Personal Finance
August 12, 2015

Should You Seek Therapy for Your Money Issues?

Simple. Thrifty. Living.

Finance can be a source of stress for many people. A myriad of money issues can affect other important aspects of life, like marriage, career, and mental health. For some, tackling financial issues is like resolving ordinary stressors, which are part of life’s daily grind. For others, however, money problems are symptoms of underlying psychological problems that have to be resolved with the help of a financial therapist. So how do you know when you have to make that appointment with a therapist? Here are some telltale signs.

There’s a difference between someone who struggles with the budget and someone who can’t stick to a budget. The first issue is familiar to many people — most have been there; the second, however, is different in that it is mostly about an emotional pain about money. Unless that pain is brought to the surface and resolved, financial plans and budgets won’t work.

A financial therapist, in this case, would sit down with you and bring to light your money scripts — those internal conversations and beliefs you have about money that dictate your decisions. In addition to identifying those emotional pains, the therapist would also help you establish a healthy relationship with money.

It’s all too common for people to have that jittery feeling when opening those monthly bills. However, it becomes a problem when you let debt pile up without any concrete plan on how to pay it. 

People who have this issue tend to leave bills unopened, avoid conversations about their financial situation, and don’t know how much debt they’ve accumulated. Tackling money problems causes too much stress for them so they just check out and hope everything will work out by itself.

Parents naturally have an altruistic behavior towards their children, so it’s quite common to hear stories of moms and dads rescuing their children when they’re caught in a tough financial situation. However, you need to draw the line when your adult child relies on you financially and you can’t imagine retracting that helping hand even when you’re having financial issues of your own. You may chalk this up to parental love, but it’s really a psychological need that you have to address with the help of a therapist.

The sooner you speak to someone about your financial difficulties, the quicker you will resolve that looming debt. If you need to take action now, consider looking into a debt settlement service. Here we highlight the pros and cons.

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