What Phobia Is the Fear of Spending Money? (2024)

It’s common toworry about money, but some people have an irrational fear of spending money, saysAimee Daramus, PsyD, a licensed clinical psychologist and author of “Understanding Bipolar Disorder.”The phobia of spending money is called chrometophobia.

This article explores the symptoms, causes, effects, diagnosis, and treatment of chrometophobia, as well as some coping strategies that may be helpful if you have a fear of spending money.

Signs of Chrometophobia

Dr. Daramus shares some signs and symptoms of chrometophobia:

• Extreme fear of spending money (to the extent that it affects daily life)
• Anxiety or panic at the prospect of spending money
• Tendency to avoid spending money as much as possible

Chrometophobia can show up in different ways for different people. While one person might repeatedly count their money for reassurance, another might be too afraid to touch it, manage it, talk about it, or even think about it.

In some people, the phobia may extend to other valuables, such as jewelry, gold, diamonds, and other expensive items.

However, Dr. Daramus says that like otherphobias, chrometophobia is an irrational fear. Therefore, someone who genuinely has financial problems may not have chrometophobia, because their reluctance to spend money is realistic.

Effects of Chrometophobia

Dr. Daramus says that chrometophobia can have a significant and negative effect on a person’s life. Here are just a few examples of how fear of spending money can affect someone:

• They deny themselves necessities that they can afford.
• They avoid going out, taking a vacation, or pursuing activities they enjoy, even if they fit in their budget.
• They develop health problems because they refuse to spend on healthcare or choose to buy cheaper but less nutritious food.
• They lack connections with friends and don’t pursue romantic relationships because socializing costs money.
• They face legal issues because they have not paid bills.
• Their home and vehicle fall apart because they will not spend money on maintenance and repairs.

Examples of Chrometophobia

Here are some examples of what a phobia of spending money can look and feel like, as well as the effects it can have on a person’s life:

• A person is so afraid of paying for insurance so they can see a healthcare provider that a chronic condition they have gets worse, which ultimately leads to a costly hospital stay.
• A person always declines invitations to go out with friends because they’re afraid of having to spend money on food or activities. Over time, their friends stop asking them to hang out, and they start to feel isolated.
• A person is too scared to pay the mechanic for car repairs and continues to drive it even though they know they might be making the problem worse or that the vehicle could be unsafe on the road.
• A person refuses to buy anything that is not necessary. It’s been years since they bought new clothes, took part in a hobby, or invested in an experience like travel or a course.

Causes of Chrometophobia

People who have faced severefinancial difficultiesin 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.

Diagnosing Chrometophobia

A qualified mental healthcare professional (such as atherapistorpsychiatrist) can usually diagnose a phobia about spending money just by talking to a patient, according to Dr. Daramus.

A healthcare provider will determine if a patient’s symptoms and behaviors meet the diagnostic criteria for phobias in theDiagnostic and Statistical Manual of Mental Disorders (DSM), a guideline published by the American Psychiatric Association (APA).

Thediagnostic criteria for specific phobiaslisted in the DSM-5 include:

• The person experiences excessive or unreasonablefearat the prospect of the object or situation.
• The person is unable to cope with the feared situation and almost always experiences anxiety or has apanic attackwhen they encounter it.
• The person recognizes that their reaction is excessive, but is unable to do anything about it.
• The personavoids the situationas much as possible or endures it with significant distress and anxiety.
• The person’s fear, anxiety, distress, and avoidance significantly interfere with their ability to go about their daily life, including their work, studies, relationships, and overall functioning.
• The person’s fear is persistent and has lasted for longer than six months.
• The person’s symptoms and behavior are not caused by another mental health or medical condition.

Treating Chrometophobia

Chrometophobia can be treated with psychotherapy. Here are a few examples of therapies that may help someone with a phobia of spending money:

• Cognitive-behavioral therapy (CBT):Most phobia treatments are based oncognitive-behavioral therapy, says Dr. Daramus. This form of therapy can help people recognize their irrational thoughts and problematic behaviors that are caused by the phobia and learn new ways of thinking and behavior patterns that counter their fear.
• Exposure therapy:Exposure therapyis a type of cognitive behavior therapy that was developed to help people confront their fears in a safe environment. This therapy involves gradually exposing people to the feared situation and helping them develop the coping skills they need to handle it.
• Anxiety management skills:Meditationandmindfulnessare anxiety management skills that can help people manage the anxiety caused by their phobia, says Dr. Daramus.

Coping With Chrometophobia

Dr. Daramus suggests some steps that can help you cope with a fear of spending money:

• Try to show yourself some compassion as you deal with this fear. There may have been a reason why you developed it, and you can acknowledge that. However, since the fear is no longer helping you, it may be time to let it go.
• Remember that refusing to spend money may cost you more money in the long run. You need to do basic things like take care of your home, your health, your daily needs, and your social and emotional well-being.
• Use a budgeting app to help you manage your money and reduce how much you worry about overspending.
• Set up a direct debit for all your regular payments, especially if bills give you anxiety.
• Ask a close friend or family member to help you get a more rational or realistic view of your spending habits. You could also talk to a certified accountant or financial advisor if you have questions about how to manage your money effectively without it becoming a fear or obsession.

Summary

Chrometophobia is an irrational fear that can make it hard for you to spend money or pay your bills, even if you can afford to do so. Being too scared to spend money can affect your health, relationships, overall well-being, and daily life. However, you can learn how to manage the phobia by working with a therapist on coping strategies and practical financial wisdom that helps you manage your money effectively.