Chrometophobia is a strong fear of spending money. People with this phobia feel intense fear and anxiety about spending money. They try to avoid it as much as they can. While it’s normal to worry about money sometimes, some individuals have an irrational fear of spending it, according to Aimee Daramus, PsyD, a clinical psychologist and author of “Understanding Bipolar Disorder.” This fear is known as chrometophobia. More: Decisions made from fear vs. love
More people should learn to tell their dollars where to go instead of asking them where they went.
Roger Babson
Chrematophobia comes from the Greek words “chrimata” (money) and “phobos” (fear). Money is a major concern for many people, whether they’re trying to save or earn it. For some, however, money is a source of great distress and anxiety. People with chrometophobia feel completely helpless and debilitated because money is essential for basic needs like food, clothing, and housing. Severe sufferers might end up homeless, malnourished, and in poor health. More: Healing through the Theta Healing technique
Chrometophobia isn’t just about physically handling money. It also involves fears about acquiring money and its value, making it hard for sufferers to manage even basic budgets. This condition is complicated because getting help often also requires money. However, if sufferers can access assistance, behavioral psychotherapy can be a very effective treatment. More: Decisions Made From Fear vs. Love
Dr. Daramus identifies several signs and symptoms of chrometophobia
- Extreme fear of spending money, affecting daily life
- Anxiety or panic at the thought of spending money
- Avoiding spending money as much as possible
Chrometophobia can manifest differently in each person. One individual might constantly count their money for reassurance, while another might be too scared to touch, manage, discuss, or even think about it. For some, the fear extends to other valuables like jewelry, gold, diamonds, and other expensive items. More: How do you know if you have imposter syndrome?
Dr. Daramus notes that, like other phobias, chrometophobia is an irrational fear. Therefore, someone with genuine financial problems might not have chrometophobia, as their reluctance to spend money is based on realistic concerns. Dr. Daramus explains that a therapist or psychiatrist can often diagnose a fear of spending money by talking with the patient.
The healthcare provider will see if the patient’s symptoms and behaviors match the criteria for phobias in the Diagnostic and Statistical Manual of Mental Disorders (DSM), a guideline by the American Psychiatric Association (APA).
Treatment options for fear of spending money
Chrometophobia can be treated with psychotherapy. Here are some therapies that may help someone with a fear of spending money:
Cognitive-behavioral therapy (CBT): Dr. Daramus explains that CBT is commonly used to treat phobias. This therapy helps people identify irrational thoughts and behaviors caused by their fear. Individuals can counter their fear of spending money by learning new ways of thinking and behaving.
Exposure therapy: This type of CBT involves gradually facing feared situations safely. It helps people develop coping skills to manage their fear of spending money effectively.
Theta healing: This method involves a practitioner entering a theta brainwave state to facilitate healing and transformation at a deep level, potentially alleviating anxiety and promoting a healthier relationship with money.
Anxiety management skills: Techniques like meditation and mindfulness can help manage the anxiety associated with chrometophobia. Dr. Daramus recommends these methods to cope with fear. More: Childhood anxiety symptoms
You should also:
Be compassionate with yourself as you confront this fear. Understand its origins, but acknowledge that it’s time to move past it.
Recognize that avoiding spending money excessively could lead to higher costs in the future. Prioritize essential needs like home upkeep, healthcare, and personal well-being.
Use budgeting tools or apps to track your finances and reduce concerns about overspending.
Simplify bill payments with a direct debit to alleviate anxiety.
Seek guidance from a trusted friend, family member, or financial advisor for a more balanced perspective on your spending habits. More: Achieve your purpose with a mindful coach
