Financial Therapy: How Therapy Can Lead to A Brighter Financial Future

From grocery shopping to paying rent, it might feel like your paycheck doesn’t stretch as far as it used to. Rising inflation is taking a toll on everyone, and it’s completely normal to feel financial anxiety right now. Financial anxiety isn’t just exclusive to the unemployed, either. It can affect anyone—even those who have enough money but are worried about the future.

Regardless of where you fall on the socioeconomic spectrum, finances can be a challenging topic to breach, even during a regular therapy session. Regardless of your financial situation, here’s how financial therapy can help you cope with financial stress and anxiety.

What is financial therapy?

According to the Financial Therapy Association (FTA), financial therapy is a type of counseling that can help people change how they feel about finances. Financial therapy can help people combat compulsive spending, cope with money concerns, and change negative behaviors surrounding finances.

By working with a financial therapist, you can dig deeper into financial decisions and unconscious beliefs about money. Financial therapy can help you figure out why you can’t stop living paycheck to paycheck—or why your credit card debt keeps growing. Financial therapy can help you find emotional support and carve a clear path forward if your financial situation creates emotional distress.

How can financial therapy help you manage your finances?

Financial concerns can encroach on every aspect of your life. After all, finances aren’t just about money. Your financial wellness might reflect your mental health or childhood experiences with finances. Everyone has a different relationship with money, and your personal relationship with finances will depend on several factors, including your gender, religion, and culture. If you grew up in a culture where money is taboo, it could affect your attitude toward money today.

Even if you’re not dealing with debt, compulsive shopping, or other financial issues, financial therapy can help you make important financial decisions and start budgeting. Above all else, financial therapy creates a safe space to navigate your money problems, define what financial security looks like for you, and explore the emotional aspects of money.

Is financial therapy different from traditional therapy?

Financial therapy is a therapy specialization. Many therapists have specialties in mental health issues, such as trauma, abuse, behavioral issues, gambling, and addiction, but financial therapists focus on financial behavior and the psychology of money. In practice, general therapists might touch on financial issues during a regular therapy session without going into depth on any specifics.

So, why should you choose financial therapy over traditional therapy? Financial therapy goes beyond traditional therapy when dealing with unhealthy spending habits or financial anxiety. Instead of providing surface-level support, a financial therapist can help you dive into these concerns, identify the root cause of your money issues, and develop a financial plan to move forward.

How can you find the right financial therapist?

Finding a therapist can feel daunting, but it doesn’t have to be. Whether you’re starting financial therapy for the first time or looking to set financial goals, it’s essential to find a financial therapist who understands you. Everyone’s relationship with finances is different and valid, and you should always feel comfortable opening up to your therapist about financial issues.

To find a good fit, reach out to a mental health professional through The Therapy Group of NYC. We know that financial stress can feel overwhelming—and we’re here to help with compassionate, down-to-earth therapy. One of our supportive therapists will help you navigate your financial situation, overcome financial trauma, and take control of your financial life.