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Financial Codependency in the Personal Life

Have you ever attended a social event and found yourself eating food or drinking a beverage, even though you didn’t want to? Maybe the host offered, and you didn’t want to appear rude or ungrateful. Perhaps a friend urged you to ‘lighten up and have one more drink.’

Believe it or not, this situation is actually a form of codependency. What does that mean? Codependency occurs when an individual places the needs of others above their own needs. As a result, the individual begins to develop deep feelings of resentment and discomfort.

Codependency can occur in a number of ways. Today’s blog will focus on the idea of Financial Codependency. Just as any other form, Financial Codependency happens when an individual places the financial needs of everyone else before their own financial needs.

Financial Codependency often puts the individual in fiscally harmful positions. For example, let’s say an individual was involved in an auto accident. That person files an insurance claim, and finds the insurance company will only pay a reduced amount. Believing they have no power to challenge the claim, they simply accept that the amount is what they deserve. The same is true for service contracts and lease agreements. Many people sign documents because they assume they have no other choice, and don’t realize they have the legal right to modify the contract. By placing the financial needs of others before their own needs, they develop feelings of deep-seated resentment.

Financial Codependency can also lead to relationship obstacles, whether between parents and their children, spouses, or other family and friends. In some cases, a parent might be giving money to their grown children. They are placing their child’s needs above their own, while also creating a feeling of ‘you owe me.’ This is not healthy for parent or child, and anger can emerge.

Becoming aware of Financial Codependency is the first and most important piece in overcoming it. Work can then be done to explore the deeper emotional causes behind the Financial Codependency.

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