Extreme underspending: Chrometophobia or Chrematophobia is a case of being a chronic saver who stockpiles cash by sacrificing what they really need like; food or seeing a doctor. Most of us don’t have this problem, but we probably wish that we did.
Yes, it’s hard to believe, but having this phobia is real, and for these people, dealing with money is difficult. But how? These phobics are not only scared of the corruption of money, they also fear the financial responsibility or failure that comes with having money. So what do they do, especially over the festive season? They save it.
Diagnosed on no stereotype; both extremely rich and poor, are afraid to spend money. For people who suffer from this phobia, it’s often not a physical fear of money, but rather what you get in its exchange. For these people, giving is really hard and getting through the season of holidays is even harder, as there is no such thing as presents, the joy of creating memories or entertainment.
So how do you get Chrometophobia? Unfortunately, this phobia is not contagious. But we do have the causes:
Negative associations to money: Where there is money, there is greed. This concept is one which has been ingrained into all of us since our childhoods, through fairy tales and stories who do evil things for money.
A difficult childhood caused by money: Children who grow up watching their parents fight over money, may inherit patterns that are negative in association to money. These patterns are difficult to break down and may cause permanent fear.
Having money creates responsibility: By having money (no matter how big or small the amount) you have to take care of it. By taking care of your money, this means that you have to invest and make it grow. Fraud and crime associated with money can lead to a fear.
The feeling of being out of control: Money often leads to stress and anxiety, leaving people to feel powerless.
Pre-existing mental disorders: People who suffer from anxiety, deficiencies or hormonal disorders could develop Chrometophobia.
What we need to remember is that there is a difference between extreme underspending and overspending. Balance is always key, and as much as it is easier said than done, there are ways to prevent both extremities with the right help. By putting your money to good use and responsible spending, there is a way to have a healthy mentality and bank account.