If you seem to be struggling with getting control of your finances, then learning more about the connection between money and mental health could be the first step in getting things sorted out. It can seem quite overwhelming at first, but taking a step back and breaking things down can help you in the long run.

Mental health can affect your money habits and vice versa and money in general can cause a whirlwind of emotions, so let’s try to get a better understanding of it all. 

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How Money Can Make You Feel:

‍Happy - You just completed an online order and can’t wait for your new wardrobe to arrive

Guilty - You feel bad that you spend money on yourself, even if you can afford it

Anxious - You don’t want to look at your bank account after a big weekend 

Ashamed - You are constantly comparing yourself to friends or people online, worried that you aren’t in the same place as them financially

Drained - You’re tired of constantly worrying about your finances, whether you can afford things or if you’re doing the ‘right’ thing with your money

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How Your Mental Health Can Affect Your Money Habits:

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- If you’re feeling sad or unwell, you may be more likely to spend money to make yourself feel better. Ordering some new clothes may give you something to look forward to when you’re not feeling your best self. That little spending high can make you feel good temporarily but end up with those feelings of guilt when the high wears off. 

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- If you’re feeling down or reckless, you may be more inclined to splurge or spend continuously and make impulsive decisions. All of which can be detrimental to your finances and your mindset towards money. 

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These emotions can make you avoidant when it comes to your finances - not only do you not want to look at your account balances, but you may not care to create or stick to a budget, you may not worry about what direct debits care coming out of your account and if you’re overspending or if you’re getting yourself into debt. 

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How Your Money Habits Can Affect Your Mental Health:

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- Money in general could trigger feelings of anxiety if it’s something you’ve always struggled with or if you find yourself in hard financial situations regularly. You could feel anxious when you receive communication from your bank or information about upcoming payments. 

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- Worrying about your spending could mean you become nervous when it comes to social situations - you may feel ashamed that you can’t spend as much money as other people or say no to things out of worry, therefore feeling left out.

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Figure out what triggers you and what you may be avoiding to help you make better informed decisions to reach your goals.

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Why do you splurge? How does it feel afterwards?

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Understanding the link between mental health, money and what can trigger emotional spending can be the first step to take control of your financial situation.