Maybe you never thought of money as being addictive, but it can be as potent as alcohol, food or other substances.

Many years ago, when I was in the throes of my addictions, food and compulsive spending, I wanted to buy a new car. My cousin was my car salesperson. When she talked to her boss about loan approval, his comment was, "is she an alcoholic?" I was insulted! I surely did not have a drinking problem. Admittedly, I ate too much and my money was out of control, but an addict? Not me! Evidently, my credit report said otherwise. My FICO score reflected my out of control spending and, needless to say, I did not get the car loan.

Money addiction can manifest in different ways. The main symptom is repetitive, compulsive spending with negative consequences. It is an attempt to fill emotional needs with shopping, debting or other destructive money behaviors, and it's progressive, taking more to fill the craving or need over time. In my case, I was in denial; that day in the Toyota showroom was only one example but there were others.

Creditors were calling me. I was losing sleep because I didn't have enough money to live on. This is a very common behavior of money addicts, but there are others, which I will talk about in upcoming newsletters. The advertising industry reinforces this negative behavior by telling us that having more will bring us happiness. We see little, if any, press about saving money or living within our means when, in fact, the savings rate in the U.S. is the lowest it's been in decades. Frugal, conscientious spending is seldom talked about and can be seen as being cheap, or tight, not as smart money management.

If any of this resonates with you, I suggest that you start looking at your relationship with money. For example, get conscious of what you are spending; start keeping track of your expenses, become aware of your negative money behaviors.

When I became willing to take action, my life began to change. I asked for help and began using the tools that I pass onto my clients today and talk about in my newsletters. The rewards have been inner peace, higher self esteem and clarity, which no amount of money or possessions can ever provide. I was given the gift of choice, no longer at the mercy of my unhealthy behaviors with money.

Fast-forward 15 years from that day in the car showroom: Today I am debt free, with my credit score over 800. All that was accomplished by doing the work I talk about in my newsletters and what I provide in my role as a financial recovery counselor.

In the next newsletter we will start to explore the many faces of Money Addiction.

For more information, visit findingfinancialbalance.com

Yours in Financial Balance,
Shelley Bayol