While the thought of someone suffering from money-related disorders might appear ludicrous, the truth is that they are quite prevalent. While money is important to everyone, it is our relationship with it that is often fraught with issues. In our fast-paced lives today, the fears of market recession, job loss, negative impact of policy decisions etc. give us money-related jitters. It has been seen in several cases that financial stress can cause marital discord, frayed relationships, poor work output, and health issues. There are a few behavioral money-related disorders that people suffer from.
Denial mode: While facing financial problems, the denial mode also becomes the default mode. From credit card bills to missed EMIs and outstanding utility bills, we simply stop acknowledging their existence.
Hoarding: There is an urge to amass material wealth. Irrespective of whether something is worthy of possessing or not, this disorder makes people want to stock up on everything. The experience of having suffered deficiencies in the past makes us see value in everything, even junk.
Shopaholic tendencies: Money causes guilty pleasures and one tends to overspend on shopping. Shopaholics get an adrenaline rush in buying as much as they can.
Pauper tendency: Despite having the means to live a life of comfort and joy, money-related disorders can make people under-spend, and cut down expenses to the bone. Even if people could afford owning a luxury car, they might still prefer walking a mile in the sun to save money.
Financial secrets: Insecurity about money can sometimes become so strong that people start secretly stashing cash, properties and valuables. They may not even tell their family members or spouses about it.
These and many other money-related disorders afflict most of us. The apparent causes behind them could be different from one case to another. However, there is one unifying factor that influences all these disorders: money. An effective way to overcome them is to ensure smart and profitable money management strategy. Identifying and adopting a strategy is not so easy in the backdrop of a disorder. But help is around: One can take professional help i.e. consult a financial adviser. A well-laid out plan can overcome personal shortcomings and channel our money to rightful use.
What it takes!
To seek help, we have to be truthful in acknowledging the disorder, be open about it and discuss it with the expert. Once a plan is implemented, it is imperative to follow the plan without deviations for effective results. Lastly, we have to constantly endeavor for financial learning and overcoming the disorder.
As parting words, taking medical help is key for curing ailments. Money related disorders too should be curbed by professional financial planning to enable you to live a superior life.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.