Bryan Dunst

1 year ago · 1 min. reading time · ~10 ·

Bryan blog
Personal Finance Psychology to Practice

Personal Finance Psychology to Practice


Finance psychology is the study of the mind towards saving, spending, and investing decisions. Financial decisions are tied down in mind and significantly impact an individual’s psychological health and wellness. Therefore, it is an area of concern affecting several individuals. Let us brush over some of the practices to adopt in personal finance psychology and the relationship between money and our mind.

Emotions play a huge role

The emotions tied to money include guilt, shame, and envy. So, it is worth taking care of these emotions to avoid rational thinking. Shame is the most common emotion associated with cash. It is considered a reason for people avoiding what they know they should do. Some of the conventional shameful versions related to money are avoiding thinking about finances and not doing what you are supposed to be doing, like saving for retirement. Others include spending too much money or buying items when feeling unhappy and do not need the things.

Shame works well with avoidance, and for this reason, an individual may find themselves procrastinating on financial issues, which ends up costing them so much. Other emotions tied to finances are envy and greed, among others.

Family and childhood influences

We are all aware every family has a different view of money. Psychology is diverse, ranging from which gender should handle money and finances. Furthermore, they are always stories in a family concerning finances that are part of the family’s identity. Sometimes when you become successful, you may want to ignore your own financial needs and give back to your family. Nevertheless, it is an issue to address.

Mental health and illness

Health studies show that one in every three Americans is likely to suffer from mental illness. The various diseases include bipolar disorder, depression, and alcohol use disorder. Any individual experiencing any mental illness cannot be able to manage any finances. Therefore, for these individuals, delegating financial management is the best course of action.

How to deal with money emotions

It is not wrong to have emotions. It only shows you are alive. The key to dealing with emotions is self-awareness once you know what should be tackled at a particular time. It is the only way of dealing with emotions. For example, once you identify how to handle family relations regarding finances, it can influence your relationship with money.

Final thoughts

The above mentioned are some factors that bring about psychological issues in regard to finance. It is best to address each case at its level to avoid having mental breakdowns and financial matters, as these are some of the contributors.


This article was originally published on Bryan Dunst's website.


Articles from Bryan Dunst

View blog
2 years ago · 2 min. reading time

Travel has been difficult to do since the COVID-19 pandemic shook the United States back in March. M ...

2 years ago · 1 min. reading time

Food from around the world is a delicious cultural experience. From country to country, their cuisin ...

3 years ago · 2 min. reading time

Summer is an ideal time to gather friends and families for a cookout. Whether you’ve used a grill be ...

Related professionals

You may be interested in these jobs

  • Plastic Surgery -

    Medical Assistant

    Found in: beBee S2 US - 2 days ago

    Plastic Surgery - Atlanta Full time

    Quick Apply Full-time 2 hours ago Full Job Description The Medical Assistant is responsible for assisting the physician with patient care including taking vital signs, obtaining history and chief complaint; assisting with aesthetic procedures and surgical procedures as directed b ...

  • Enterprise Bank

    Commercial Lending Officer

    Found in: beBee S2 US - 3 days ago

    Enterprise Bank Lowell Regular, Full time

    Our Lenders are part of a winning team and are key contributors to our successful growth strategy. If you thrive on the challenges of helping businesses grow and pride yourself on providing timely, efficient, financing/loan decisions and highly-responsive service to customers, En ...

  • Michael Page

    Controller- Chester County

    Found in: beBee S2 US - 2 days ago

    Michael Page Trainer Full time

    About Our Client Rapidly growing company in Trainer, PA looking to urgently fill a Controller role. They believe in valuing and advancing their employee's careers and forming positive relationships within the community. · Job Description Manage internal barcode system · Process ...