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You’ve just scored a £75,000 job in London, but you’re still eating instant noodles for dinner. Welcome to money dysmorphia, where your wallet and your worries are in constant disagreement
No, I’m not saying it’s bad to eat noodles. Meet Oluwaseun, a 28-year-old software engineer from Lagos. He’s living the dream in Manchester – or so his Instagram followers think. In reality, Oluwaseun is battling a silent enemy: the nagging feeling that he’s always one missed paycheck away from financial ruin.
Despite his £65,000 salary, he obsessively checks his bank balance and loses sleep over phantom debts. You’re not alone in this financial funhouse of distorted perceptions.
The Roots of Money Dysmorphia
Money dysmorphia isn’t just about being bad with numbers. It’s a psychological tug-of-war often rooted in childhood experiences.
Maybe you grew up in Nairobi, watching your parents stretch every shilling. Or perhaps you were the rich kid in Accra who never learned the value of a cedi. These early money lessons shape our adult financial lens.
For diaspora Africans, there’s an extra layer. The pressure to succeed and send money back home can warp our perception of financial success.
You might be earning £50,000 in Birmingham – more than your parents ever saw – but that nagging voice still whispers, “It’s not enough for London prices, and what about building that house back home?”
The Currency Conversion Conundrum
Here’s a uniquely diaspora problem: mental currency conversion. You earn in pounds or dollars, but your brain still thinks in naira or cedis.
A £30 dinner in London feels like highway robbery when your mind automatically calculates it as 18,000 naira. This constant mental math fuels money dysmorphia, making every purchase feel like a small fortune.
The Remittance Trap
For many in the diaspora, sending money home is non-negotiable. But it’s also a breeding ground for money dysmorphia.
You might be transferring £200 monthly to your family in Ghana, a sum that makes a significant difference back home. However, that same £200 feels like a drop in the ocean when you’re trying to save for a house deposit in Dublin.
This financial double life can lead to a skewed perception of your wealth. You feel rich when thinking about your impact back home, but broke when facing your local economic realities. It’s a mental whiplash that leaves many feeling perpetually financially inadequate.
Social Media: The Comparison Trap on Steroids
In the age of Instagram flexing and TikTok financial gurus, money dysmorphia finds fertile ground. Suddenly, your comfortable £1,200/month flat in Manchester feels inadequate next to your friend’s London penthouse tour. This constant exposure to curated wealth feeds the beast of financial insecurity.
But here’s the reality check: Is that influencer showing off their luxury car? It’s probably leased. Is the friend constantly posting about exotic holidays? Likely drowning in credit card debt. Remember, social media is everyone’s highlight reel, not their behind-the-scenes reality.
The Spending Spiral: From Extreme Frugality to Reckless Splurging
One of the most dangerous aspects of money dysmorphia is its impact on spending habits. When you constantly feel broken, you might pendulum between two extremes:
- The Penny-Pincher: You might skip necessary expenses like dental check-ups (£70 in the UK) or proper nutrition, opting for the cheapest options even when you can afford better. This misguided frugality can lead to higher costs in the long run.
- The YOLO Spender: On the flip side, you might justify overspending on luxuries. “I’m broke anyway, so why not splurge on this £200 pair of shoes?” This mentality can lead to actual financial troubles, creating a self-fulfilling prophecy.
Breaking Free from the Financial Funhouse Mirror
Overcoming money dysmorphia isn’t about making more money – it’s about recalibrating your financial perception. Start by tracking your spending for a month. No judgment, just facts. You might be surprised to find you’re not as broke as you feel.
Next, set realistic financial goals tailored to your situation. Forget about keeping up with the Dangotes or the Kardashians. Focus on what truly matters to you. Maybe it’s building a £5,000 emergency fund or saving £2,000 for a trip back home.
Finally, talk about money. Break the taboo. Share your struggles with friends or seek professional help. Many cities offer free financial counseling services – like London’s Money A+E or Dublin’s MABS. Remember, money dysmorphia thrives in silence and isolation.
Final Thoughts on Money Dysmorphia
Money dysmorphia is the uninvited guest at our financial party, but it doesn’t have to run the show. By recognizing its presence and challenging its lies, we can build a healthier relationship with our finances.
After all, true wealth isn’t just about the numbers in your Monzo account – it’s about peace of mind. And that, my fellow diaspora dreamers, is worth more than all the pounds and dollars in the world.
READ: The Rise of Buy Now, Pay Later: Convenient or Dangerous?
The world of shopping has undergone a massive transformation in recent years. Recently, a new player called Buy Now, Pay Later (BNPL) has emerged, taking the retail world by storm. Click here.
