Greeting family! I hope everyone is having a prosperous 2022 so far. Many people do not know that April is Financial Literacy Month, so for this month’s article, I wanted to touch on a topic that many don’t even recognize as a problem, Financial Guilt.
Financial guilt can be a roadblock in pursuing your financial goals. Learning to recognize and manage those feelings can help you overcome that guilt.
For many Americans, money is a huge source of stress[1], and it can also generate feelings of guilt. This might start by feeling bad about treating yourself to the occasional takeout meal or splurging on a new cell phone, but there are also more significant issues that can trigger money guilt.[2]
For example, you may experience guilt at doing well financially, especially if you come from a low-income background. Erin Osterfeld, a blogger at Miss Financially Free, says she felt guilty over becoming financially independent in her 30s because of perceived resentment toward her success among her blue-collar family members.
You may also struggle with guilt if you make a money decision that you come to regret. R.J. Weiss, the founder of The Ways to Wealth, dealt with this after buying his first home, which turned out to be a mistake.
Regardless of the circumstances, financial guilt can be a roadblock in pursuing your financial goals. But knowing how to recognize and manage those feelings can help you overcome that guilt.
Where money guilt comes from and what it feels like
Financial guilt can develop in different ways.
It may stem from the money mindset you developed as a child. For instance, if you were no stranger to poverty growing up, then you may feel guilty over being successful as an adult, especially if you see your parents or family members continue to struggle with money.
Social media and friends can also influence feelings around money. Fear Of Missing Out (FOMO) could lead you to spend money that you ordinarily wouldn’t, just to keep pace with your friends or people you follow on Instagram. Once the fun is over, you may feel guilty about blowing your budget.
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Thank you for reading Kinji Ridley’s article on scoopnewsusa.com. For more on “Managing Money Guilt: How to deal with Guilt after spending”, please subscribe to SCOOP USA Media. Print subscriptions are $75 and online subscriptions (Print, Digital, and VIZION) are $90. (52 weeks / 1 year).
