By Therapy Near Me | July 2025
Financial stress is one of the most common reasons individuals seek mental health support. Psychologists now emphasise financial self-care—practices that improve both financial stability and emotional wellbeing. Here’s expert advice from psychological research on how to save wisely and support your mental health.
Keywords: psychologist money saving tips, saving money mental health, financial self-care, financial therapy, emotional spending coping, budgeting for wellbeing, gratitude money habits, building savings mental health, money stress strategies
1. Recognise Your Money Emotions
Financial therapy research highlights that money beliefs—often shaped in childhood—drive spending habits and stress responses (Richmond, 2024; Richardson, 2021). Psychology Today recommends exploring your emotional triggers and money scripts (e.g. “money avoider” or “spender”) to foster a more balanced relationship with money (Psychology Today, 2023).
2. Practice Regular Saving for Mental Resilience
Consistent saving—even small amounts—supports mental health. A 22‑year study of over 20,000 Australians showed that saving regularly and paying credit card bills on time caused measurable wellbeing improvements, independently of income level (StudyFinds, 2025; UniSA, 2025).
One‑increasing savings rate by just 1% correlated with better life satisfaction and reduced anxiety** , and UniSA research found that this pattern positively affected vitality and social functioning across demographics ** .
3. Budget with Purpose and Support
Experts suggest using tools like the 50‑30‑20 rule to categorise spending, saving, and fun money. The approach helps clarify wants vs needs and anchor spending habits to personal goals (Time, 2024). Budgeting collaboratively—with a partner or financial coach—enhances accountability and emotional support, buffering financial stress ** **.
4. Build a Safety Net
Even minimal savings—such as to cover rent or bills—reduce chronic stress. Mental Health & Money Advice reports that having any emergency fund fosters financial security and prevents distress (Money Advice, 2024) ** **.
5. Use Simple, Sustainable Habits
Financial therapists emphasise that saving goals should be realistic. Avoid overwhelming plans. Instead, track expenses for 5–10 minutes daily and set small, manageable targets. This approach helps combat avoidance and shame, and enables progress ** **.
6. Practice Gratitude for Security & Goals
Psychology links gratitude to mental wellbeing improvements (Emmons & McCullough, 2003). Reflecting on money as a tool—not a goal—helps cultivate gratitude while supporting financial responsibility and security ** **.
7. Seek Professional and Social Help
Psychologists recommend combining financial planning and therapy. Financial therapy helps unravel emotional spending, reframe beliefs, and build financial competence ** **.
Social support also plays a key role—talking with trusted individuals can buffer financial stress and provide practical assistance ** **.
Practical Money Habits Table
| Habit | Mental Health Benefit |
|---|---|
| Track income & expenses | Increases awareness, control, reduces anxiety ** ** |
| Automate savings | Encourages consistent saving, reduces stress ** ** |
| Avoid impulsive spending | Less regret and shame; better emotional balance ** ** |
| Set realistic financial goals | Builds momentum and self-efficacy ** ** |
| Reflect on money meaning | Helps align finances with values, reduce internal conflict ** ** |
| Use financial therapy when needed | Improves both money habits and mental health ** ** |
References
Emmons, R.A. & McCullough, M.E. (2003) ‘Counting blessings versus burdens: An experimental investigation…’, Journal of Personality and Social Psychology, 84(2), pp.377–389.
Psychology Today (2023) ‘The Psychology in Spending and Saving’. Available at: [Psychology Today] ** **.
Richardson, T. (2021) The psychology of the relationship between money and mental health problems. ResearchGate ** **.
StudyFinds (2025) ‘Money management is actually preventive mental health care’ ** **.
UniSA (2025) ‘How good money habits make cents for mental health’. University of South Australia ** **.
Psychology Today (2024) 6 Ways to Reduce Financial Anxiety to Boost Mental Health ** **.
Time (2024) ‘How to Reset Your Thinking Around Spending Money’ ** **.
mental Health & Money Advice (2024) ‘The impact of savings on mental health’ ** **.
Mind Help (2024) ‘Money And Mental Health: 7 Tips To Reduce Financial Stress’ ** **.
Mind (2025) ‘The link between money and mental health’ ** **.
Beyond Blue (n.d.) ‘Financial wellbeing and mental health are linked’ ** **.
Psychology.org.au (2023) ‘Unravelling the psychological impact of financial stress’ ** **.
