Your Money And Your Emotions... How To Be Emotionally Balanced With Money?

Priyanka Verma Verma Author

Feb 09, 2023 |

Emotions impacts every area of life, be it relationship, career, health or our finances, have a look on the ways to balance your emotions with Money.

Being emotional is natural. We humans are very

emotional when it comes to our family, career, our belongings and our money.

Our emotions influences our decision making, therefore, a number of times we cannot make the right decisions due to this emotional influence.

Do your emotions control your financial decisions?

If Yes, Be careful, One research study shows - “ Anger triggered by a prior, even unrelated experience can make us unreceptive towards new ideas and also affects our decision making.”

So you need to be emotionally balanced when it comes to your Money.

You Need to Earn, Spend, Save and Invest, Budget, Plan for your kids and yourself, Pay off debts and even more with Money.

If You are not emotionally balanced than- “How can you take the right Action?”

If You are not paying attention to your emotions, you can’t do well with your money.

Where our emotions about money comes from?

First we will try to understand the source of our emotions to money. Our Emotions originates from our early understandings about Money— from the families we grew up in, the media and culture surrounding us, our experiences of earning and losing money, and the value systems we build for ourselves as we get older.

It can also be influenced by external factors like economic or political situations, corporate culture we are working with.

What kind of emotion you have with your money?

You need food, education, medical care, home and many more to live a comfortable life.

And for all these you need money. Means money have a deep impact on your life, so your emotions got attached to the money to a great level.

These emotions can be positive or negative.

If you have positive emotions than you will see all challenges with a problem solving attitude, try new ideas, grab new opportunities with open hands.

But a person with negative emotions can lead to the bigger monetary problems. Always tight with money, will never be able to deal with money with confidence and courage. Financial decisions are the biggest problem for them.

How Negative Emotions can effect you ?

A person with negative emotions can have big Money Blocks. He will not be able to see new opportunities and solutions to money challenges in life. For him Money is a big burden and he can’t be able to manage money efficiently.

Such a person will—

• Overspend
• Get into debt trap
• Victim to Financial Frauds
• Financially unstable
• Will always struggle with his Money

Emotional imbalance also impacts your mental health negatively.

Negative emotions affects other areas of your life too.

What are the Common Negative Emotions with Money?

You can have a number of negative emotions with money. These emotions can be different depending upon the person and his circumstances.

Fear & Anxiety

The top most negative emotion with money is Fear. Fear of job loss, loss in business and investment, theft, not being able to meet future needs, emergencies, fraud or something else.

It’s human nature we build our imaginary stories for the topics we are emotionally attached with and the person in fear will always create negative stories.

This fear is the root of Anxiety. Anxiety can be for present or future, success or failure. And anxiety blocks your ability to see into the causes and solutions to the problems. Such person can’t even see whether there is really a problem or not.

Anger

Anger is one other big emotion which stops you from taking right decisions. Even people do harm themselves while taking decisions with anger.

Anger can be due to some past mistakes, Not taking care of their finances on time, Not planning in advance, lack of financial education, missing opportunities and so on.

Regret

Regret is also a big reason of financial struggle. A person having regret for something can never take challenges positively and can never do well with his finances.

Regret can be due to failures, not taking action on time, missing opportunities or something else.

Shame

Comparison is the root cause of shame. When you start comparing your life and yourself with others the emotion triggered is Shame. You think yourself inefficient, financially week and less capable to life.

You look others bigger and smarter then you.

Jealousy

If you are not celebrating your friend’s or peer’s success it means you are jealous to him. You can’t feel good on their achievements and financial raises.

‘Grass always looks greener on the other side.’

And this feeling will block you to look at the good in your life.

Jealousy is the biggest reason of many financial problems. You try to feel good and in doing so you can pile up big debts and many more monetary troubles.

How to be emotionally balance with Money?

There is a solution to every problem. You just need to be calm down and make yourself receptive to the solutions.

1. Ask yourself—

How to deal with the situation?

What steps I can take to come out from here?

This will open up the thinking loop and your mind will automatically start looking at the possible solutions.

2. You can only help yourself. So always say how can I afford it?

It will always keep your creative brain working for you.

3. Always have a open discussion with your family members on monetary decisions, specially with your spouse or someone whom you can trust.

You can take help of a Finance Coach also.

4. Automate your payments like insurance, credit bills, EMI’s etc.

5. Forgive yourself for your past money mistakes. Learn lessons from them and move on.

6. Prepare and follow Budget and give special preference to your financial goals and savings.

7. Never Compare with others and also stop running behind the status show-offs.

8 Never try to prove yourself to others. Everyone is unique So be yourself.

9. Replace jealousy with gratitude.

10. The best one and must solution to be emotionally balanced with money is keep learning. No one can be best at any topic, so you just keep learning your money and it’s working.

It will help you to be good at your finances.

Categories: : FinancialHealth, Moneypsychology