Money Feelings: Which Emotions Do You Want to Drive Your Financial Life?

Money is more than just numbers—it’s a powerful emotional trigger

Our financial choices are deeply tied to our feelings, whether they’re positive or negative, and understanding these emotions is crucial to unlocking a healthier, more intentional relationship with wealth.

The question is: Which emotions do you want to drive your financial life?

The Impact of Negative Emotions on Financial Behaviour

Negative emotions like anxiety, guilt, and fear are common when it comes to money. If you find yourself constantly worried about your finances, procrastinating on decisions, or avoiding looking at your bank statements, you’re not alone.

These behaviours stem from a scarcity mindset—a belief that money is fragile, limited, and often out of reach.

Common Negative Emotions Around Money

• Fear: Fear of losing money or making financial mistakes can paralyse decision-making. You may be so worried about getting it wrong that you fail to take any action, which leads to missed opportunities and growing anxiety (Lerner & Keltner, 2000).
• Guilt and Shame: If you feel guilt or shame about past financial mistakes—such as overspending or accumulating debt—these emotions can trap you in a cycle of avoidance (Tangney, Stuewig, & Mashek, 2007). Rather than addressing the problem, you might ignore it, which only worsens your situation.
• Frustration and Resentment: Comparing your financial situation to others can lead to frustration. Feeling like you’re constantly behind may make you resentful, ultimately hindering your financial progress (Sussman & Shafir, 2012).

These emotions can trigger dysfunctional financial behaviors, like overspending to mask deeper insecurities or hoarding money as a form of control.

Mindset work becomes critical here. The key to breaking free from these patterns is developing emotional awareness and addressing the root causes.

What You Can Do

To transform negative emotions into productive action:

1. Acknowledge your emotions and where they stem from.
2. Shift your mindset by reframing your beliefs about money. Understand that it’s a tool for freedom, not a measure of your worth.
3. Take small, consistent actions towards financial clarity. Start by facing what you’ve been avoiding—whether it’s creating a budget or looking at your accounts regularly.

The Power of Positive Emotions in Shaping Financial Health

On the flip side, emotions like joy, empowerment, and contentment can fuel better financial decisions.

When you feel empowered around money, you approach it with intention and purpose. You view financial growth as an opportunity, not a burden.

Common Positive Emotions Around Money

• Relief and Contentment: Achieving financial stability or paying off debt can bring immense relief, providing a sense of security and freedom (Brown, Taylor, & Price, 2013). This contentment allows you to focus on long-term goals without being weighed down by immediate financial stress.
• Pride: Successfully managing your finances or hitting financial milestones evokes a sense of pride (Williams, 2012). However, it’s essential not to over-identify with this success—balance is key to avoiding arrogance or tying your self-worth solely to financial achievements.
• Joy and Empowerment: When you view money as a means to achieve life goals, it becomes empowering. Feeling in control of your financial future can spark joy, but it’s essential to ensure that joy doesn’t become linked only to consumption (Rick, Cryder, & Loewenstein, 2008).

How to Yield Positive Emotions for Financial Growth

1. Practice Gratitude: Focus on the progress you’ve made rather than what you’re lacking. This can shift your mindset from scarcity to abundance.
2. Set Clear Financial Goals: Having a roadmap for your financial future creates empowerment and confidence.
3. Celebrate Your Wins: Acknowledge every financial milestone, no matter how small. This reinforces positive behaviours and keeps you motivated.

Cultivating a Healthy Financial Mindset

No matter the emotions you associate with money—whether negative or positive—mindset work is the key to transforming your financial health.

By becoming more intentional, you take control of your narrative around wealth. You begin to act from a place of empowerment, not fear or insecurity.

So, what emotions do you want to drive your financial life?

Whether it’s the relief of paying off a debt, the joy of achieving a financial goal, or the empowerment of taking charge of your future, your emotions are powerful tools.

Use them wisely.

Sincerely yours,

Dr. Sophie

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Inspired by:

Brown, S., Taylor, K., & Wheatley Price, S. (2013). Debt and distress: Evaluating the psychological cost of credit. Journal of Economic Psychology, 33(3), 512–523.

Kasser, T. (2002). The high price of materialism. MIT Press.

Lerner, J. S., & Keltner, D. (2000). Beyond valence: Toward a model of emotion-specific influences on judgment and choice. Cognition & Emotion, 14(4), 473–493.

Peetz, J., & Buehler, R. (2009). Is there a budget fallacy? The role of savings goals in the prediction of personal spending. Personality and Social Psychology Bulletin, 35(12), 1579–1591.

Rick, S. I., Cryder, C. E., & Loewenstein, G. (2008). Tightwads and spendthrifts. Journal of Consumer Research, 34(6), 767–782.

Sussman, A. B., & Shafir, E. (2012). On the experience of scarcity. Journal of Consumer Research, 39(2), 267–280.

Tangney, J. P., Stuewig, J., & Mashek, D. J. (2007). Moral emotions and moral behaviour. Annual Review of Psychology, 58, 345–372.

Williams, P. (2012). Pride and consumer behaviour: Feeling good about oneself increases self-control. Journal of Consumer Research, 39(4), 682–696.