Certain daily habits we take for granted may actually be symptomatic of serious financial conditions. From working extra long hours to an affinity for all-things frugal, here are three financial disorders and their tell-tale signs.
While a lack of sleep may sometimes stem from a sleep disorder, in other cases it may actually be a financial disorder known as workaholism. Signs may include working over 50 hours per week, feeling the need to stay constantly busy, an inability to delegate work and a family history of compulsive workers.
Paying for a power nap in the middle of the day could be yet another sign. At Yelo Spa in New York — the city that “never sleeps” — you can stop by for a 30-minute nap in between meetings for $30.
“When people have to juggle everything they have today in their entire life from the professional side to personal side to kids to socializing, usually the thing they sacrifice is sleep,” says Nicholas Ronco, founder and CEO of Yelo Spa. “I think …the medical community is realizing it’s a big problem.”
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Adding to the problem, says financial psychologist Dr. Brad Klontz, who has researched the disease, is that workaholism is an addiction our society encourages. For example, your boss might appreciate your 12-hour workday and telling friends you pulled an all-nighter can sometimes feel like bragging.
Take control by taking advantage of your vacation benefits, putting away your smartphone when spending time with family and friends and examining your family history around work.
Also see: 3 Things Keeping You in Debt
Another unhealthy financial extreme that may surprise you is over-saving. It’s also known as financial hoarding, or the act of compulsively squirreling away money or other possessions. Filling up your grocery cart with countless jars of discounted peanut butter is one potential sign. Another is being too afraid to spend when you have plenty of disposable income. Over-savers may have experienced scarcity, abandonment or betrayal as kids.
While over-savers need to balance their financial lives with some smart spending, too much buying may be a symptom of another common financial disorder: shopaholism. Roughly one in 10 adults suffers from severe overspending, according to a new study in the Journal of Economic Psychology. And like many other disorders, it often derives from deep-rooted emotional issues. Symptoms include unopened purchases or tags still hanging on clothes, hidden shopping bags in your house and frequent shopping remorse.
Also see: More Signs You May Be a Shopaholic
If you think you fall into this category, it’s important to seek help. Check out BeyondThePurchase.org and ShopaholicNoMore.com.
Do any of these financial disorders sound familiar to you? Connect with me on Twitter @Farnoosh and use the hashtag #FinFit.