It is normal to think about your financial situation every once in a while, however, you shouldn’t feel anxious when thinking about it. If you’re in a stable good paying job and have savings set aside, then you’re in a great place. This is not what a large group of young men feel. Young men have been struggling with Money Dysmorphia which can cause stress and anxiety while it is not necessary at all! Keep on reading to discover what Money Dysmorphia is and what you can do to prevent it.
Why is Money Dysmorphia such a problem?
In a recent study, scientists found out that 43% of the male Gen Z population and 41% of male millennials feel like they’re financially behind. Even when they often have above-average savings. The distorted financial self-view can cause constant stress and risky financial behaviors for these men
Experts say that social media is a big influence on their dysmorphia as it is a place where everyone shows off their best selves. These highlight reels can fuel anxiety and cause men to feel inadequate. However, social media is not the only problem. Many couples struggle to find affordable homes to rent and can’t even dream of buying a house, even with a master’s degree. This, combined with the continuous comparison to other people’s lives and achievements, can have a very negative impact!
How to “fix” your Money Dysmorphia
Do you think you’re struggling with money Dysmorphia? Then we can tell you that it is not too late to change it around. We have listed a couple of tips to “fix” your money dysmorphia below! Do keep in mind that these tips won’t help you if you are in financial trouble. If you’re in real trouble, you might want to seek help from other people who can get you back on the right track.
Focus on yourself
The first tip we can give you is to ditch social media or at least stop looking at other people’s lives like they’re perfect. You do not have the same material things. However, you also don’t know how long they had to save for that new tech upgrade or the cool trip they went on. So, the main thing you have to do is focus on yourself and get into a place where you feel comfortable with the amount of money in your bank account and the way you’re living.
Make a budget you can stick to
Sometimes, financial stress can lead to bad financial choices. However, if you get disciplined and make a budget that includes some “treat yourself” money, you can still reach saving goals and pay your monthly bills, all while spending some money guilt-free! This will also keep you from overspending and getting into actual financial trouble. Reading some books that help you financially might be a good way to learn more about budgets.
Check your actual financial status regularly
If you’re in a financially good position, checking in with your financial status regularly will not only make sure you know exactly how much money you have, but it will also reassure you that you’re doing fine and don’t have to worry.
Set up an emergency fund
Having an emergency fund is beneficial in multiple ways. For example, whenever there is an emergency, most people touch their savings accounts that they’re using to save for something specific. However, if you have an emergency fund set up, you have disposable funds to use exactly for these situations. We recommend having 6 months to 1 year of your monthly bills set aside. So whenever something unexpectedly breaks, or if you lose your job, you have time to breathe, and you don’t have to worry about money for a while!
