What if I told you that emotional health and financial health are not only important but are highly intertwined? Yes, our emotions and finances are each highly affected by each other— especially as business owners.
Emotional spending is a phenomenon that can affect anyone. People from all backgrounds can experience the impact of emotional spending; however, the stressors that may cause emotional spending and financial distress are magnified with business owners who are striving to show up authentically and pour the best of themselves into their craft.
What is emotional spending? It is when one spends money on extra expenses as a response to intense emotions. These emotions can range from glee to depression to anxiety and even grief. There is no one way in which it manifests itself. Here are three examples of emotional spending: