The intersection of mental health and money: The One with the Gyroscope
Main points, no filter:
✅ Money & mental health are a tangled mess—avoiding the convo doesn’t make the stress go away.
✅ Intersectionality matters—your history, identity, and mental state shape your money habits (and vice versa).
✅ Your spending reflects your values (or maybe just your exhaustion)—DoorDash, Starbucks, and impulse buys all tell a story.
✅ Mental health influences financial choices—impulse spending, forgotten bills, and burnout impact your bank account.
✅ Talking about money doesn’t have to suck—find experts who don’t make you feel like an idiot (hint: Covington Alsina).
The first blog in this new series was about two topics that people tend to shy away from in conversation, money and mental health. But here’s the problem: these two things are deeply connected. Ignoring them doesn’t make the impact go away.
This blog dives into how money and mental health intersect, how one influences the other, and why that matters. The next blog will cover how your brain’s wiring affects financial decisions, and the final post in this series will give actionable strategies to break negative money habits. Let’s get into it.
What do you mean by intersectionality?
Ellyce Fulmore, author of Keeping Finance Personal defines intersectionality as “a framework that emphasizes the importance of viewing an individual’s various overlapping identities collectively instead of independently”.
Think of this as a chaotic traffic circle. The cars entering the circle are from different times of your life, from different identities that you hold, different cultural beliefs, values, and generations of your heritage. These cars are all merging at once, with no turn signals. They go around this traffic circle, some take the exit, and others stay in the circle, some break down in the middle of the road. “Look kids, Big Ben, Parliament!”
When we talk about intersectionality we are honoring each car in the traffic circle. We acknowledge how they got there and how they contribute to or disrupt the flow of traffic. We talk about the ones that are broken down and just need to be towed, the ones that we choose to show to others and the ones that are hidden in car trailers and are being hauled by something bigger and stronger.
When we talk about the intersectionality of money and mental health, we are looking at:
Your personal money story—how your upbringing and experiences shaped your financial mindset.
How mental health influences money behaviors (and vice versa).
The way these factors create patterns that affect confidence, decision-making, and relationships.
When we take all these elements into consideration, our two-dimensional traffic circle has turned into a spinning gyroscope. Each part of the gyroscope moves independently and contributes to the sphere shape that we see. And, just like the gyroscope, if one element of our intersectionality is removed or stops spinning the shape no longer exists.
Not diggin’ the gyroscope analogy?
Think of our identities as these intricate tapestries. Each piece of yarn is unique and when woven together, it creates a bigger picture. If we pull one thread out, the entire piece will unravel. Each thread is dependent on and connected to the other threads. Our feelings are related to the way we think which is correlated to our actions and things that happen to us, which dictate how we behave and interact in our day to day.
How Money Makes Us Feel
How do you feel when you hear these words?
Debt
Money
Success
Wealth
The way you feel when you hear these words is a quick snapshot of how money impacts your overall well-being.
Money means something different to everyone
More money = fewer barriers. You can support yourself and your family. Financial stability can boost your confidence and reduce stress. Lack of money can be a hit to self-esteem.
Money gives access to mental health resources. Therapy, medication, and support cost money. Financial struggles can make care inaccessible.
We take risks with money – when the risks pay off, we feel good, when they don't pay off we feel bad. What happens when you pay $400 for Boardwalk in Monopoly? If someone else lands on it, then you get paid. If no one lands on it, it feels like a waste and it could cost you the game.
Money choices impact relationships. Are you generous? Cautious? Do your spending habits align with your values?
Spending can be emotional. Ever make an impulse buy to feel better? That’s a real psychological cycle.
In summary, money impacts our sense of self, confidence, and the nature of our relationships.
Mental health and behaviors that influence money decisions
When our defenses are down and we aren’t feeling our best, we may make decisions that we otherwise wouldn’t.
Impulsive spending—Buying things for a quick dopamine boost, then regretting it later.
Forgetting bills & subscriptions—Distraction and executive dysfunction (especially with ADHD) can cost you.
Depression and avoidance—Lack of energy to budget, work, or even cook at home can lead to unnecessary spending.
Negativity bias and loss aversion
As humans, we have a bias toward the negative. The term loss aversion means that we remember the negative things instinctually in hopes of preventing something bad from happening again, but that leads us to not give enough attention to the positive. This aversion to loss can lead to risk avoidance or unhealthy money habits.
What Your Spending Says About You
If we looked at your spending habits for the past month, what would they reveal?
DoorDash & Starbucks? Maybe you’re exhausted and running on caffeine.
Farmers market & local businesses? You likely value community and sustainability.
Monthly salon visits? Maybe appearance is important for confidence, or maybe it’s about fitting in.
Your financial habits reflect deeper aspects of your identity. The more aware you are, the better you can align money with your values.
Why Understanding the Intersection of Money and Mental Health Matters
Self-awareness is power. When you understand your financial patterns and mental health triggers, you can:
Make informed money decisions that align with your values.
Reduce stress and anxiety around finances.
Build a healthier relationship with money (and yourself).
It’s like wearing clothes that fit just right—comfortable, confident, and unaffected by outside judgment.
Ready to get the conversation started?
Covington Alsina has a monthly event called Women, Wine, and Wisdom. I went to the first event of the year in February. We had snacks and chatted about money. One of the barriers to discussions about money is that we hesitate to have conversations about what we don’t know.
If you have a conversation with a financial expert that makes you feel like an idiot, you don’t really look forward to having more of those. The financial experts at Covington Alsina are unicorns. We talked about money in a way that was relatable and approachable.
I walked away with actions items that will help me feel more confident and secure in my financial journey. Check out the event page here and follow Covington Alsina on the socials to get more language and knowledge about money and wealth.