Everything You Need to Know About Hoarding Money

While hoarding money is not really a common phenomenon, it does happen from time to time. Nine times out of ten, distrust, paranoia, and fear are the motivating factors for individuals who willfully chose to hoard cash.

An Overview of Paranoia and Money

Reports from Money Instructor affirm that the decision to hoard money is often indicative of mental health ailments such as obsessive-compulsive disorder. There's nothing wrong with building up a healthy savings account but when most people think of someone hoarding cash, they generally imagine a frenzied individual shoving large amounts of bills into mattress holes. While the aforesaid behaviour can occur, there are also other prevalent behaviours associated with hoarding money. For example, people who hoard money are usually very particular, even to a fault, about saving on expenses. Frugality has its merits, but, as the old saying goes, too much of a good thing is never good. Even when such individuals take guaranteed payday loans or any online loan, they may still find it difficult to put the funds they receive to any use.

Someone who suffers from money-related mental health issues will frantically fret over money spent down to the last cent. They may furthermore refuse to rid themselves of purchased items, even ones that have considerably depreciated or otherwise lost their value. Unfortunately, money paranoia is not limited to hoarding cash and taking frugality to extreme measures. Individuals who are plighted with money-related mental health issues are moreover likely to retain all purchased possessions, review bank statements on a daily basis, and refuse to use certain resources for fear of "wasting" money. Chronic money hoarders may even cheat or swindle their relatives and friends for the sake of preserving or sustaining capital.

What Prompts Someone to Hoard Money?

Although one certain cause of hoarding has yet to be found, Psychology Today affirms that there are certain factors and circumstances which can increase the likelihood and susceptibility to hoarding. For instance, individuals who struggle with decision-making, have undergone past trauma, or have relatives who hoard are more probable to become hoarders themselves. Many people who frequently hoard money also usually suffer from variations of anxiety or depression-related disorders.

Unfortunately, additional reports from Psychology Today affirm that hoarding can persist as a lifelong ailment. However, there is some light at the end of the tunnel. Treatment options to combat hoarding include cognitive-behavioural therapy, antidepressant prescriptions, and treatment designed to help afflicted individuals make better choices, lessen stress levels, and learn organizational skills. The ultimate goal of professional treatment is to help afflicted individuals feel comfortable with letting certain things go and absolve the need to obsessively hoard money. It helps to consider effective treatment because whether your income comes from self-employment or planning to begin a start-up business, hoarding money will do more damage than good.

Conclusion

Each person has their own unique relationship with money. However, said relationship can become problematic when money management is taken to extreme and unprecedented levels. Paranoia, regardless of its target, is never healthy and should always be remedied when its presence is made apparent. Overcoming the desire to hoard money and other objects may be tough in the beginning, but with the proper work, time, and treatment, it can be done. Afflicted individuals are furthermore recommended to seek out professional help to combat hoarding as opposed to self-medicating. Authored by Gabrielle Renee Seunagal