5 Signs of Money Addiction
1. You Are Obsessed With Obtaining MoneyYour 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 DenialWhen 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 MoneyPeople 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 BehaviorsThis 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 HabitsYou 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 AddictionPeople 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.