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Financial Therapy

All articles tagged with #financial therapy

personal-finance1 year ago•3 min saved

Mastering the Art of Declining Money Requests from Loved Ones

A financial therapist advises setting clear boundaries when family or friends ask to borrow money, as lending can strain relationships. It's important to assess if you can afford to help without jeopardizing your own finances. Offering a smaller, affordable amount can be a compromise, and communicating your financial obligations can help. Feeling guilty is normal, but writing down your financial goals and boundaries can reinforce your decisions. Maintaining these boundaries is challenging but crucial for achieving long-term financial stability.

via CNBC|

#family-and-friends #financial-boundaries #financial-therapy

personal-finance1 year ago•4 min saved

"Managing Financial Stress for Better Mental Health and Long-Term Wealth"

Financial stress can have a significant impact on mental and emotional well-being, leading to unhealthy coping behaviors and strained relationships. To cope with financial stress, it's important to recognize triggers and spending patterns, open up to a trusted loved one, manage emotions, create a plan and track progress, and consider working with a professional such as a financial therapist or counselor. By addressing the emotional and mental aspects of money management, individuals can reduce stress and regain control of their lives.

via The Washington Post|

#coping-strategies #financial-stress #financial-therapy

personal-finance2 years ago•7 min saved

The Impact of Financial Trauma on Your Money Mindset

Financial trauma, an intense and enduring emotional response to financial distress, can have a lasting impact on an individual's relationship with money. Experiences like economic hardship or medical expenses can lead to negative thoughts, anxiety, and avoidance behaviors. Financial trauma can be triggered by various factors, including systemic problems like racism and discrimination. Recognizing the signs of financial trauma, such as money avoidance or overspending, is crucial in addressing and overcoming it. Establishing financial boundaries, seeking support from financial therapists or advisors, and gaining financial literacy can help individuals recover from financial trauma and develop healthier financial habits.

via The New York Times|

#emotional-response #financial-therapy #financial-trauma