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Are you Financially Codependent?

Do you feel responsible for everything that happens, even to other people? Do you try and fix the problems of others, and feel guilty when you can’t? You may be codependent, which can be especially troubling when managing finances. By placing the financial needs of others above your own financial needs, intense feelings of resentment can develop.

The previous two blogs have addressed Financial Codependency in personal life and the business world. Since the first step in overcoming Financial Codependency is identifying it, here are some key signs that signal financial codependency.

  • Do you give excessively to others? Financial codependents are often lavish gift givers, spending much more money than what is reasonable. In addition, financial codependents may be supporting the lifestyle of family or friends, such as a parent who continues to give money to a grown child.
  • Do you become involved with other people’s problems? If you find yourself dropping everything to take care of the finances of others, you may be financially codependent.
  • Do you continually pay for things? Whether it’s a trip, a dinner, or an event, financial codependents have trouble saying ‘no’ and waste money on things that aren’t really important to them.
  • Do you only focus on what makes others happy, and never yourself? Many codependents devote much of their time and finances on things that make others happy. They may not even recognize the things that make themselves happy.
  • Do you repeatedly bail others out? If you find yourself continually coming to the rescue of others after they’re in a financial tight spot, this could be a red flag.
  • Do you constantly give others ‘one more chance’? One more chance always leads to another and another and another. This behavior is how the financially codependent cycle continues.

By identifying the signs of Financial Codependency, you can take the necessary steps to resolve the underlying emotional issues behind it.

 

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