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Your Mental Health Can Affect How You Save Money

November 25, 2020

Tools like spreadsheets and budgeting apps can help you get better at saving money. But you might need to look beyond hard numbers to get a full financial picture.

Your mental health, especially during a stressful period such as the current pandemic, can play a role in money decisions. Know that if you’re dealing with a recurring mindset or behavior that’s troubling and not fully manageable, it’s OK.

"Just identifying [mental] roadblocks can go a long way to reducing their impact," says Tara Tussing Unverzagt, founder and president of South Bay Financial Partners, a certified financial planner and a certified financial therapist.

Mental health issues vary, but some can lead to serious financial consequences. Here are three scenarios to watch out for and how to keep your mental health on track these days.