top of page
Search

Stop Comparing Your Finances: How to Beat Money Dysmorphia

imbalance scale of comparing finances leading to money dysmorphia

Are you constantly scrolling through social media wondering if you're falling behind financially? You're not alone. In this episode of Deeply Invested we tackle one of the biggest challenges facing modern money management: the financial comparison trap.


Understanding Money Dysmorphia and Financial Comparison


We dive into a growing trend called "money dysmorphia" a phenomenon where people feel insecure about their financial standing regardless of their actual situation.


According to Credit Karma, this trend emerged in late 2023 across social media platforms and is particularly impacting younger generations' financial decisions and mental health.


But comparison isn't new. Meghan traces the psychology of financial comparison back to the 1913 comic strip that coined the phrase "Keeping Up with the Joneses" and even further to Social Comparison Theory introduced by psychologist Leon Festinger in 1954. The key difference today? Social media has amplified comparison culture, exposing us to thousands of curated highlight reels instead of just our neighbors' lives.


Why the Comparison Trap Is So Hard to Escape


We share personal stories about their own experiences with comparison when it came to money growing up.


The episode emphasizes an important point: you can't blame yourself for falling into this trap. It's human nature to compare, and social media algorithms are designed to keep you scrolling and comparing.


Practical Mindset Shifts to Overcome Financial Comparison


Focus on Your Own Progress Stop measuring yourself against others and start celebrating your personal wins. Whether you've paid off debt, started an emergency fund, or simply automated your savings, those accomplishments matter regardless of what anyone else is doing.


Compare Yourself to Your Past Self The only comparison worth making is with who you were yesterday, last month, or last year. Are you making progress toward your own goals? That's the metric that counts.


Reframe Inspiration vs. Measurement If someone's financial journey inspires you and aligns with your goals, use it as motivation and a learning opportunity, not as a measuring stick for your worth or progress.


Understand Your Money Style Take the Your Money Style Quiz to better understand your financial strengths, habits, and personal drivers. When you know what motivates you, it's easier to tune out noise that doesn't serve you.


Actionable Steps to Protect Your Financial Confidence


Create SMART Financial Goals Set goals that are Specific, Measurable, Actionable,


Relevant, and Timebound: and make sure they align with YOUR vision for financial independence, not someone else's. When your goals reflect your values, other people's milestones lose their power over you. Read our blog post A Step-by-Step Guide to Setting Smart Savings Goals to help!


Build Your Support System Find an accountability partner! This could be a friend, family member, or partner who can pull you back when comparison creeps in and remind you of your progress.


Curate Your Social Media Intentionally

  • Take regular social media breaks

  • Unfollow accounts that trigger comparison or negative feelings

  • Follow accounts that educate and inspire you (like Your Money Style!)

  • Protect your peace by being selective about your digital consumption


Practice Gratitude Write down three things you're proud of financially right now! Keep this list in your phone and revisit it whenever comparison starts taking over.


The Bottom Line on Financial Comparison


You might always be at risk of falling into the comparison trap, and that's okay. The goal isn't to never compare; it's to recognize when it's happening and have tools to climb back out. Your financial journey is unique to you, and success should be defined on your own terms.


Remember: someone else's Chapter 20 isn't your Chapter 5. Focus on your path, celebrate your progress, and keep building that confident money mindset one decision at a time.


Resources Mentioned:

bottom of page