Affluent Savvy
Photo by Pixabay Pexels Logo Photo: Pixabay

What Causes Fear of money?

Causes of Chrometophobia People who have faced severe financial difficulties in the past may develop chrometophobia, because they may have been traumatized by the situation and fear it may occur again, explains Dr. Daramus. “With some phobias though, there may not even be a specific cause,” says Dr. Daramus.

Why is my inner voice so loud?
Why is my inner voice so loud?

A critical inner voice may develop during times of extreme stress. It's also sometimes seen in mental health conditions, such as anxiety and...

Read More »
What is wealth according to God?
What is wealth according to God?

Wealth includes adequate physical possessions to live and flourish as a human being created in the image of God, and it also requires a specific...

Read More »
Awaken your dormant DNA ability to attract wealth effortlessly
Awaken your dormant DNA ability to attract wealth effortlessly

The simple yet scientifically proven Wealth DNA method laid out in the report allows you to effortlessly start attracting the wealth and abundance you deserve.

Learn More »

What Is Chrometophobia?

Most people worry about money. However, some people have an irrational fear of spending money, known as chrometophobia, says Aimee Daramus, PsyD, a licensed clinical psychologist and author of “Understanding Bipolar Disorder.” The term chrometophobia originates from the Greek words chrimata, meaning money, and phobos, meaning fear. This phobia is also sometimes referred to as chrematophobia. This article explores the symptoms, causes, impact, diagnosis, and treatment of chrometophobia, as well as some coping strategies that may be helpful.

Symptoms of Chrometophobia

These are some of the symptoms of chrometophobia, according to Dr. Daramus:

Extreme fear of spending money, to the extent that it can get in the way of daily life

Anxiety or panic at the prospect of spending money

Tendency to avoid spending money as much as possible

Chrometophobia can manifest in different ways, depending on the individual. While one person might repeatedly count their money for reassurance, another might be afraid to touch it, manage it, talk about it, or even think about it. In some people, this fear may also extend to other valuables, such as jewelry, gold, diamonds, and other expensive items. However, Dr. Daramus says it’s important to note that like other phobias, chrometophobia is an irrational fear. Therefore, someone who genuinely has financial problems may not have chrometophobia, because their reluctance to spend money may be realistic.

Impact of Chrometophobia

These are some ways that chrometophobia can impact the person’s life, according to Dr. Daramus:

The person may deny themselves necessities they can afford

They might avoid going out, taking a vacation, or pursuing activities they enjoy, even if it fits in their budget They may develop health problems if they refuse to spend on healthcare, or choose to buy junk food because it’s cheaper than healthy food They may not have a social life or romantic relationship because all of that costs money

They may develop legal problems due to failure to pay bills

Their living situation may deteriorate because they don’t want to spend on home maintenance and repairs Aimee Daramus, PsyD Life can get pretty bleak when you deny yourself basic necessities and affordable treats. — Aimee Daramus, PsyD

Causes of Chrometophobia

Can cinnamon be toxic to the liver?
Can cinnamon be toxic to the liver?

Cinnamon Risks While this spice has many favourable aspects, there is a downside to most types of cinnamon: coumarin. Coumarin is a chemical...

Read More »
Is 25k a good emergency fund?
Is 25k a good emergency fund?

$2,467 is a good 'minimum savings rule' Most money experts agree that the more you can save, the better off you'll be. Oct 18, 2019

Read More »
Awaken your dormant DNA ability to attract wealth effortlessly
Awaken your dormant DNA ability to attract wealth effortlessly

The simple yet scientifically proven Wealth DNA method laid out in the report allows you to effortlessly start attracting the wealth and abundance you deserve.

Learn More »

People who have faced severe financial difficulties in the past may develop chrometophobia, because they may have been traumatized by the situation and fear it may occur again, explains Dr. Daramus. Genetic factors can also play a role in the development of phobias; people may be predisposed to developing phobias if others in their family have them. “With some phobias though, there may not even be a specific cause,” says Dr. Daramus. However, she adds that though we may never know the why, the phobia can still be treated.

Diagnosing Chrometophobia

A qualified mental healthcare professional such as a therapist or psychiatrist can diagnose chrometophobia by conducting an interview with the patient, says Dr. Daramus. The healthcare provider will determine whether the patient’s symptoms and behaviors meet the diagnostic criteria listed for phobias in the Diagnostic and Statistical Manual of Mental Disorders (DSM), a guideline published by the American Psychiatric Association.

The diagnostic criteria for phobias listed in the DSM-5 include:

The person experiences excessive or unreasonable fear at the prospect of the object or situation The person is unable to cope with the feared situation and almost always experiences anxiety or has a panic attack when they encounter the situation The person recognizes that their reaction is excessive but is unable to do anything about it The person avoids the situation as far as possible, or endures it with significant distress and anxiety The person’s fear, anxiety, distress, and avoidance interfere significantly with their ability to go about their daily life, affecting their work, studies, relationships, and overall functioning

The person’s fear is persistent and has lasted for over six months

The person’s symptoms and behavior are not caused by another mental health condition

Treating Chrometophobia

Chrometophobia can be treated with psychotherapy. These are some forms of therapy that can be helpful. Cognitive behavioral therapy: Most phobia treatments are based on cognitive-behavioral therapy, says Dr. Daramus. She explains that this form of therapy can help people recognize irrational thoughts and problematic behaviors caused by the phobia, and it can help them develop healthy thought and behavior patterns to counter the phobia. Most phobia treatments are based on cognitive-behavioral therapy, says Dr. Daramus. She explains that this form of therapy can help people recognize irrational thoughts and problematic behaviors caused by the phobia, and it can help them develop healthy thought and behavior patterns to counter the phobia. Exposure therapy: Exposure therapy is a form of cognitive behavior therapy that has been specifically developed to help people confront their fears in a safe environment. This form of therapy involves gradually exposing people to the feared situation and helping them develop the coping skills they need to handle it. Exposure therapy is a form of cognitive behavior therapy that has been specifically developed to help people confront their fears in a safe environment. This form of therapy involves gradually exposing people to the feared situation and helping them develop the coping skills they need to handle it. Anxiety management skills: Meditation and mindfulness are anxiety management skills that can help people manage the anxiety caused by their phobia, says Dr. Daramus.

Can you put cinnamon around your house?
Can you put cinnamon around your house?

Not to mention, it makes for a wonderful air freshener in your home, either by boiling some cinnamon sticks on the stove or leaving some out in a...

Read More »
What is the number for Jesus?
What is the number for Jesus?

In some Christian numerology, the number 888 represents Jesus, or sometimes more specifically Christ the Redeemer. This representation may be...

Read More »

Coping With Chrometophobia

Dr. Daramus suggests some steps that can help you cope with chrometophobia:

If you have chrometophobia, there may have been a good reason why you watch your money so carefully. However, it might be time to let that go. So, try to show yourself some compassion as you deal with this fear. Remember that sometimes refusing to spend money can cost you more money in the long-run. It’s important to take care of your home, your health, your everyday needs, and your social and emotional well-being. Use a budgeting app to help you manage your money so you don’t have to worry about overspending. Set up a direct debit for all your important payments, if paying bills gives you anxiety. Ask a close friend or family member to help you rationalize your spending habits.

A Word From Verywell

Chrometophobia is an irrational fear that can make it difficult for you to spend money or pay your bills, even though you may be able to afford it. It’s important to seek treatment for this condition as it can affect your health, relationships, overall well-being, and daily life.

Why are gnats around my front door?
Why are gnats around my front door?

Often times it is because they have been drawn to your property via a fungal source or some sort of moisture or rotting organic matter since these...

Read More »
What zodiac rules the Justice card?
What zodiac rules the Justice card?

In astrology, the Justice card is associated with the planet Venus and Libra zodiac sign.

Read More »
Awaken your dormant DNA ability to attract wealth effortlessly
Awaken your dormant DNA ability to attract wealth effortlessly

The simple yet scientifically proven Wealth DNA method laid out in the report allows you to effortlessly start attracting the wealth and abundance you deserve.

Learn More »
Who is the saint of gifts?
Who is the saint of gifts?

Saint Nicholas Saint Nicholas was a fourth century bishop known for his gift-giving to the poor, which inspired the story of Santa Claus. Dec 6, 2022

Read More »
Awaken your dormant DNA ability to attract wealth effortlessly
Awaken your dormant DNA ability to attract wealth effortlessly

The simple yet scientifically proven Wealth DNA method laid out in the report allows you to effortlessly start attracting the wealth and abundance you deserve.

Learn More »
What smell scares bed bugs?
What smell scares bed bugs?

There are many smells that bed bugs don't like. If you're spraying your luggage, clothing, or bedding, use a scent that you like. Lavender,...

Read More »