Financial therapy isn't just for people struggling with money — it's for anyone who wants to understand how their thoughts affect their bank account

Business Insider | 1/17/2020 | Ashley Abramson
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Financial therapy helps analyze what you believe about money and how those beliefs affect your behavior.

You can work with a financial therapist or a financial adviser to talk about your approach to everything from work to relationships, and the effects it has on your money.

Addition - Budget - Money - Risk - Life

In addition to helping you manage your budget, invest your money, and reduce financial risk in your life, some financial planners — like Utah-based planner Dave Lowell — are also focused on helping their clients develop healthier mindsets around money so they can meet their financial goals and live more balanced lives.

Lowell calls this strategy financial therapy, and he says it's helped many of his clients gain control over areas of their lives that once felt overwhelming.

Therapy - Conversation - Clients - Advisers - Therapists

Financial therapy is typically an informal conversation clients have with their financial advisers or financial therapists about habits and mindsets that might be interfering with their financial goals or causing conflict or unhappiness in their lives. Basically, this conversation analyzes what you believe about money and how those beliefs affect your behavior.

Often, Lowell says, the best way to do this is to go back and examine some of your earliest memories with money and what lessons you learned — for example, maybe your parents habitually paid bills late, and as a result, you feel a sense of insecurity around your budget. "Understanding these money scripts or unconscious beliefs will help you understand why you do what you do with money and what emotions come with it," Lowell says.

Lives - Truth - Money - Emotions - Therapy

It's easy to compartmentalize our financial lives, but the truth is, our money and our emotions are inextricably linked. Financial therapy sets aside the logic of your financial situation and dives into the "why" behind your financial behaviors. Understanding these emotions can help you gain perspective on your habits and routines so you...
(Excerpt) Read more at: Business Insider
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