scarcity mindset. Lack of spending, even with the funds available, is a prime example. The thought of spending money gives them financial anxiety. This mindset hinders people from making progress and improving their finances.
Thinking leisure is costly
The last two years have been increasingly difficult for the working class. Gas, rent, and food prices are skyrocketing to record highs and even those making six figures are feeling the pinch.
This caused many to reconsider vacations and focus on covering the basics. The thought of falling behind on bills due to big expenses would be hard to live down.
Going against the grain
Some people aren’t interested in vacations or eating out. Being in these situations can make them uncomfortable. Your friends may want to eat out and refusing could mean missing out on quality time. Your partner may want to go on a couples retreat. Turning that down…