Use it to emphasize a powerful emotional response, often to a specific situation. I'll lose my mind if these telemarketers keep calling.
Pro Tip 2/3
Colloquial
It's mostly used in casual conversation, not in formal settings. She's going to lose her mind when she sees the mess you made.
Pro Tip 3/3
Not Literal
It doesn't mean someone is actually going insane; it's an expression of frustration. You're going to lose your mind over this puzzle; it's really tricky.