Have you ever felt a pang of regret after treating yourself to a nice dinner? Or perhaps a twinge of shame for not being able to support a loved one financially? These feelings are more common than you might think, and there’s even a term for them: financial guilt.
Certified financial planner Lauryn Williams founder of Worth Winning explains that this type of guilt can be a significant barrier to both enjoying the money you have and taking steps to improve your financial situation. The negative narratives we tell ourselves, such as “I should have known better” or “I shouldn’t be in this situation,” can be particularly harmful. As Williams puts it, “They don’t allow you to move forward because you feel so guilty.”
Understanding the different types of financial guilt
Williams identifies three main types of financial guilt that people often experience. The first is spending guilt which occurs when we feel bad about treating ourselves or making purchases that we perceive as unnecessary. The second is saving guilt where we feel guilty for not saving enough or for not being able to save at all. The third type is support guilt which arises when we feel unable to financially support our family or friends.
Spending guilt: when treating yourself feels wrong
Spending guilt often stems from societal pressures and personal beliefs about money. We might feel that we don’t deserve to spend money on ourselves or that we should be saving every penny instead. However, Williams emphasizes the importance of finding a balance. “It’s okay to treat yourself occasionally,” she says. “The key is to budget for these treats and not let them derail your “
Saving guilt: the pressure to save more
Saving guilt can be particularly challenging, as it often involves comparing ourselves to others or feeling that we’re not doing enough to secure our financial future. Williams advises focusing on your own circumstances and making a plan that works for you. “Start small if you need to,” she suggests. “Even saving a little bit each month can add up over time.”
Support guilt: when you can’t help those you love
Support guilt can be emotionally taxing, as it involves feeling like you’re letting down the people you care about. Williams recommends open communication with family and friends about your financial situation. “It’s important to set boundaries and be honest about what you can and can’t do,” she says. “You can’t pour from an empty cup.”
Moving forward from financial guilt
To overcome financial guilt, Williams suggests a few practical steps. First, she recommends acknowledging your feelings and understanding where they come from. This can help you separate your emotions from your financial decisions. Second, she advises creating a realistic budget that allows for both saving and spending. Finally, she encourages seeking professional help if needed, such as a financial planner or therapist.
This insightful comic was reported by Marielle Segarra and written and illustrated by Abi Inman. The comic was edited by Malaka Gharib and CJ Riculan with Clare Marie Schneider serving as the producer. For more tips and advice, leave a voicemail at 202-216-9823 or email LifeKit@. You can also listen to Life Kit on Apple Podcasts and Spotify and sign up for their newsletter. Follow them on Instagram at @nprlifekit.
