Money is among the greatest sources of joy and stress in people’s lives, and few topics can match money in eliciting complicated and often contradictory feelings. Our attitudes toward money can determine whether we achieve our goals and attain the things we need and want for ourselves and our families.
Surveys suggest most people feel financially stressed, with specific stressors including inadequate savings, lack of knowledge needed to make sound investments, fluctuating income, job insecurity, and struggling to meet expenses. Changing habits can help people overcome these stressors, but many people need to address the way they think and feel about money before they can make lasting changes to their money-related behaviors.
Financial therapy can help in situations like these:
- The feeling of power and prestige you get from spending money, picking up the check for friends, buying expensive gifts, and leaving excessive tips prevents you from saving money for retirement and building financial security.
- Fear and anxiety about spending money prevent you from traveling, making necessary repairs on your house, or even taking care of your health.
- You and your spouse or partner frequently disagree or argue about money and whether to spend or save.
- You constantly compare your financial status or what you own to that of friends, neighbors, coworkers, or celebrities, and your self esteem is dependent on how you compare to them.
- You have substantial debt due to excessive spending or gambling.
- You overwork yourself in order to hoard money, feeling that you never have enough.
Financial therapy helps you change your habits and address the underlying dysfunctional thoughts and mental health challenges that contribute to poor financial habits, so you can grow wealth, achieve financial security and pursue the dreams that money can buy.
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