Have you ever bought something you didn’t really need, then felt a pang of regret later? Or found yourself reaching for your credit card when stress or boredom hit?
Our emotional and financial lives are even more entwined than we’d often care to admit. And sometimes, a need to feel powerful, loved or in control can result in uncomfortably high credit card bills.
Let’s dig into how your mental health, debt and stress can influence your financial decisions — and review ways to negotiate your feelings for a better financial future.
Feelings and Your Money: The Hidden Connection
Money isn’t just about cold, hard numbers. We often buy things for reasons beyond necessity. Maybe you’ve noticed yourself wanting to spend when you’re feeling:
- Stressed: “Retail therapy” seems like it might lift your spirits when you’re feeling frazzled or sad.
- Bored: Scrolling online or wandering through stores can easily lead to shopping simply to pass the time.
- Happy: When you’re in a good mood, it’s easy to overdo it with treats for yourself or loved ones.
- Behind: Social pressures, dissatisfaction or envy can make it seem like wants are actually needs.
When emotions take the wheel, it’s easy to use credit cards without truly thinking about the long-term cost. Before you know it, those bills start piling up fast with interest — which adds fuel to your emotional fire.
But how do you contain the blaze before it gets out of control? By knowing what “triggers” your spending, you’ll have a better chance to think clearly about your purchases.
Being Smart with Your Feelings and Your Money
Here’s the good news: You can learn to make money choices that feel good and help you stay out of debt. And we’ve got a few solid methods to try:
The “Pause” Rule: Before you buy something you don’t really need, try to wait 24 to 48 hours. This gives you time to decide if you genuinely want it or if it’s just an impulse.
Find Other Ways to Feel Good: When you feel the urge to spend because of an emotion, try doing something else that brings you joy. Go for a walk, read a book, call a friend or focus on a hobby.
“Unfollow” Spending Triggers: If certain store emails or social media posts constantly make you want to buy things, avoid temptation by unfollowing or unsubscribing.
Budget Without Judgment: Your money plan isn’t about being perfect or feeling guilty. It’s about seeing your choices clearly. When you know where your money goes, you can make better decisions without shame.
Sometimes, Spending Events Point to Something Bigger
For some people, mental health debt issues can manifest in uncontrolled spending. Notably, individuals who experience bipolar disorder can accumulate debts during a period of mania.
This can be unsettling and feed back into feelings of anxiety or stress. If you feel your spending is out of control and a cause for concern, consulting with a licensed mental health practitioner could be an opportunity for you to find clarity — and prevent debts from further growth.
Breaking Free from Old Money Habits
You absolutely can change those old money habits that have led to debt. It takes effort, but it’s totally doable — and it’ll help you feel more confident as you tackle your mental health, debt and spending issues.
Spotting Your Patterns: Look back at your past bills and think of the times where you used a credit card or took out a loan because of how you felt, not because you truly needed something. Noticing these patterns is a huge step. Once you see them, you can start to stop them.
Making New Choices: Don’t try to change everything at once. Just pick one new habit to try out. Maybe you decide to always pay with cash when you’re doing something fun. Or, instead of buying something right away, you commit to saving up for it first. Even small changes like these can make a big difference over time.
Talk About Money: Money worries can feel incredibly heavy, and it’s easy to keep them to yourself. But talking about your money worries with a trusted friend, a family member or even a financial expert can truly help lift that stress. It’s like sharing a heavy load – you don’t have to carry it all by yourself.
Getting Help When Bills Feel Overwhelming
Sometimes, despite your best efforts, your bills can feel too heavy to handle alone. That’s perfectly okay. Many people get professional help.
If you have many unsecured debts, like credit cards or personal loans, debt consolidation can be a real game-changer. This is where you combine many bills into one single, easier payment.
Enrolling in a debt consolidation program through Accredited Debt Relief can significantly reduce your monthly payments, making them much more affordable. It can also help you get out of debt faster, often in just 24 to 48 months. Getting started can give you immediate financial relief, help reduce your financial stress and allow you to achieve financial freedom.