The reassuring news is that there are steps you can take to free yourself from money dysmorphia.

Track your spending

Cook recommends keeping a close eye on your spending habits: “Tracking your expenses helps you recognise if you’re overspending and need to rein it in. You might even realise you have more flexibility than you thought.”

Stop comparing yourself to others on social media

“Don’t compare your financial situation to others. Benchmarking yourself against influencers or high-earning friends can distort your own financial reality. Focus on your own financial journey,” Cook says.

Use saving pots

Having separate savings for different purposes can help ease financial anxiety. “One of the best things you can do is set up savings pots with different goals,” says Cook. “For example, one for Christmas and another for emergencies. It helps you feel more in control of your finances and gives you peace of mind when unexpected costs arise.”

Do you have money dysmorphia? How to spot it (and fix it), according to a finance expert