<\/p>\n
If it seems like no matter how much money you make, you feel financially insecure, or no matter how stretched you are, you still spend impulsively, then you may be experiencing money dysmorphia.\u00a0Ren\u00e9 Basson, Head of Brand at\u00a0Satrix, says, \u201cThis is an internet term, not a clinical one, but it describes a very real feeling of a rocky, warped relationship with one\u2019s\u00a0finances. Social media exacerbates feelings of inadequacy, making many people wonder why they can\u2019t keep up.\u00a0 To grow in confidence about your\u00a0financial\u00a0journey, consider meeting with an adviser to establish an investment routine that suits you best.\u201d<\/p>\n
Basson says money dysmorphia \u2018shows up\u2019 in two ways. A social media scroll can make you feel as if \u2018everyone\u2019 is holidaying in exotic destinations, making you wonder why you\u2019re falling behind \u2013 when in reality, you\u2019re fine financially. Or perhaps you\u2019re deep in debt but you keep chasing dopamine hits from purchases that stretch your\u00a0finances\u00a0further.\u201d<\/p>\n
Basson adds, \u201cA survey by Credit Karma found 43% of Gen Z and 41% of millennials have experienced some form of money dysmorphia. These generations \u2013 notably known for digital savviness \u2013 seem particularly prone to\u00a0financial\u00a0insecurities. This can lead to irrational decision-making, which impacts future outcomes. The antidote? Having a solid plan in place and pursuing empowering patterns of behaviour like investing.\u201d<\/p>\n
Morphing money:<\/strong><\/p>\n Anyone, at any stage of their\u00a0financial\u00a0journey, can feel dysmorphia. In South Africa, where inequality is acute, many people grow up in homes with a tight budget. This feeling of\u00a0financial\u00a0precarity may continue to restrict enjoyment of money, no matter how financially successful an individual is. This is often termed the \u2018phantom limb of poverty\u2019 or \u2018post-brokeness stress disorder\u2019.<\/p>\n Conversely, perhaps you have growing debts, but you just can\u2019t stop spending.\u00a0 Basson adds, \u201cIt doesn\u2019t help to keep scrolling and seeing what we perceive as others living their best, most luxurious lives. Add to this, the thousands of clickbait articles on people who \u2018made millions by 30\u2019 or \u2018retired by 25\u2019 and it\u2019s no wonder people feel pressing anxiety and less confident in their choices when it comes to money.\u201d<\/p>\n It\u2019s also worth noting that harmful stereotypes hurt too. Women, from early on, often internalise ideas like \u2018women are bad at money management and tend to overspend\u2019, or \u2018women don\u2019t invest or take risks\u2019. This happens even though\u00a0Fidelity studies, for example, have found that women tend to be better savers and investors than men. Basson adds, \u201cNo wonder women can feel acute dysmorphia when it\u2019s ingrained through the language society uses.\u201d<\/p>\n Some stress around money is completely normal, especially given the current climate of high inflation and interest rate cycles. However, Basson says that if you find yourself in patterns of thinking that harm your\u00a0financial\u00a0wellness and confidence, it\u2019s time to make a change.<\/p>\n Shifting money dysmorphia:<\/strong><\/p>\n What\u2019s Your Real Situation?\u00a0Start by assessing your\u00a0real\u00a0financial\u00a0picture. Possibly, you\u2019ll need a\u00a0financial\u00a0adviser to help you see your situation holistically. Once you know the nitty-gritty, you can come up with a realistic\u00a0financial\u00a0roadmap.<\/p>\n What Are Your Goals?\u00a0Goal-based investing is a powerful mechanism to incentivise action. Think about what you want to achieve in the next few years. Set up investments towards these goals, taking their time frames into account. This will help you claim back control.<\/p>\n What\u2019s Your Pattern?\u00a0Find yourself always worrying about your\u00a0finances\u00a0and future. Or do you keep impulse spending when you\u2019re stressed? Gently note your patterns and consider working with a coach or counsellor to start integrating cognitive strategies to promote healthier, more productive cycles of thought and behaviour.<\/p>\n Values-Based Money Mindsets: Think about what\u2019s important to you. Are your values aligning with your spending, saving, and investing behaviours? Introspection around what matters to you can be a powerful incentive to switch to healthier habits.<\/p>\n Assemble a team: <\/strong>Think about what your pain points are and get the right professionals in place to help you move forward. Dealing with debt? Consider a credit coach. Need a plan? Talk to a trusted intermediary.<\/p>\n Keep investing:<\/strong> Benefitting from compounding investing returns is hugely empowering. If you can keep contributing to a diverse investment portfolio and watch this grow, it\u2019s very vindicating, and it can help build confidence in your\u00a0financial\u00a0future. Just start the journey, whether you have a lot or a little.<\/p>\n Basson concludes, \u201cYou deserve to live your best and most fulfilled\u00a0financial\u00a0life now and in the future. That means feeling in control and empowered to make the right decisions to move towards your goals. Starting your investing journey can help put you mentally back on track and in the driver\u2019s seat of your\u00a0finances\u00a0\u2013 and life. It\u2019s brave to seek help if you need it. Get the right people onside to prioritise your mental and\u00a0financial\u00a0wellness.\u201d<\/p>\n PERSONAL FINANCE<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" If it seems like no matter how much money you make, you feel financially insecure, or no matter how stretched you are, you still spend impulsively, then you may be experiencing money dysmorphia.\u00a0Ren\u00e9 Basson, Head of Brand at\u00a0Satrix, says, \u201cThis is an internet term, not a clinical one, but it describes a very real feeling […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-223059","post","type-post","status-publish","format-standard","category-business"],"yoast_head":"\n