Financial Therapy for Individuals and Couples

Money plays a huge role in our daily lives and is much more connected to our emotions than once thought. According to a Bankrate survey, money was the #1 factor negatively impacting US adults’ mental health in 2023. Our feelings and attitudes about money can deeply impact our financial decisions and behaviors. Financial therapy can help uncover and address past financial trauma, underlying causes of disruptive financial behavior, and generational patterns negatively affecting your relationship with money.  In a financial therapy session you may explore your beliefs about money, your financial values or goals, and any emotions or past experiences that have, consciously or unconsciously, influenced your relationship with money. Financial therapists work with you to address a variety of money-related issues such as overspending, money-related stress and anxiety, debt, and financial conflict in couples. 

*https://www.bankrate.com/personal-finance/financial-wellness-survey/#financial-anxiety

Benefits of Financial Therapy

  • Finally get to the root cause of your money problems and why you struggle with finances

  • Gain a better understanding of your current financial situation allowing you to be clear about your whole financial picture

  • Reduce stress and anxiety about your finances

  • Determine your financial values and set realistic goals for personal financial success

  • Boost confidence in your financial decision-making and overall financial well-being

  • Learn to have healthy discussions around money without shame or guilt

For couples…

  • Exit the cycle of conflict and improve communication regarding money and finances

  • Develop shared goals and expectations for your financial picture and work toward goals as a team

  • Improve personal relationship with money and identify root causes of frustrating money behaviors

  • Become closer emotionally as the cycle of money conflict is eliminated

If you’re experiencing any of the following situations, Financial Therapy may be a good fit for your needs…

  • Difficulty managing finances: You’ve created dozens of budgets but they never stick. You can’t seem to save, reduce your spending, or understand how to get out of debt even though it truly is important to you. 

  • Stress and anxiety when you think or talk about money: When someone brings up money or asks you about your financial situation you freeze and panic. It’s so overwhelming to think about making the right decisions when it comes to finances. 

  • Avoiding bills and credit card statements: You feel anxious every time you get a bill and instead of looking at it you shove it in a drawer and pretend it’s not there. You’re already in debt, what difference does it make if you know the exact amount?

  • Poor role models or minimal financial education: Your parents or caregivers weren’t very good with money and as a child you often heard about their money struggles. You may have even been responsible for contributing to the family income or taking care of yourself financially from a young age. This can often lead to distorted beliefs about money and negatively impact your financial decisions today. 

  • Arguing with your partner constantly about money:  Conflict about money is a top contributor to the stress and tension in your relationship. You and your partner are coming from two very different perspectives when it comes to spending, saving, and planning for the future and you just can’t seem to get on the same page. 

  • Life transitions: Marriage, divorce, inheritances, starting a family… all of these and many other life changes will include a change in your financial picture. How will you navigate the changes in a way that supports your financial values and goals?

  • Desire for financial growth and confidence: It’s possible you have neutral attitudes toward money and finances but really need some guidance to dive into your relationship with money including establishing values and goals for your financial future and improve your financial literacy. 

  • A history of financial abuse or inequitable relationships: You have only been in relationships characterized by an imbalance of power; maybe with an abusive or narcissistic partner who controlled the finances and did not let you have your own money. You don’t know the first thing about budgets, how to pay bills, how to save up first and last month’s rent to get your own place, but you’re ready to learn and get your power back. 

FAQs

  • Financial therapy is different from psychotherapy in that it is not based on a medical model of diagnosis and treatment of mental health disorders. While traditional psychotherapy focuses on mental health disorders and treatment, Financial Therapy is a different field of study which specifically addresses the intersection of emotions and behaviors with financial decisions and goals. Financial therapy may involve discussions of emotions, beliefs, and past experiences related to money, but unlike psychotherapy, the primary goal of financial therapy is to help you improve your relationship with money and ultimately your financial situation. Financial therapy is not appropriate for individuals or couples struggling with high risk mental health concerns such as suicidality or cases of abuse and does not provide a mental health diagnosis.

  • Financial therapy focuses on the emotional, psychological, and behavioral aspects of your relationship with money. It addresses the underlying beliefs, attitudes, and behaviors that affect financial decisions. The goal is to help individuals develop a healthier relationship with money to meet their goals..

    Financial Counseling is more focused on providing guidance and education on quantitative financial matters. It often involves helping clients create budgets, manage debt, and plan for the future. Financial counselors may also address behavioral aspects of money management but typically do not delve as deeply into the emotional or psychological aspects as financial therapists.

    Financial planning is primarily concerned with helping individuals set and achieve their financial goals. This may include creating a financial plan, investing, retirement planning, and tax planning. While financial planners may consider clients' attitudes and behaviors around money, their focus is on the practical aspects of financial management.

  • Financial Therapy is rarely covered by insurance benefits unless it is included as part of a comprehensive psychotherapy relationship. Financial Therapy services are provided to individuals and couples at $150 per hour.

  • As a financial therapist, I have received certification to provide Financial Therapy through the Financial Therapy Association (https://financialtherapyassociation.org/). I have a Master’s Degree in Social Work from Appalachian State University and am licensed as a Clinical Social Worker in North Carolina to provide clinical psychotherapy services. I have extensive training in trauma-focused therapy as well as EMDR certification. I am committed to providing quality Financial Therapy treatment services through continuing education and self-study in topics of personal finance, economics, and the psychology of money and relationships.