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Do you find yourself checking your bank account on a daily basis over and over again? Do you give a side-eye to the idea of a joint account with your current or future spouse, automatic bill payments and building credit? If this sounds like you or someone you know, you may be a money hoarder; one who excessively acquires money, but has difficulty spending it or letting go financial control.
Here are a few ways to tell if you are hoarding your own money, unable to trust your family, your bank, or even yourself with spending it, in fear of losing a little bit of control.
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You pay for everything in cash…everything
It’s advisable to pay for some things in cash, like a quick bite to eat. Or even a bigger purchase, like groceries or your manicure and pedicure. But if you are paying things like your phone bill or your children’s day care in cash, that’s a little tedious and unnecessary. Trust that you won’t break the bank by paying for your bills using your debit or credit card if you keep track. Even better, set up an automatic bill payment system on your card.
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You skimp on important, necessary purchases because you feel that they are “materialistic”
Let’s face it: you need a new pair of work shoes or some new bedroom furniture or even some new underwear. If you are holding onto your old clothes, shoes and other items just because you do not want to spend money “frivolously,” you are only cheating yourself. Choose quality over quantity, which may mean you have to “splurge” a little on an item that will last you longer.
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You check your bank account multiple times a day
From the time you left home for work to 10:52 a.m. while at work, your money hasn’t gone anywhere. There’s no need to keep checking your bank account constantly every day throughout the day. By trusting your banking establishment, being knowledgeable about banking fees and having the proper notification when bills are due and will be taken out of your account, you will be fine on a day-to-day basis. And if there’s an issue with fraud, an FDIC-insured bank will take care of it. If it’ll make you feel better, learn how they handle those situations, then take a breath.
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You don’t trust your family or spouse with your finances
If you keep a joint account with your spouse and don’t trust him or her with your portion, you might be holding onto your financial independence. There’s nothing wrong with having a little stash for yourself, but if that little stash is bigger then the stash set up for your family, take a look at why you have so many issues with those you love. Why would they do anything to cause your financial ruin?
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You have every money management app on your smartphone
If your smartphone is bombarded with every money app there is — Mint, your bank, your spouse’s bank, your joint account bank, mobile banking via text, CNN Money, etc. — you might be a little obsessed. Moreover, you feel the need to lug that worry everywhere with you. Shut off the phone, uninstall a couple of those apps, and stop worrying about every little financial detail while on-the-go.
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In your teens and 20s, you might’ve been a little less compulsive and a little more impulsive with your finances, applying for every credit card, maxing them out, accruing an outrageous amount of interest just to pay it off and start all over again. If you’ve been burnt from those days and vow to never go back to living your financial life in that way again, you might be a little overzealous about building your credit back up. It’s a common fear, but in order to establish credit for a new home, car or another major purchase, you must put aside your fear and trust your financial knowledge. Take the right steps and the score you want will come to you.
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You calculate everything down to the single penny
Put your calculator away and start rounding up to the nearest dollar. It’s okay! No matter how great you were in math or accounting, you will hardly ever get down to the penny when calculating your finances and your expenses. We all wish we could, and if we tried, it would drive us crazy. Then we’d have to take all that money we saved and spend it on therapy.
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You try to squeeze as much as you can out of tax season
Tax season is behind us this year, but you are still looking for ways to squeeze out those extra pennies from last year. You might be also already preparing for next year’s tax season, which isn’t a terrible thing, but you have seven months to go. Don’t jump the financial gun just yet!
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You still have a paper trail for your transactions… from years ago
Do you have a drawer of receipts for things that you bought way, way back? If you are still receiving bank statements in the mail for the sake of having a physical trail of evidence of your transactions, you are holding on tight to the 20th century. Transfer your bank statements online, saving you time, and saving the environment by cutting down the paper waste every month. Every bank has an online feature that allows you to print your bank statement if you need it.
