Chrometophobia (Fear Of Spending Money): How To Stop Stressing Over Spending Money

Last Update on September 15, 2023 : Published on September 16, 2023
What is Chrometophobia

At some point in life, we all face financial issues, and it’s kind of normal to worry about managing finances throughout the month. But, some people in this world stress over spending money or have an irrational fear of spending money. In psychology, the fear of spending money is known as chrometophobia. Does spending money also make you anxious? 

Well, according to me, we must all learn to maintain a balance of everything, “Earning-Spending-Saving” so that we can all reach the goals we might have set for ourselves. Chrometophobia can be developed due to trauma or fear of facing financial hardships. Whatever the reason, it can be really challenging and overwhelming to live with chrometophobia.

If you think you or your loved one might be struggling with chrometophobia (fear of spending money), read this blog to learn what is it, symptoms, causes, diagnosis, treatment, and more. 

What is Chrometophobia? 

Chrometophobia is an irrational, overwhelming, and extreme gear of spending money. People struggling with this phobia often struggle with spending money or the idea of spending money makes them fearful, anxious, or panicked. In some extreme cases, the touch or smell of money makes them fearful or anxious.

This specific phobia is so extreme that it can make overall life difficult as spending or paying money is a part of life. They feel so sick or pressured to spend money that it makes life decisions challenging. 

Examples of Chrometophobia 

Here are some of the common examples of chrometophobia: 

  1. Social withdrawal to avoid spending money
  2. Always look at the bills or costs deeply and then panic about spending money on everyday essentials 
  3. Tries to avoid calculating bills or thinking about money 
  4. Not able to maintain an “earning-spending-saving” balance 
  5. Refuses to check their bank account 
  6. Constant desire to check or count money again and again 
  7. Refuses to touch money due to extreme fear 
  8. Refuses to touch valuable items such as jewelry, antique items, and more
  9. The constant fear of financial failure 

Fact-Check Related to Chrometophobia

  • Chrometophobia can manifest differently in different types of people. 
  • Chrometophobia is more common in people who have faced or are facing financial difficulties 
  • Someone with a stable or maintained financial account can also develop this fear. 
  • Chrometophobia negatively impacts personal and professional life. 
  • There are no statistical pieces of evidence available to indicate the prevalence of chrometophobia. 

Other Phobias or Mental Health Conditions Similar to Chrometophobia 

Who Can Develop Chrometophobia? 

According to psychology, anyone can develop chrometophobia, but the risk factors that increase the chances of developing chrometophobia are: 

  • History of abuse, trauma, or negative experiences related to money 
  • Currently facing financial difficulties 
  • Growing up in a lower-middle-class family 
  • Witnessed fights or discussions over money during childhood 
  • History of nervousness or anxiety disorders
  • Having a close family member struggling with phobias or anxiety disorders 

Symptoms of Chrometophobia 

Below are some of the common symptoms of chrometophobia: 

  • Anxiety or panic attack after spending money or even thinking about spending money 
  • A constant fear of debt after spending money 
  • Depression 
  • Difficulty sleeping or eating 
  • Excessive worrying while thinking about money 
  • Exhaustion 
  • Headache
  • Irritability 
  • Mood changes 
  • Social withdrawal to avoid spending money 
  • Reduced appetite 
  • Lack of concentration 

Causes of Chrometophobia

Below are some of the common causes of chrometophobia: 

  • Financial trauma or bankruptcy: Financial trauma or PTSD related to money can be a great cause behind the development of chrometophobia. Additionally, bankruptcy is considered to be the major stressful event of life which can also develop this phobia. 
  • Genetics: Having a family member with a history of phobias or anxiety disorder also puts someone at risk of developing chrometophobia. 
  • Other psychological factors: Psychological factors like losing control, compulsive behaviors, or avoidance behaviors can also play a great role in the development of this specific phobia.
  • Social factors: Social factors such as financial anxiety or money anxiety disorder can play a major role in the development of chrometophobia. 

Diagnosis of Chrometophobia 

Chrometophobia is one of the well-known and commonly diagnosed phobias. According to the Diagnostic and Statistical Manual of Mental Disorders 5th Edition (DSM-5), you can get diagnosed with chrometophobia under a set of criteria such as: 

  • An individual must be struggling with extreme or unreasonable fear 
  • An individual must be unable to cope with fearful responses or panic attacks
  • The symptoms must be impacting the overall quality of life 
  • The symptoms must last longer than six months 

If you think you or your loved one might be struggling with chrometophobia, you can refer to the below link to connect with a certified and experienced mental health professional: 


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Treatment of Chrometophobia

Below are some of the common treatment options for treating or managing chrometophobia: 

1. Anxiety Management Classes:

After getting a proper diagnosis, you can look for anxiety management classes that are based on meditation and mindfulness techniques.  

2. Cognitive Behavioral Therapy (CBT):

CBT can help you replace negative thoughts or patterns with positive ones. Additionally, it also teaches you healthy coping skills. 

3. Exposure Therapy:

Exposure therapy is a type of CBT wherein you will be confronting your fears to help you develop healthy and positive coping skills. 

4. Group Therapy:

You can join online group therapy sessions to address your fears and resolve your issues. 

5. Support Groups:

Support groups are known to be one of the most convenient, helpful, and effective options for resolving fears like chrometophobia. 

Living Well with Chrometophobia 

Along with therapy, here’s what you can do to live well with chrometophobia or stop stressing over spending money: 

  1. Learn to maintain an “earning-spending-saving” balance so that you can reach your goals and save money for the future without having any fear of bankruptcy. 
  2. Take the help of a budgeting app and learn to manage your expenses. 
  3. Take the help of a loved one and manage your spending habits. 
  4. Distract yourself for a while and connect with nature to seek mindfulness-based benefits. 
  5. Try relaxation techniques and strict to a proper eating and sleeping routine. 

Wrapping Up 

If you think you or your loved one might be struggling with chrometophobia, please get proper help and the right diagnosis so that you can improve your overall quality of life. This condition can negatively impact your health, overall well-being, relationships, and overall life, therefore, implement healthy lifestyle changes. Additionally, always learn saving skills for a better future and life after retirement. 

I hope this blog helps you understand everything you want to know about chrometophobia. Comment down and share your views on the same. For more such content, connect with us through all social media platforms. 

Thanks for reading! 

About The Author

Aayushi Kapoor
Aayushi Kapoor

Aayushi is a Content Creator at Calm Sage. She holds a Bachelor’s degree in Food Technology and a Master's Degree in Clinical Nutrition. Her constant interest in the improvement of mental health, nutrition, and overall wellness embarked upon her career as a “full-time educational writer.” She likes to make an asynchronous connection with her readers. Her mantra for living life is "What you seek is seeking you".

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