Do You Have a Savings Addiction? 5 Questions to Ask Yourself to Find Out

At first glance you may be wondering, “What the heck is a savings addiction?” Simply put, a savings addiction is an obsession with cutting costs and saving money. This addiction may prevent an individual from enjoying life, cause them to make illogical decisions, or even exemplify extreme behavior all in an effort to save money. This savings may even be a small amount. This is a compulsion much like a shopping addiction. The individual simply can’t control him or herself.

Okay, I know you may be asking yourself if this is a joke. Can people have a savings addiction? You bet! Your next question may be so what? What harm can saving money do? Well, when it’s an uncontrollable obsession that gets in the way of everyday life and one’s interactions with other individuals it can cause a lot of harm.

Thanks to the popularity of shows like TLC’s Extreme Couponers and Extreme Cheapskates, saving money came into vogue during the recent recession. Hey, I can definitely get behind that. Saving money is typically a wise decision that should be encouraged. However, when individuals start going to extremes like crawling through trash for coupons (also know as dumpster diving) or peeing in a bottle (to avoid flushing the toilet) I draw the line.

If you wonder if you’re a savings addict, answer the five questions below. If you exemplify all of the below characteristics, take a closer look at yourself and your behavior. Reflect on your actions and if necessary, seek help.

Do you have a savings addiction? Ask yourself these 5 questions:

1.) Have you gone to extreme measures to save money? Extreme measures may involve purchasing hundreds of newspapers strictly for the coupons or as mentioned above dumpster diving for coupons. An individual may even pursue illegal avenues like creating counterfeit coupons.

2.) Do people frequently tell you that you’re over saving? If people frequently inform an individual of their over saving ways, a savings addiction is something to consider and worth additional thought.

3.) Do you feel sick at the thought of spending money? Though no one necessarily likes spending money, some people detest it or have such a tremendous fear of spending money that they become physically ill. If that describes you, you very well may have a savings addiction.

4.) Do you go without basic life necessities because of your saving efforts? If an individual’s lifestyle is hindered as a result of their extreme saving ways, they may have a savings addiction. For instance, if they do not have basic life necessities or regularly miss out on family time so they can pursue efforts to save money, they may have a saving addiction.

5.) Do you wish you could change your saving behavior? If an individual is aware of their extreme saving ways and would like to alter their behavior but feel powerless, they may have a savings addiction.

Some may scoff at the idea of a savings addiction. However, for those missing out on life’s joys as a result of their extreme behavior, it is serious business.

If you believe you have a savings addiction, consult with loved ones or a trusted individual in your life (ex. a preacher). In addition, seriously consider talking to a professional and seeking treatment whether that be at an addiction facility or with a local psychologist.

Do you think our society has gone too far with its money saving behaviors? Do you believe it is possible to have a savings addiction? Please share your thoughts in the comments.