Skip to content
Money Addiction. Does it Exist?
Money is essential in life. You need it to stay afloat in life. However, is it possible for a person to develop an unhealthy dependency on cash? Some money addiction habits are obvious to notice while most are not. It is easy to spot some of these obvious manifestations, such as a money gambler or one who flashes their designer clothes or new luxurious cars. However, the challenge comes in noticing the hidden signs that even you could be having.
Anything can get you addicted. However, money addiction is easily dismissed since there are addictions that are considered worse, such as substance dependence. While money addiction is not as bad as substance dependence, the consequences are equally dire. Dependency on money can undermine integrity and honesty, ruin relationships, destroy careers, and even trigger depression.
Let’s break this down to signs of money addiction and how you can beat money addiction.
5 Signs of Money Addiction
1. You Are Obsessed With Obtaining Money
Your mind is ever preoccupied with the idea of obtaining money or getting more money. Consequently, even your behavior revolves around acquiring money. Such acts may include gambling or buying lottery tickets with the hope of winning and also overworking.
2. Being in Denial
When you are in denial about money addiction, you will tend to be unclear about your earnings, savings, expenditure, and debt. It is common for people to live in an obscure financial situation where you do not know the sum of money in your bank account or the total debt you owe your credit card company. You can also be in denial about your financial status, which may cause you to overspend and live a lifestyle you cannot afford. This will make you get into more financial debt and bankruptcy.
Lack of financial goals, such as a retirement plan or saving for rainy days, is also a form of living in denial. In such cases, you tend to think that a solution will come up when the problem arises, which is unrealistic.
Denial does not only happen to irrational spenders and chronic debtors. It can easily happen to people who save excessively and hardly spend the money they have. Such people tend to worry about the numbers in their accounts and believe that the more the money, the happier and more satisfied they will be, but in most cases, the amount in their accounts will never be enough. Denial keeps people from seeking help, even as these behaviors continue to destroy their lives.
3. Self-image Tied to Money
People who have an addiction to money tend to believe that their self-image and self-worth is determined by the amount of money they earn, the money in their bank accounts or how much they spend.
The hoarders go to the extent of missing events or social gatherings where they are expected to spend money with the fear of losing it.
4. Involving Yourself in Dangerous Behaviors
This is a common trait in people who are obsessed with money. You tend to engage in risky behaviors such as gambling, overindulgence in the stock market with the hope of making more money and overspending. This occurs even if the gambler or the over spender cannot afford to make potential losses.
However, this behavior of involving yourself in risky behavior to earn more money does not apply to all people who can be termed to be addicted to money.
5. Inability to Change Your Money Habits
You lack control over your money, and you cannot change your money habits despite the horrible consequences that come with your money dependence. You have probably tried to change, but no solution is working, no matter how hard you try.
You have probably made decisions such as using cash instead of your credit card, but you end up carrying and using your credit card instead or you take some more money from your family savings to hit the casino one last time and swear you will return the money, but this never happens. If this is the case, then you have little to no control over the financial aspect of your life.
Effects of Money Addiction
People who are addicted to money require money to feel happy and satisfied, but the feeling is short-lived, and you end up brainstorming on other ways to make more money. You may also feel the need to keep your destructive behavior private due to the shame that comes with it, and this may cause more impulsive gambling or shopping. The consequences could be as bad as getting divorced, losing all your property, or bankruptcy.
You may lose self-confidence due to these recurring habits and begin to doubt your inherent abilities. Eventually, all of this will trigger depression.
3 Strategies for Beating Money Addiction
- Be Honest With Yourself. If you identified with the signs listed above, you likely have money addiction. Admit it to yourself that you have a problem, and you need to seek help. This is the first step in dealing with money addiction.
- Have a Genuine Desire for Change. Consciously and willingly admit that you want to change and make inventories on your spending and study the patterns. This will help you see where your negative money habits are at.
- Seek Professional Help. Most times, you are too deep into the addiction and negative habits that you need professional help to help you begin your sober living.
Getting Help from Riviera Sober Living
Riviera is a health and wellness community helping men and women recover from substance use, mental health, and co-occurring disorders. We, at the Riviera Sober Living, have a unique and holistic approach to establishing long-term recovery. These programs also include couples sober living. The Riviera team provides the necessary guidance to support successful recoveries.
Our personnel dedicates their time to ensure you’re comfortable and have a friendly stay at our homes. Our therapists work with you to identify where the problem stems from and how to help you recover. Our services include treatment and therapy activities. Residents can also come and go as they please, and this creates a balance between the inpatient facility and the real world.
Riviera Sober Living has two facilities. The Palisades House and the Barrington House. The Palisades House is located at Pacific Palisades. It is co-ed with separate bathrooms for each gender and is a short walk to the beach with amazing views of the Pacific Ocean. The Barrington House is in West Los Angeles. The location is all male and a walking distance to various parks and a couple of shops. It is also close to schools such as UCLA, USC, SMC, LMU, and other schools.
Money addiction is an unhealthy dependence on money. Some signs of money addiction are gambling, overspending, or excessively saving. The signs of money addiction are living in denial and obsessing over obtaining more money. These signs can also portray themselves in habits such as the inability to change unhealthy money habits, the self-image and self-worth of the person tied to the amount of money they have, and involving yourself in risky behaviors to get more money. The effects of dependency on money are undermined integrity and honesty, ruined relationships, destroyed careers, and can even trigger depression.
You can cope with money addiction by being honest and coming into terms with your problem, open up to those closest to you and ask for their help. You should also make strong and intentional plans to beat the negative spending patterns you have and by seeking help from health and wellness communities such as Riviera Sober Living.
The primary reason to work for money is to be able to purchase your tangible needs. This is the traditional way of thinking about money. Nevertheless, human beings don’t tend to behave in that way. Sometimes getting money only further fuels your urge to get more money. This behavior of human beings tends to be highly influenced by the situations they are in and environments from which they come from.
At Riviera Sober Living – West Los Angeles Home, we are a sober house in Los Angeles, and we provide support to people dealing with alcohol and drug use, mental health, and co-occurring disorders. Our personnel and therapists work to ensure a holistic approach to establishing long term recovery.
Contact us today and let us help you live a healthy, fulfilling life.