Anxiety Creeping In Every Time You Spend? It Might Be ‘Chrometophobia’!

Did you know? For some, “Money” and “Fear” may not be two different words at all!

While it may sound weird, 'chrometophobia' or 'chrematophobia’ is a recognised condition where people are just too afraid to spend money that they end up facing a daily battle even when there’s no actual shortage.

While money matters are stressful to each of us at times, for those with chrometophobia, managing money goes beyond a regular person’s concerns.

If this is you or someone you know, we have sourced some great insights from some of the best financial advisors in the UAE to combat the same.

Read more to kick the redundant money-fear out of the park!

What is Chrometophobia, Anyways?

Is there a persistent dread of parting with your hard-earned cash or even just being in its presence? Do you keep counting your cash or checking your bank account every few minutes?

According to Abu Dhabi-based financial advisor Andrea Barbara, if you find yourself in a constant state of anxiety when dealing with money matters for six months or more, you might be grappling with an anxiety disorder related to money.

How Do You Differentiate Chrometophobia from Regular Worry?

The fear of spending money, or chrometophobia, manifests in various ways, depending on the individual. Some individuals may obsessively count their money, while others avoid managing or even thinking about it.

In extreme cases, this fear can extend to other valuable assets like jewelry. However, it's essential to recognize that chrometophobia, like other phobias, is often an irrational fear. It doesn't necessarily imply someone has financial problems.

Signs You Might Have Chrometophobia

• Refusal to Handle Finances: Sufferers of chrometophobia may be emotionally triggered by the sight of cash or the thought of budgeting, making even routine financial tasks challenging.
• Avoiding Enjoyable Activities Due to Costs: If you frequently bypass activities you love because they involve spending money, chrometophobia might be at play.
• Excessive Money Counting: While it's normal to check your bank account periodically, if you find yourself checking it every few minutes, chrometophobia could be the culprit.

Working Tips to Manage Chrometophobia

Overcoming chrometophobia involves recognizing the irrationality of the fear and addressing its underlying causes. Here are some strategies recommended by experts:

• Utilize a 'Money Map': A 'money map' provides a clear picture of your current financial status and future goals, aiding you in planning your spending and savings each month. It can be a powerful tool to combat chrometophobia.
• Set Up Automatic Payments: If unpaid bills are a source of paranoia, establish direct debits or automatic payments for your expenses to ensure they are taken care of promptly.
• Create a Budget: Developing a monthly or weekly budget, or utilizing budgeting apps, can help you gain control over your finances and alleviate your fear of spending.
• Define Financial Goals: Setting short-term and long-term financial objectives can provide a sense of financial security, helping you determine whether a purchase aligns with your overall plan.

Enjoying a Healthier Relationship with Money

Chrometophobia can have a significant impact on your daily life. Recognizing this fear and addressing its root causes through strategies like setting financial goals and using a 'money map' can help you regain control of your finances and alleviate the anxiety associated with money.

By understanding the nature of your financial fears and taking proactive steps to manage them, you can conquer chrometophobia and enjoy a healthier relationship with money.

Written by: Tashika Chopra