Money anxiety is generally called financial anxiety or money stress, but an extreme, irrational fear of spending money has a specific name: chrometophobia, also known as chrematophobia. Other related terms include money dysmorphia, describing feeling financially insecure despite stable finances, and sudden wealth syndrome, for those overwhelmed by unexpected riches.
Those who suffer from financial anxiety are continually worrying about bills and might be afraid to look at their bank account or cope with anything to do with personal finances. And like other forms of anxiety, financial anxiety is unhealthy.
Chrometophobia is an extreme, irrational and overwhelming fear of money, specifically of spending money. Someone with this phobia may experience intense fear, anxiety or panic at the sight, smell or touch of physical money or at the thought of spending money.
Money dysmorphia, also known as money disorder, is a term used to describe an insecurity over one's financial situation, even if it is stable. The problem is more pronounced among younger generations, who are more likely to compare themselves with their peers on social media, said experts.
The term is contentious among mental health professionals and as of 2023, money disorder is not a clinical diagnosis in either the DSM or ICD medical classifications of diseases and medical disorders.
For most, $10,000 is a lot of money. Typically, that amount of money doesn't just appear out of thin air without some financial strain. However, if you think about $10,000 as saving a little over $27 each day, it becomes much more realistic.
What is money dysmorphia? Money dysmorphia is a growing trend and it's all about perception. It happens when how you feel about your finances doesn't match what's actually going on. You might be earning a decent salary, paying your bills and even saving a bit, but still feel like you're constantly behind.
Research has identified seven distinct money personality types: the Compulsive Saver, the Gambler, the Compulsive Moneymaker, the Indifferent-to-Money, the Worrier, the Saver-Splurger, and the Compulsive Spender. Most people exhibit a combination of these traits.
The 70% money rule usually refers to the 70/20/10 budgeting rule, a simple guideline that splits your after-tax income into three categories: 70% for needs/living expenses, 20% for savings/investments, and 10% for debt repayment or giving. It helps you balance essential spending, building wealth, and managing debt by allocating funds for day-to-day costs (housing, food, bills), future goals (retirement, emergency fund), and debt reduction (loans, credit cards).
Thanatophobia is an extreme fear of death or the dying process. You might be scared of your own death or the death of a loved one. Psychotherapy can help most people overcome this disorder.
The OCD-related fears that center around money are most commonly linked to Perfectionism OCD and Responsibility OCD. Case in point: if someone who struggles with money anxiety has OCD, they might have intrusive thoughts that they are irresponsible with their money or fear that they are a bad person for spending money.
The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings. The savings category also includes money you will need to realize your future goals.
Coping with financial worries
Here are the red flags that indicate your debt situation has moved from manageable to dangerous this September:
Economic anxiety, also referred to as economic insecurity, is the state of concern about the future of one's economic prospects, owing to low economic security.
Teas for stress and anxiety relief
What to avoid saying to someone with anxiety?
The rule is simple: Commit to doing the task for just five minutes. That's it. Once you get over the initial resistance and begin, even if only briefly, something shifts. Momentum builds, anxiety decreases, and your brain transitions from avoidance to engagement.
Someone who is avaricious is greedy or grasping, concerned with gaining wealth. The suggestion is that an avaricious person will do anything to achieve material gain, and it is, in general, not a pleasant attribute.
In the Dark Psychology of Money: The Good, The Bad, and The Evil, Dexter Morgan takes you on a journey where stakes are high, morals are corrupted, and integrity has no ground to stand on. It is a dark and evil world. From the outside, we judge and mock, assuming we would never fall into that lifestyle.
Rich (or wealthy) people tend to have lots of free cash—and/or borrowing power—which they can spend on more goods and services. They can pay their bills easily, afford health care without worry, and often depend on a financially secure future.
A person with OCD focused on a fear of spending money will have unwanted intrusive thoughts, urges, or worries about spending money and any outcomes they may associate with it. These are considered “obsessions” and they can cause great distress.
Money is a source of stress for many people. Financial fears—whether it's the fear of not having enough to cover expenses, fear of unexpected emergencies, or fear of debt—can cause sleepless nights and strain relationships. If you often find yourself anxious about money, you're not alone.
“Sudden Wealth Syndrome” (SWS) describes the emotional and psychological impact of receiving a significant financial windfall. Whether it's from an inheritance, a lottery win, or another unexpected source, this life change can trigger stress, anxiety, and feelings of unworthiness.