Does your paycheck look like it’s wobbling around in a funhouse mirror? 🥴 Worried that you’re going to go broke at any second when your bank account hasn’t been overdrafted in years? 🙈
Well, my friend, you may have a case of money dysmorphia. 💸 Money dys-what? The only morphin’ we’re doing is of the Power Rangers variety. ⚡
Here’s Five Fast Facts on money dysmorphia:
- 🩺 Diagnosis Finance - What’s money dysmorphia? It’s when you see your financial situation as something different than it actually is. Experts say it’s caused by a number of things, like economic pressures, past money trauma, or your upbringing. According to a recent survey, 29% of Americans experience money dysmorphia.
- 🫣 Worry Warts - The survey also found that money dysmorphia is the most common in younger generations. Roughly 43% of Gen Z respondents along with 41% of millennials reported money dysmorphia. Compare that to just 25% of Gen Xers.
- 🎭 In My Feelings - What does money dysmorphia feel like? You might feel anxiety or sadness about your own finances when you see friends or family hit their own financial goals. These feelings of anxiety or frustration may backfire and lead to poor financial decisions, like splurging on a vacation you can’t afford.
- 👹 Paranoid Paychecks - Wondering if you’ve been bitten by the money dysmorphia monster? Here are some signs: stressing over future financial decisions, obsessively checking your bank balances, comparing yourself to others, and being uber-afraid of personal financial doom (for no reason).
- ✅ Set Yourself Straight - To nip money dysmorphia in the bud, start with a real life review of your finances. Set your own goals and make your own game plan. Don’t worry about what the Joneses are up to. Start small and make real progress towards your dreams with baby steps. This can look like setting up an automatic transfer each payday to a savings account, or adding a little extra cash onto those monthly debt payments.
🔥Bottom line: It’s healthy to be cautious about your finances, but don’t let it eat up all the fun in your life! Sure, you never want to spend beyond your means, but it’s important to get a good balance going. Be responsible, but treat yo’self whenever you can!
Do you have money dysmorphia?
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