Emotional crises caused by finance

In our approach to finances, both the patterns brought from home and our beliefs, values, religion and even personality traits (especially the level of neuroticism in relation to psychological resilience and the degree of conscientiousness) play a huge role.

As Piotr Łabuz, psychologist and expert in the field of financial coaching, points out, The most common sources of financial emotional crises are:

Inability to meet needs basic and/or higher order needs

We can be very different in terms of what is a basic need. For some, it will be certain foods, for others - a new iPhone model... If our partner perceives in a completely different way what purchases are necessary to function and which ones can be dispensed with, this can be a source of serious conflicts in the relationship.

Fear of debt or bankruptcy

It is worth noting that this does not have to be a real threat. We can have a great financial situation and still feel the fear of falling into debt all our lives. I myself had a client who had significant financial resources on the account and several apartments for rent, but at the time of losing his job he was terrified by the specter of bankruptcy. But, as he himself admitted, the money would be enough for years to come. So he couldn't explain why he panicked so much, objectively having a level of financial security that most people can only envy him.

Fear of losing money

Even if this loss is objectively unlikely or will not significantly worsen the financial situation of a person and his family. Imagine that one of the people in a relationship is constantly worried that they may be robbed, that there will be hyperinflation, that there will be a stock market crash, that the employer will stop paying, etc. Although of course any of these situations can occur and must be taken into account in long-term financial management, excessive worry can effectively make life difficult for both the worried and the his family — especially if he bombards his loved ones with fears and constant complaining.

Fear of losing social status

Especially in the case when someone builds his social position on the property he owns or has the belief that only with money can one earn respect or happiness. Conflicts between partners can arise when one person spends inadequately, for example, wants to own a more expensive house, a better car or designer clothes just to impress others, although objectively they cannot afford such expenses. In fact, it happens that such a person falls into debt because he wants to maintain a spending style even when the family's financial situation has deteriorated or he did not have the means to live such a lifestyle from the beginning. If saving is an important need for the other person in the relationship, it is obvious that it will be difficult for them to agree on this issue.

Financial Swing

Such instability occurs when good financial periods are interspersed with decreases in liquidity. This situation will be especially conflictive for people who have a very strong need for security, predictability, do not tolerate stress well and do not like to be thrown out of the zone of psychological comfort.

Identifying money with happinessThe misconception that the level of life satisfaction must increase with the wealth

Unfortunately, it often happens that one of the partners in pursuit of happiness and the desire to provide the family with the highest possible material status actually neglects loved ones. He spends more time at work or multiplying his wealth than on relationships. He does not see that the family would prefer to have less money, but more closeness and time spent together.

Do you have emotional crises related to the above spheres? If so, it is worth taking a deeper look at these areas and analyzing the impact of your attitude towards finances on relationships with loved ones and other spheres of life.