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What you should know: Studies by University of Michigan professor Scott Rick show that tightwads, who often have better credit and savings than over spenders, feel anxious about parting with money due to past financial insecurities and experiences. Some, like memoirist Damon Young, carry "post-brokeness stress disorder," where the fear of poverty lingers long after they've achieved financial stability. Others, like novelist David Yoon, are shaped by their immigrant upbringings, associating frugality with moral virtue.

Key takeaways: The next time you find yourself hesitant to purchase something that you know you can afford and will make your retirement (or life) more enjoyable, ask yourself: What was the point of working all those years if not to leverage the fruits of your labor now? To overcome your fears, you might need to reframe spending as a healthy (and sometimes necessary) part of life.