Money Guilt? How To Overcome This

Impulsive spending can be dangerous, however extreme frugality and money guilt can be even worse. Money should never have a strong hold over you and what you do (however, living within your budget is still important). Everywhere you go, people will tell you how important it is to save your money avoid being in debt (bad debt). I say bad debt, because in this instance I’m not talking about good debt such as buying a home (within your budget), taking out a loan for a strategic business opportunities or such. The flip side of saving money is that guilt begins to brew on the inside with every purchase that you make.

The day you are able to take the emotion out of money, is the day that you truly take control both mentally and financially.

Have you ever found yourself beating yourself up over spending an extra $2 on a coffee or drink when out with friends or family? Or do you find yourself spending a few extra dollars while to only then wake up the next morning to become unhappy with yourself for spending the extra $5, $10, or $20 dollars? If so, you might struggle from extreme frugality or money guilt.

In todays world, money is the bartering tool that allows us to buy things that we need & want. ITS A TOOL THAT IS THERE TO SERVE YOU! You have the opportunity to wake up everyday and earn higher income through side hustles, investing or pushing for promotions & bonuses in your 9–5 job.

From my very first paycheck out of college, I considered my self a money minimalist with how I spent my money. “For many minimalists, the philosophy is about getting rid of excess stuff and living life based on experiences rather than worldly possessions.” (Moneyunder30.com) This does not mean though that you become or are extremely cheap, but rather being very intentional with your money and where it is being spent.

What are the signs that you might suffer from money guilt?

Disclaimer: Before reading the rest, please understand that there is a big difference between being strapped for cash and not being able to spend money leisurely or a few extra dollars here and there. What I am discussing here is that if you manage your money appropriately and still find yourself struggling to make everyday purchases, then this could be a sign of money guilt.

Money frugality

Within the debt free community, being frugal is the leading component to building your net worth. However, in doing so, you could unconsciously develop an unhealthy relationship with money.

Potential signs of unhealthy money guilt….

1. Takes you ages to spend large amounts on items you’ve already budgeted for.
2. You only purchase items as a “reward” for achieving something.
3. You avoid investing in a course or items to help you learn and build your business or overall knowledge.
4. After making a large purchase you second-guess yourself and wonder if it was a mistake.
5. You have a tendency to avoid situations where you might spend money (such as going out with friends, family or dates).

Now there are two sides to this. If you are an impulse spender then these “money guilt signs” could be a positive. As we all like to say, everything in moderation is good. It all comes down to what we find important to us, and then not beating yourself up after making that purchase.

Where does this money guilt come from?

There are numerous reasons as to where this guilt can come from. Whether it was from our parents, friends, schooling or current money situation, we will all experience it differently. The key take away here is to reflect on your situation and understand why you feel ashamed or guilty following the purchase of something on yourself or day to day items.

Common causes of guilt:

1. Raised in a family that taught you to save money and never taught you to have a balance in saving and spending.
2. Raised in a family that had financial struggle and always complained about not having enough money.
3. Make decent money, but you surround yourself with others that make less and you don’t want to seem better than them.
4. Have a fear of being broke and not being able to provide for your family

We all experience some sort of guilt daily, weekly, monthly, or yearly, but minimizing this guilt and facing it head on is key to becoming mentally stable when it comes to your finances.

I’m not saying you should just go out and spend money freely and not care. What I am saying, is that understand your finances and figure out a budget that works within your income level and stick to that. Purchases made within this budget, shouldn’t hold any guilt over your head when you lay your head down at night. By doing the due diligence of understanding your money and what you are able to spend each month, should put you at easy that you are on the right path to financially.

We all are on our own financial pathways, so don’t negatively compare yourself to others. Stay true to yourself and work within your means and most importantly BE HAPPY!!! 😊

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