Financial Therapy: How Speaking to a Wealth Psychologist Can Help

During the COVID-19 crisis, financial stress reached an all-time high. The pandemic took a significant toll on our psychological and emotional well-being, with many people facing job loss and filing for unemployment. More than five million people in the United States were affected—and many of them are still struggling with medical bills, credit card debt, and the mental health issues that come with financial anxiety.

Financial anxiety doesn’t just affect the unemployed—it can also impact people who have enough money but feel anxious about the future. Regardless of your socioeconomic status, it can be challenging to open up about your financial situation—even during individual therapy.

If you’re experiencing money concerns right now, you’re not alone. Fortunately, there’s a type of counseling specifically for financial anxiety: Financial therapy. Working with a psychologist specializing in financial concerns can help you make better financial decisions, set realistic financial goals, and explore your underlying feelings toward spending.

What is financial therapy?

According to the Financial Therapy Association, financial therapy helps people change the way they think and feel about money. In other words, financial therapy can help you identify the root cause of your financial attitudes. After evaluating your past experiences, feelings, and behaviors toward money, you’ll be able to replace your negative emotions and behaviors with more positive ones.

If you’re living paycheck to paycheck or struggling with credit card debt, financial therapy might be the answer. Financial counseling can provide a safe place to explore your financial issues—mainly if your financial situation affects other areas of your life. Financial therapy also provides valuable opportunities to explore the emotional aspects of money, discuss family members’ attitudes toward money, and find healthy ways to make better financial choices, such as setting and maintaining a budget.

Ultimately, different people have different needs, and counseling can help you figure out the best financial plan for your specific financial situation. “A client can implement a comprehensive spending plan in a span of three months,” according to Alex Melkumian, founder of Financial Psychology Center. “For clients who struggle with extreme financial stress, worry, and trauma, addressing those issues may take longer to process,” says Melkumian.

How much does financial therapy cost?

Therapy sessions in major cities like Washington, DC and NYC typically cost between $250 and $350.

If you have a health insurance plan, your out-of-network benefits will determine whether mental health services are partially covered. Some health insurance plans require clients to choose a licensed mental health professional within their insurance network to qualify for mental health benefits. Some health insurance providers also have other requirements for mental health coverage, such as a mental health diagnosis or a referral from a primary care doctor.

If you’re facing unhealthy spending habits, you may have to forego other areas of spending to afford quality therapy. Fortunately, there are several ways for clients to find high-quality mental health services.

Online therapy might be a more flexible option for many people right now and also connects you with a wider range of mental health professionals, allowing you to access providers with varying specialties across New York State.

Financial Therapy in New York City

Whether you’re starting psychotherapy for the first time or searching for a new therapist, finding the right clinician isn’t easy. Especially if you’re struggling with low self-esteem, relationship issues, or work stress related to your financial habits, it’s essential to take the time to find a psychotherapist who truly understands you.

According to the American Psychological Association, the best therapist provides the level of warmth, empathy, and compassion that you need for therapy to feel like a safe space. Finding the right person can make all the difference in your mental well-being—and forming a strong therapeutic relationship with your therapist can transform your financial life.

To find a good fit, reach out to a therapist through The Therapy Group of NYC. We know that having a money conversation isn’t easy, especially if you’re assessing your financial decisions for the first time. We’ll connect you to a qualified therapist in NYC based on your personal preferences and requirements so you can feel comfortable every step of the way.

One of our compassionate, experienced financial NYC therapists will provide a safe space for you to work toward financial wellness and find the emotional support you need. Whether you’re looking to overcome compulsive shopping habits or foster a healthy relationship with money, we’ll help you become your best self.