Research has demonstrated that your mental health and emotional state can play a significant role in your spending habits.
“When you are stressed or anxious, you are more likely to make impulsive purchases or take on debt. Stress and anxiety can lead us to seek immediate gratification rather than considering the long-term implications of our decisions,” Wanita Isaacs, Momentum’s head of key accounts, says.
Given this financial juxtaposition between mental states, she says it is important to take care of both your mental and financial wellbeing to be successful in both areas of life. Decision fatigue also plays a major role in your financial decisions. You only have so much energy and focus when it comes to making choices. When it runs out, you are more likely to turn to bad spending habits.
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