Most Penny-pinchers have experienced extreme poverty or financial loss at some point in their lives, and the idea of spending their money frivolously or of not adding to their wealth is completely unimaginable to them. This could lead to them missing out on experiencing the life they envisioned for themselves.
Identifying the time in their life when fear and desperation were triggered around money could help the Penny-pincher to see how they are caught in a kind of emotional time capsule, despite the fact that their financial situation is now vastly different. However, there are times when the compulsivity and fear can be so deep seated that professional help is needed.
The Penny-pincher’s extreme hesitancy to part with their money may cause them to second-guess every move. From missing out on a great sale item to being so risk-averse that they miss big investment opportunities and living a full, rewarding life.
The Penny-pincher could take a deep look at all the things they secretly want to have, own or experience. By writing these things down, they can create a budget and a plan to achieve them, so that they can avoid missing out on all that life has to offer in a way that aligns with their need to be in control of their money.