Individual Financial Therapy
Personal finances and financial behavior are just as much about feelings as they are about finances. Recognizing how money makes you feel will allow you to better understand yourself and manage your money in a way that makes you feel empowered. Compulsive spending, financial enabling, financial avoidance, and hoarding are just a few of the reasons someone might seek financial therapy. Acknowledging and accepting that you need financial guidance is a big step towards taking control of your finances.
Why Do People Seek Individual Financial Therapy?
Many people seek financial therapy when they have struggled to break a financially harmful pattern despite knowing that a change needs to be made. A few examples of financially harmful behavioral patterns include lifestyle inflation (also known as ‘keeping up with the Joneses’), unplanned or impulsive spending, ignoring debt, and neglecting the future (saving for retirement). Many people also seek financial therapy when they find themselves struggling to make progress towards (or identifying) their goals.
What Are The Benefits Of Individual Financial Therapy?
Financial therapy provides many benefits, including (but certainly not limited to) implementing effective financial behavioral changes, identifying origins of problematic financial beliefs, and reduced feelings of shame, anxiety, and fear. Individuals in financial therapy will also identify their personal and financial goals as well as any barriers to achieving these goals.