5 Reasons You Should Hire A Financial Therapist For Mental Health Month
May is Mental Health Awareness Month. As awareness is being brought to the topic of mental health, more is uncovered on the link between our finances and psychological distress. According to a study in the Journal of Family and Economic Issues, growing evidence reveals that financial strains and worries play significant roles in mental health. The disconnect in knowledge or skill between mental health practitioners and financial professionals in being able to address both psychological distress and approaches to education or goal setting around money creates an opportunity for both disciplines to come together in the field of financial therapy.
Financial therapy is described as “a process informed by both therapeutic and financial competencies that helps people think, feel, communicate, and behave differently with money to improve overall well-being through evidence-based practices and interventions,” by the Financial Therapy Association. Financial therapists come from a variety of starting points that include academia, mental health, finance, and more to converge on the advancement of the financial therapy industry. Here are 5 reasons you should hire a financial therapist this month or any other.
To Improve Your Relationship With Money
A financial therapist can help you examine habits and beliefs you have that impact your behaviors around money. The idea that “more money, more problems” is true in that additional income doesn’t address ingrained limiting beliefs that may lead to things like:
Overspending;
Financial Hoarding;
Lifestyle Inflation;
Etc.
A financial therapist can help you to identify underlying causes of financial trauma and make suggestions on ways to replace negative associations and behaviors with positive ones.
To Decrease Financial Stress And Anxiety
Financial therapists can provide exercises that help you to focus your attention on the present moment rather than on previously made mistakes or an unknown future. By practicing mindfulness you can better assess your safety and account for basic needs being covered like shelter, food, and clothing. Once you establish that you are safe, you can begin to set goals that reinforce that safety related to your finances.
Did you know I offer 1x1 financial coaching? I recently ran a survey on Twitter asking my audience if they realized I offered financial coaching and the results surprised me! Over 80% of people who completed the poll said no they didn’t. I realized very quickly I needed to solve that problem.
I created this quick video to discuss what working with me looks like and why you should. If you’re interested in 1x1 financial coaching click the button below to book a call with me and get started!
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