What Your Emotions About Money Really Mean

Written By Karrissa Jyles

How you feel about money impacts how you use it. Here’s how you get clear on your money mindset.

When you think about your finances, how do you feel? Scared? Stressed? If you said the latter, you’re not alone. 

Our feelings about money are linked to our money mindset. When you have a negative money mindset, it leads to those stressed feelings about your finances. Yet a positive money mindset allows you to make confident decisions with your money.

In this article, we’ll break down what your emotions about money mean, and how to improve your money mindset on your path to financial freedom.

How negative emotions impact our financial decisions

How you feel about your money affects not only your outlook on money, but how you spend it. According to a study by Gerald Zaltzman, Harvard Business School professor, 95% of our spending habits are emotionally-driven. 

Let’s take a look at what emotions can lead to a negative money mindset.

Anxiety or Depression

Perhaps you don’t earn as much as you need to be comfortable paying your bills and saving, or maybe you’re experiencing debt that you’re unsure how to get out of. Anxiety and depression are the most common feelings associated with a negative money mindset as inflation and economic equalities directly impact many people’s financial stability.

Anger

We tend to get angry about our money when we regret a financial decision we made, such as going over your spending limit when grocery shopping, or using your credit card and adding on to your debt. When we hold onto regret about our money, it only fuels our negative money mindset, which can lead to more anger about our finances.

Shame

Similar to anger, if you’re feeling ashamed about your money, it’s usually centered around regret about how you chose to use your money. Yet instead of being angry with yourself, you feel embarrassed about your money management skills, perhaps feeling like you’re unable to make confident money decisions, especially in comparison to other people.

How to improve your emotions and money mindset

Here’s the thing about emotions: They are fleeting.

They can change and they don’t define who you are. If you’re ready to transform your emotions to have a positive money mindset, here’s how to tackle each emotion:

For Anxiety or Depression

It might sound cliché, but the best way to overcome your fear about money is to face it head on. Think about why and where these feelings come from as the solution is usually in sight.

If your income isn’t meeting your needs and putting you in a bind, research your options for financial assistance in addition to your current income. You can explore government financial resources here.

For Anger

The opposite emotion of anger is contentment, and you can achieve this by practicing gratitude. While it’s easy to get upset with yourself, take a moment to reflect on the things you’re grateful about when it comes to your money. Consider our example from earlier: If you overspend on groceries, express gratitude for having extra to spare. When you let go of your regrets, you’re able to make your next financial decision with confidence.

For Shame

We often feel shame about our money when we’re being too hard on ourselves. Make the space to forgive yourself as it’s normal to make mistakes. Also, try not to compare yourself to others and how they feel about or use their money. You’re on your own path as you discover what works best for you and your finances.

Balance your emotions about your money

When you take the time to analyze your feelings about money, you put financial freedom on the horizon. Your money mindset is the beginning of your relationship with money. The more confident you are about money, the easier your financial planning becomes.

Remember to try these tips on transforming your emotions and start feeling good about your money. For more financial planning tips to activate your positive money mindset, subscribe to our email list here.



Keywords:

  • Emotions about money

  • Positive emotions about money

  • Money mindset

  • Balance your emotions

  • Negative money mindset

  • Positive money mindset

  • Financial freedom

  • Financial planning

Sources:

Karrissa Jyles
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