'Paralyzing Fear': Some People Are Terrified of Spending Money. Here's How They Deal With It

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Chrometophobia Is Real

We all know someone who is simply scared to spend money — even when they can afford to. Whether it's someone you live with, a friend, or yourself, being afraid of money can eat you up inside, causing anxiety and needlessly affecting the way you live. There's actually a term for this, called chrometophobia.

We get it: It's hard to escape your past if money was once tight or you've been raised to fear spending. But sometimes, it really does make sense to use your money. Redditors shared how they get over their fears of spending money — here are some of our favorite tips.

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Trust Your Budget

When you're nervous to spend, you may convince yourself that something is out of reach for you when it actually would be a comfortable purchase. "I budgeted like crazy and can afford to buy something but when I do, it’s instant regret and just think 'oh no I might need that $8 in the future,'" says one Redditor. "I just try to remind myself that it fits in the budget," they add. 

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Build Emergency Savings

One of the top pieces of advice Redditors share is to make sure you have emergency savings. Spending anxiety is more easy to quell when you know you have a solid safety net. But while you're building your safety net, don't be afraid to spend on the things you really need: healthy food, a clean and safe living situation, transportation, etc.

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Remind Yourself a Deal Isn't Always a Deal

Sometimes, people who are afraid to spend money will end up buying the cheaper things that break, don't last, or aren't good quality because they're spending less money upfront. As one person says, they often spend more in the long run fixing the supposed good deals they grabbed, when they could've spent upfront and saved money in the end.

Related: Worried You May Be Too Cheap? Here Are the Tell-Tale Signs

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Have a Budget for Fun Spending

It's less scary to spend money when you budget for the fun parts of life, too. Even if it's a tiny bit set aside, it can make you feel more confident spending. "Honestly this is so crucial. I really tried to prioritize putting everything I had after bills into paying down student debt, and it was just so bad for my mental health," says a user. "Now, I am still working hard to pay down my car loan, and student loans, but I have a budget to spend time with friends, see movies, travel, the gym, etc. It's not much, but it is so much better for me."

Related: 7 Purchases That Frugal Redditors Say Drastically Improved Their Lives

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Live in the Present, Not the Past

While it's always wise to take past experiences with money into consideration, Redditors suggest living in the past isn't always healthy if your situation has changed. For example, a user talks about how growing up without much has made it hard for them to enjoy the fact that they have more that they can spend now. But now that they are an adult, they have the power to rewrite their perspective.

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