Skimm Money: What Your Money Jealousy Is Trying to Tell You

How the news affects your finances.

What Your Money Jealousy Is Trying to Tell You

When your social media feed is full of your friends’ lavish vacations and extravagant purchases, it can suddenly feel like you’re not measuring up — no matter how many commas you see in your bank account. 

“We’re emotional beings,” says Cara Macksoud, a certified financial behavior specialist and CEO of Money Habitudes, a game designed to get people talking about money. “We can’t help but notice who has what, and react to that.” Afterall, you’re a human living in an era where wealth and excess are often celebrated. One NerdWallet survey of more than 2,000 Americans found that three out of five people have experienced money envy, which can lead to overspending and negatively impact your mental health, causing feelings of hostility and resentment toward someone who has what you want. Instead, consider how to flip the script on those “why don’t I have that” feelings.

Your Move:

• Reframe, reframe, reframe. When dealing with financial jealousy, think about “self-worth vs. net worth,” says Macksoud. Pull yourself out of a comparison spiral by identifying what truly matters to you, such as meaningful friendships, compelling work, or a growing family.

• Remember, you don’t have the receipts. That house with the pool looks amazing, but you don’t know how someone bought their home or what it took to get there. Maybe they have a massive mortgage or a high-paying, but high-pressure job they hate. Real life is often much more complicated than it seems in photos — even for millionaires. 

• Use self-exploration. If you’re caught up in a friend’s promotion, or annoyed they can buy a house while you’re barely scraping by paying rent, get curious about why. For example, promotion jealousy may be a sign to level up your job search or consider a shift to a new industry.

• Be honest. If you get jealous when your well-paid friend constantly invites you to expensive dinners, tell them you’re watching your budget. They may simply be unaware of your financial reality. 

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One act of financial self-care you can do in five minutes.

Cover Your “Oh Sh*t” Moments with Umbrella Insurance

Your dog gets nippy with a guest. Your babysitter slips on the stairs while chasing your toddler. You put your car into drive instead of reverse while leaving the garage. Life comes with “how did that happen?” hiccups. One way to minimize financial damage — and your anxiety — is with umbrella insurance. While you have some protection under homeowners, renters, and auto insurance, umbrella policies cover liabilities that exceed those limits, or if you were to get sued. Umbrella insurance usually costs about $30 a month for up to $1 million in coverage, which is a relatively small price to pay for peace of mind.