financial stress Archives - Financial Therapy Solutions https://financialtherapysolutions.com/tag/financial-stress/ guiding you out of money fog into financial confidence and clarity Wed, 27 Sep 2023 19:19:36 +0000 en-US hourly 1 https://wordpress.org/?v=6.7.1 http://financialtherapysolutions.com/wp-content/uploads/2021/07/financial-therapy-solutions-icon2.png financial stress Archives - Financial Therapy Solutions https://financialtherapysolutions.com/tag/financial-stress/ 32 32 The Impact of Your Money Mindset on Your Financial Success http://financialtherapysolutions.com/your-money-mindset-and-financial-success/ http://financialtherapysolutions.com/your-money-mindset-and-financial-success/#respond Wed, 30 Aug 2023 17:19:51 +0000 https://financialtherapysolutions.com/?p=1747 By Wendy Wright, LMFT, Financial Therapist Who is driving your money bus: you or your mindset? What is a mindset? It’s defined by Merriam-Webster as “a mental attitude or inclination, a fixed state of mind” and by Wikipedia as “a mindset is an established set of attitudes of a person.” I, however, define it as...

Read More

The post The Impact of Your Money Mindset on Your Financial Success appeared first on Financial Therapy Solutions.

]]>
By Wendy Wright, LMFT, Financial Therapist

Who is driving your money bus: you or your mindset?

What is a mindset? It’s defined by Merriam-Webster as “a mental attitude or inclination, a fixed state of mind” and by Wikipedia as “a mindset is an established set of attitudes of a person.” I, however, define it as “a belief that may or may not be a truth.”

Mindsets are powerful and often make decisions for you.  

Let’s use a silly example. If you have a mindset – a set of beliefs and attitudes – that dogs make the perfect pet, you may avoid, spend less time with, or not invite over someone who has a mindset that cats are the only good pet. You may wonder, “How could someone prefer cats to dogs?!” You may send them articles about the joys of puppy ownership in order to passively influence them to come over to your mindset. You may post memes about ways that dogs are better than cats! You might get a second dog, even though you weren’t really ready to do so, in order to prove your mindset is right.

Sure, this example is a bit ridiculous, but did it resonate? We want to notice and appreciate ways that a mindset can influence our thoughts, feelings, and behaviors. As you see here, a mindset may drive the bus.  

A money mindset has a similar definition: a belief or a set of beliefs about money that may or may not be a truth.  

Have you ever taken a money mindset quiz? There are several out there. What did you think about your results? Take a moment to find a quiz and take it if you want. Then, write down a few sentences about how the results feel to you.  

I have expanded on this idea in the Money Mindset Shift course. I want to do more than just help you identify your mindsets; I want to help you make shifts in your money mindset to better serve you. I want you to be driving that proverbial bus!

Want to take a peek inside the Money Mindset Shift course? 

Here’s a look at one common money mindset and tips to shift it.

The Scarcity Mindset

Living in a Scarcity Mindset means it feels like there will never be enough. It can make the world feel like a terrifying place. Someone operating in a Scarcity Mindset may sacrifice their relationships for a fleeting sense of security—their feeling of scarcity is so great that they can’t see past their immediate needs. Existing in this mindset for a long period of time can leave people feeling deprived and can foster fear, leading to anxiety and insecurity. 

“In the mindset of scarcity, our relationship with money is an expression of fear.” 

Lynne Twist, Soul of Money 

People who have a  highly-rigid brain chemistry may tend towards a Scarcity Mindset about money. I recall clients expressing that they couldn’t afford something when they in fact had thousands of dollars in savings. Their instinct to not use resources — whether that meant not spending money or perhaps not eating food — was grounded in fear and shame rather than reality. 

→ Someone takes the first job they’re offered even if they’re incredibly overqualified. They feel it might be the last paycheck they’ll ever receive!

→ Someone doesn’t know when they’ll get another opportunity to eat a special or “forbidden” food, so they eat every morsel on their plate. 

→ Someone buys toilet paper every time they’re in the grocery store (whether or not they already have some at home) because the store may be out next week. 

Ask yourself: How often do you see yourself in this mindset on a scale of 1 to 10?

1          2          3          4          5          6          7          8          9          10

never                 sometimes                      often                      always

Compassion-Based Mindset: Sufficiency

The complement of the Scarcity Mindset is the Sufficiency Mindset. Someone operating from this context may think, “I can trust myself to meet my needs.” They may feel confident that there will be enough to go around. They may even realize that they won’t have everything they’ll ever want—and that’s ok. They’ll have enough. 

“Sufficiency is a context we bring forth from within that reminds us that if we look around us and within ourselves, we will find what we need. There is always enough.”

Lynne Twist, Soul of Money 

When we are able to live from the energy of sufficiency, we can see problems as learning opportunities, fears as messages instead of promises, and limits as creative guides. This energy helps us move from many all-or-nothing thoughts based in scarcity – from a thought like “I can never succeed” to “This path isn’t working for me, but I can trust that I’ll find another option.” 

→ Someone shifts from thinking “I can’t be happy until I make more money” to “I keep thinking I need to make more money no matter how much I have—I wonder what I can learn from this cycle.” 

→ Someone turns down a job because they didn’t feel valued, weren’t offered enough money, or knew they could find a better fit.  

→ Someone stops eating when they’re full, even if there’s plenty of food left on their plate, because they trust that they can sufficiently and consistently satisfy their hunger. 

Ask yourself: How often do you see yourself in this mindset on a scale of 1 to 10?

1          2          3          4          5          6          7          8          9          10

never                 sometimes                      often                      always

Journal Prompt: Shifting from Scarcity to Sufficiency

The first step to shift from a Scarcity Mindset to one of Sufficiency is increasing awareness of your current thoughts. Pull out your journal and think back to a time this week when you said or thought, “I can’t afford that” or “Only rich people do that.” Reflect on how that felt. 

Then ask yourself, “Is this statement a belief or a truth?” As always, remember to approach this answer with compassionate curiosity and nonjudgement. 

Typically, when faced with this question, we realize that it’s a belief that we can’t afford to purchase something. What we’re really saying is something like, “I’m not willing to trade for that.” 

Now, revisit the situation where you felt scarcity and try reframing your statement. Instead of saying “I can’t afford that,” ask yourself, “Am I willing to trade my time and money for that?” 

As you find yourself in this Scarcity Mindset over the next week, pull out your journal and reflect on how it feels to reframe these limiting statements into curious ones. 

Your money mindset may be defining your own ideas of financial success.

It may even be getting in the way of defining financial success or deciding that financial success is only for other people. Here are a few journal prompts for you to explore your money mindset:

  • How would you define your money mindset?
  • Have you ever written a definition of it?
    • Do it now.
    • Read it a few times. Is it your definition or someone else’s?
  • Does your money mindset limit your definition of success? How so?

If this topic resonates with you, consider joining me for the Money Mindset Shift course!

The post The Impact of Your Money Mindset on Your Financial Success appeared first on Financial Therapy Solutions.

]]>
http://financialtherapysolutions.com/your-money-mindset-and-financial-success/feed/ 0
Locked in a Loop of Broken Money Promises? Why The Cycle of Money Stress Keeps Happening http://financialtherapysolutions.com/cycle-of-money-stress/ http://financialtherapysolutions.com/cycle-of-money-stress/#respond Wed, 23 Aug 2023 17:50:44 +0000 https://financialtherapysolutions.com/?p=1732 By Wendy Wright, LMFT, Financial Therapist Money promises sound so good at the time, right? Promises like: “I will get this organized and never fail again!”  “I will get this debt paid off and never go into debt again!” “I will get my s%!# together and never struggle again!” I have made these kinds of...

Read More

The post Locked in a Loop of Broken Money Promises? Why The Cycle of Money Stress Keeps Happening appeared first on Financial Therapy Solutions.

]]>
By Wendy Wright, LMFT, Financial Therapist

Money promises sound so good at the time, right? Promises like:

“I will get this organized and never fail again!” 

“I will get this debt paid off and never go into debt again!”

“I will get my s%!# together and never struggle again!”

I have made these kinds of money promises to myself – and you have too. 

I have broken them – just like you. In fact, we usually break them or see them break down within a day, month, or even a few months. Why? Because they aren’t promises; they are magical thoughts. Plans based on magical thoughts aren’t sustainable. No judgment here, because magical promises feel so good in the moment! If they didn’t, we wouldn’t repeat the cycle.

Before we go on, let’s pause for a compassionate deep breath. There is NO judgment here. I  want to take a closer look at the impact of your broken money promises so you  can begin to heal.  I am here with you. For real, no judgment. I imagine that’s a new approach for you and your money relationship!

Now, let’s dig into the cycle of broken money promises. 

You know what I am talking about. When a “promise” includes an absolute like never/always, it’s really a magical thought. It requires knowing the future and having a crystal ball, right? It’s ok if this idea feels familiar! We do it because it feels soothing at the time.

The more magical the promise and the more perfection-loaded the promise, the more likely it will crack. And with money, the cracks can show up quickly. Whether it’s 24 hours, 30 days, or 6 months, the statements below will begin to creep in:

  • “Oh I forgot about this one last purchase I need to use the credit card for.”
  • “Cuss! Cuss! We just paid off all our debt, and now, the air conditioner broke!”
  • “Yikes, I forgot about this bill, and now, my budget is all messed up.”
  • “Cuss word! I did the math wrong, and I can’t pay for that bill!”
  • “I spent hours last weekend working on money. I need a weekend off!”
  • “Ugh! I just want to enjoy this vacation. I will think about money stuff later.”

Ok, let’s pause for a compassionate deep breath – yes, another one. We’re going to start looking at these events differently. This is the financial therapy approach. This is the start of your Money Mindset Shift. Remember: The shift starts with scoops of compassion, understanding, kindness – and increased awareness.

Let’s start by increasing your awareness about the money stress you feel.

In my opinion, “stress” is a busy (and even overused) word. It is used to describe money A LOT! There are many kinds of money stress though.  Each type can have its own kind of remedy, so you want to get clear on what is trapping you into the cycle of money stress.

Types of money stress can be connected to different fears, such as:

  • Fear of failure, which fuels constant vigilance
  • Fear of being “found out” again, which fuels constant vigilance
  • Fear of dropping a ball/forgetting something crucial, which fuels constant vigilance and shows up as repetitive thoughts/list making
  • Belief that you are “bad” and shouldn’t even try, which fuels avoidance and can show up as distraction
  • Belief that you are “bad” and should try even harder, which fuels (you guessed it!) more hypervigilance and can show up as repetitive/intrusive thoughts/list making and/or feeling like you are “always behind”

Did any of these ideas connect for you? Get more specific about the stress you are feeling and how it is showing up in your life. Use the companion journal page/prompts to paint a clearer picture of what you’re really feeling when “I am so stressed about money” pops into your thoughts. Let’s see what you notice.

Chances are, you’ve wondered why you continue to struggle with broken money promises. Why does the cycle repeat? 

You may have even asked yourself, “Why do I keep doing this to myself?!” It’s a good question to ask but difficult to answer. Let’s consider a few reasons why the money stress cycle repeats.  

First, remember that the magical promise feels good. Maybe you have experienced this sensation when you “finally” clean out the garage, the pantry, or a closet. You want it to never get messy again, right? And you feel relief when you promise to keep it protected and untouched. Maybe you invest in a nice velvet rope to keep the family out (wink, wink).

Regardless of your intentions, it rarely stays that way. It starts small – with one pair of shoes or a few extra bags of chips leftover from a party. You know the drill! Because the “new order of cleanliness” was built on a kind of time-binge, you don’t have regular time available to attend to it.  

So how do you stop this cycle when it’s related to money stress?  

It is so similar! Begin by compassionately admitting to yourself that it will stay imperfect. Yes, money stuff is never perfect. Yup, I know you wanted it to be. Big sigh.  

Next, create more awareness and less avoidance. You want to ultimately build a system that keeps you able to see what’s going on. But before you can get to this system, it’s crucial to explore what motivates any avoidance. We can do this together in the Money Mindset Shift.

Notice if you shift into “fight, flight, or freeze” when it comes to your money interactions.  This response means you’re stuck in the cycle. First, you make the big promise. Then, when it starts to crumble, you either turn up the obsessive thoughts and number crunching or turn the volume down to zero and make money decisions out of deep avoidance. Or you just watch 10 more episodes of your favorite show. Either way, you are re-acting, and we want to shift things so that you are pro-acting. With this new approach, you can relax when things happen in life because you have an adjustable plan.  

To close, let’s consider some scripts to change your internal dialog and decrease the cycle of broken money promises.

Go from [your repeated pattern] > to [a new way of thinking and acting]

From “I will never use my credit card again.” to “I will wait four days before using my credit card for a purchase that will increase my debt to foster pausing in my spending decisions.”

From “I will never eat out again.” to “I will keep some money set aside for a nurturing dining out meal and foster planning as a part of my spending..

From “I will save all of my next bonus check.” to “I will make a plan to put a percentage of my bonus towards savings and a percentage towards joy to foster balance in my spending.”

From “I will never loan money to friends again.” to “I will commit to a four-step accountability practice to slow my roll when a friend seems to need my money.”

 

 

Ready for your own shifts in your money mindset? Discover the first 3 steps today!

 

The post Locked in a Loop of Broken Money Promises? Why The Cycle of Money Stress Keeps Happening appeared first on Financial Therapy Solutions.

]]>
http://financialtherapysolutions.com/cycle-of-money-stress/feed/ 0
Financial Self-Care Is a Thing http://financialtherapysolutions.com/financial-self-care-is-a-thing/ http://financialtherapysolutions.com/financial-self-care-is-a-thing/#respond Fri, 18 Aug 2023 00:49:18 +0000 https://financialtherapysolutions.com/?p=1700 By Wendy Wright, LMFT, Financial Therapist When I read this article by Hannah Frye on mindbodygreen, I did a happy dance. Self-care is real, important, and helpful… and financial self-care is foundational if you want your self-care to be deeply effective. As Hannah explains, “Financial care should be a core part of your self-care routine,...

Read More

The post Financial Self-Care Is a Thing appeared first on Financial Therapy Solutions.

]]>
By Wendy Wright, LMFT, Financial Therapist

When I read this article by Hannah Frye on mindbodygreen, I did a happy dance. Self-care is real, important, and helpful… and financial self-care is foundational if you want your self-care to be deeply effective. As Hannah explains, “Financial care should be a core part of your self-care routine, as it undoubtedly impacts your overall mental and physical well-being.”  In other words, you need to deal with the money clutter in your brain to allow more real space for self-care to sink in and help.

Now, let’s take a closer look at self-care and what it means.

Self-care is personal.

There are  a lot of ideas on “how to” practice self-care.  I hope you didn’t get discouraged if your favorite ways weren’t listed in Hannah’s article. Ultimately, it’s up to you what feels caring and restorative – and this is different for each of us. For me, I love to be in the mountains. Even better, I love to practice yoga at the mountain top! But if you are a beach person, you may crave the sound of the surf as you spend time journaling.

You may also be discouraged if you saw some of your favorite ideas recommended but have failed to feel nurtured or cared for when trying them out. Perhaps it’s because your anxious money thoughts interrupt your calm!

Self-care can be free or paid for.

One of my favorite cost-free self-care practices is to sit in my hammock chair and watch the clouds roll by. I also like to use an app to help me pause and breathe (I use iBreathe). Because I have participated in biofeedback sessions, I have seen in real time how pausing to breathe for a few minutes changes my body’s information system and downshifts it. It’s cool!

Also, I really enjoy nurture and care that is paid for, like a pedicure or meeting a friend for coffee. Sometimes, part of the ritual of care is the exchange of money I earned for the nurture. When my exchange of money has meaning attached, it increases the nurture and decreases anxious money thoughts. This also deepens the meaning to my earnings.

Self-care is really hard if you are freaking out about money the whole time.

Have you ever tried to take a walk in nature for self-care and instead ran through all your numbers over and over and over the whole time?

Have you ever met a friend for lunch and found yourself unable to pick from the menu because you were internally freaking out about the cost?

Have you ever tried a new pottery class and couldn’t stop intrusive worries about money bullying their way in?

Financial therapy is a form of self-care, but what is it?

Handling money anxiety with attention to the internal thoughts and feelings is a part of the financial therapy approach.  This intentional approach can help you begin a Money Mindset Shift, which is different from rearranging your spending to look “right.”

Let’s chat about this idea for a minute.

When you begin to apply my Principles of Financial Therapy to your relationship with money, there can be healing and nurturing. Just opening yourself up to the truth that money is highly emotional can shift your mindset from “I am stupid with money” to “I may be expressing emotions through money decisions.”  My first Principle is to approach money with Abundant Compassionate Curiosity and Zero Judgment, which means adding compassionate and kind language to your money dialog. Imagine that one shift during your next walk or meal out.

Here are some possible financial self-care scripts:

I can’t get out of this paycheck to paycheck cycle >>I am able to make changes in my relationship with money.

I just need more money >> I have enough money.

I am bad with money >> I am intuitive and capable with money.

I am stupid with money >>  I learn from my money experiences and forgive the past.

I am alone with money >> I can get support to help create more space for calm and clarity with my money.

I dont know where my money goes >>  I own my money, and can make my own decisions.

What new script would you like to apply during your next self-care practice? What shifts in your Money Mindset did you notice?  Please share!

Ready for your own shifts in your money mindset? Discover the first 3 steps today!

 

The post Financial Self-Care Is a Thing appeared first on Financial Therapy Solutions.

]]>
http://financialtherapysolutions.com/financial-self-care-is-a-thing/feed/ 0
What the Heck is Couples Financial Therapy?! http://financialtherapysolutions.com/what-the-heck-is-couples-financial-therapy/ http://financialtherapysolutions.com/what-the-heck-is-couples-financial-therapy/#respond Thu, 04 Aug 2022 14:36:21 +0000 https://financialtherapysolutions.com/?p=1380 By Wendy Wright, LMFT, Financial Therapist Did you check out the recent This is Uncomfortable podcast episode? In this episode, I was asked to help a couple struggling with a recurring money conflict. We explored how to get “unstuck” and discussed new ways to approach money topics.   To start, the couple named their “pain point”:...

Read More

The post What the Heck is Couples Financial Therapy?! appeared first on Financial Therapy Solutions.

]]>
By Wendy Wright, LMFT, Financial Therapist

Did you check out the recent This is Uncomfortable podcast episode? In this episode, I was asked to help a couple struggling with a recurring money conflict. We explored how to get “unstuck” and discussed new ways to approach money topics.  

To start, the couple named their “pain point”: They keep having the same fight about money.  

They were feeling stuck. Whenever this topic came up, they would have the same fight and get nowhere. They wanted to find a resolution, a way to move forward, but couldn’t see a way out or around it. You may be nodding your head and thinking “Yes, we have so been there!” This is where financial therapy can help.  

We applied three of my 10 Principles of Financial Therapy©, including:

  • Apply abundant, compassionate curiosity and zero judgment.
  • Take the word “money” out of the sentence.  
  • Shift away from “good/bad” positioning with money.

Now, let’s dive a little deeper into each of these principles of financial therapy.

Apply abundant, compassionate curiosity and zero judgment.

The couple featured on the podcast did a great job of creating space for the first principle of my 10 Principles of Financial Therapy©: abundant, compassionate curiosity and zero judgment. This mindset allows more opportunity for active and creative listening.  I encourage you to try it today! It allows you to shift from a defender of your position to a detective of your partner’s heart and mind. It slows down that part of you that stops listening in order to form your next argument.  

Take the word “money” out of the sentence.

When you take the word “money” out of the sentence, you will often see the underlying issue.  It is often a fear – fear of loss of control, fear of not being important to your partner, fear of being seen as stupid, or fear of making a mistake. Once you know the deeper fear, you can begin to build in ways to comfort that fear that aren’t money related. This approach helps decrease the reactivity in a money chat.

Shift away from “good/bad” positioning with money.

This one is so important and powerful. Sometimes, couples will come to me for financial therapy with the hope that I will declare a “winner,” that one of them is “right” and “good”. I don’t. It doesn’t help, and in my experience, it isn’t a truth. 

Instead, we shift to rephrase the situation. Use sentences such as “What I like/don’t like about my money relationship is…” or “What I wish I had more of/less of in our money life is…”. Try this exercise today and journal about what you notice. Notice how your breathing may relax or your ability to maintain eye contact with your partner may increase. These are big wins!

Couples financial therapy is a unique tool.

Similar to individual financial therapy work, couples will come into financial therapy thinking we are going to tell them what not to do and how to be “better” with money. That is not the case! It can be surprising but helpful. I bet you’ve tried following the latest trend on Google for getting your money act together but can’t seem to get the traction you desire. Financial therapy comes into those stuck points, exploring what is under the surface.  

We don’t come in with rules or declaring a “winner.” Instead, we work to create a non-judging, neutral, and supportive place to talk about all the money stuff. 

 

Ready to get started? Book a discovery call with the Financial Therapy Solutions team today!

 

The post What the Heck is Couples Financial Therapy?! appeared first on Financial Therapy Solutions.

]]>
http://financialtherapysolutions.com/what-the-heck-is-couples-financial-therapy/feed/ 0
How Financial Therapy Can Change Your Life http://financialtherapysolutions.com/how-financial-therapy-can-change-your-life/ http://financialtherapysolutions.com/how-financial-therapy-can-change-your-life/#comments Fri, 20 May 2022 19:09:24 +0000 https://financialtherapysolutions.com/?p=1327 by Wendy Wright, LMFT, Financial Therapist Many people recognize their struggles with money management or the negative feelings they associate with spending and saving, but they don’t know how to seek help. That’s where financial therapy comes in! What Is Financial Therapy? You may be wondering, “What exactly is financial therapy?” A relatively new field...

Read More

The post How Financial Therapy Can Change Your Life appeared first on Financial Therapy Solutions.

]]>
by Wendy Wright, LMFT, Financial Therapist

Many people recognize their struggles with money management or the negative feelings they associate with spending and saving, but they don’t know how to seek help. That’s where financial therapy comes in!

What Is Financial Therapy?

You may be wondering, “What exactly is financial therapy?” A relatively new field within the world of therapy, financial therapy combines financial counseling, money management support, and mental health treatments. Depending on your personal needs, it can be:

  • a place to talk through your money story
  • support for building a business plan that works
  • an invitation to forgive yourself for past money decisions
  • a place to talk about the emotional impact of inherited wealth

A financial therapist can help you better understand how money shows up in your life. It goes beyond simply focusing on budgets, goals, and retirement plans and instead looks at the way you think, feel, and behave with your money. With the proper help, you can overcome the roadblocks that make it difficult for you to make smart financial decisions and move towards long-term, sustainable solutions

Do I Need Financial Therapy?

Your next question may be, “Well, how do I know if I need financial therapy?” To be honest, I believe that everyone can benefit from financial therapy. As a good starting point, I suggest asking yourself a few questions like:

Would it be helpful to have a judgment-free zone to talk about money?

Would I benefit from more understanding of my money patterns and behaviors? 

How do I define my relationship with money?

If you’re looking for more tangible exercises to complete, consider the two ideas below.

First, rename one of your bank accounts to reflect a future goal. 

I believe that, when you connect emotionally to your savings, you’re more likely to save. Even better, research supports this idea! Klontz conducted a study and saw people’s savings rates increase by up to 73 percent when they got fully and emotionally engaged in why they were setting money aside. 

So if you want to take your family to Disney World in the next three years, name it, “Disney World 2025.” If you’re focused on paying off your student loans, call it, “A Debt-Free Me.” Now, every time you open up your bank accounts, you’ll have a visual reminder — a guard rail, if you will — to keep you on track. 

Next, track your expenses. 

Rather than adding them to a digital spreadsheet, write them down by hand. (Download a copy of my tracking worksheet bundle now!) This practice helps you truly recognize and acknowledge each purchase. Include the item, the cost, the emotion behind the purchase, and how it made you feel. See if the reason why you bought something matches the post-purchase feelings it gives you. 

Do these questions and exercises resonate with you? It may be time to further explore financial therapy and the impact it can have on your life. Book a discovery call with a member of the Financial Therapy Solutions team.

The Team at Financial Therapy Solutions

Speaking of our team, I’m excited to share that we’re continuing to grow! We now have a team of therapists trained in my 10 Principles of Financial Therapy©. The focus of our group practice is to guide our clients through the intersection of money and emotions, helping them reach and maintain their financial goals. We approach each session with zero judgment and abundant, compassionate curiosity. The team is available for telehealth sessions. 

 

For more financial therapy tips and recommendations, join my mailing list! Sign up today and receive my free, downloadable workbook, “Get the Life You Want With the Money You Have.”

The post How Financial Therapy Can Change Your Life appeared first on Financial Therapy Solutions.

]]>
http://financialtherapysolutions.com/how-financial-therapy-can-change-your-life/feed/ 1
The Role of Financial Therapist on Your Financial A-Team http://financialtherapysolutions.com/the-role-of-financial-therapist-on-your-financial-a-team/ http://financialtherapysolutions.com/the-role-of-financial-therapist-on-your-financial-a-team/#respond Wed, 22 Dec 2021 21:38:31 +0000 https://financialtherapysolutions.com/?p=1248 By Wendy Wright, LMFT, Financial Therapist I’m thrilled to share my recent interview with The Pledgettes, a community of women who takes an active role in their finances in an effort to close the gender wealth gap. They focus on making value-aligned decisions towards individual financial goals — because when more women take individual action...

Read More

The post The Role of Financial Therapist on Your Financial A-Team appeared first on Financial Therapy Solutions.

]]>
By Wendy Wright, LMFT, Financial Therapist

I’m thrilled to share my recent interview with The Pledgettes, a community of women who takes an active role in their finances in an effort to close the gender wealth gap. They focus on making value-aligned decisions towards individual financial goals — because when more women take individual action concerning their money, the collective impact grows.

Your Financial A-Team

This past spring, they discussed the five types of people you need on your Financial A-Team. It should include:

  • Growth Partners: These licensed professionals help you identify your goals and develop strategies to reach them. They give you a safe space to talk about your wins and failures as you plot a path to financial freedom. 
  • Connectors: We all have an outgoing friend or two who makes you feel like you can talk about anything. Chances are, they are happy to discuss finances with you — especially since money shouldn’t be a taboo topic! Start the conversation, and you’ll be amazed at what you learn. 
  • Mentors and Mentees: Find people who are 10 steps ahead of your financially as well as 10 steps behind you. Ask questions about how they got to where they are or what their future goals are. You’ll feel both inspired and motivated.
  • High-Five Tribe: This group of friends is simply there to support and celebrate your achievements. You may be working towards different goals, but the important thing is that you all believe everyone can reach financial success.
  • Diverse Thinkers: These are the risk-takers who know all about cryptocurrency and Sacred Economics. Learn from their different perspectives and experiences!

As a financial therapist, I fall into the bucket of Growth Partners. During my interview with The Pledgettes, we discussed my work, my thoughts on Big Financial Goals, the members of my own Financial A-Team, and so much more! Check out the full interview here.

Master Your Money Workgroup

Are you ready to make 2022 your best year yet? Consider joining my upcoming Master Your Money workgroup, set to begin in January 2022. This six-month program involves one 90-minute session per month with expert guidance and one-on-one help. During this workgroup, you’ll learn how to get out of debt, save money, grow your business, and reach financial success. Plus, you’ll be working with a supportive group of people like yourself, all using your newfound knowledge and tools to bring about real change to your relationships with money.

 

I hope you’ll join us for the upcoming Master Your Money workgroup and start the new year strong! You can reach out to wendy@financialtherapysolutions.com with questions.

The post The Role of Financial Therapist on Your Financial A-Team appeared first on Financial Therapy Solutions.

]]>
http://financialtherapysolutions.com/the-role-of-financial-therapist-on-your-financial-a-team/feed/ 0
Meeting Your Money Milestones http://financialtherapysolutions.com/meeting-your-money-milestones/ http://financialtherapysolutions.com/meeting-your-money-milestones/#comments Mon, 11 Oct 2021 14:04:51 +0000 https://financialtherapysolutions.com/?p=1196 By Wendy Wright, LMFT, Financial Therapist As we enter the last quarter of the year (!), it’s important for small business owners to get grounded in their own numbers and identify their money milestones. Maybe you want to wrap up a project and ensure that you have time for a new one come January. Maybe...

Read More

The post Meeting Your Money Milestones appeared first on Financial Therapy Solutions.

]]>
By Wendy Wright, LMFT, Financial Therapist

As we enter the last quarter of the year (!), it’s important for small business owners to get grounded in their own numbers and identify their money milestones. Maybe you want to wrap up a project and ensure that you have time for a new one come January. Maybe your focus is hitting your annual revenue goal. Or maybe you just want to see how 2021 compares to the ups-and-downs of 2020. Whatever the reason, it’s normal to feel some pressure to finish on a high note before the holidays. 

So what do you need in order to meet your money milestones? Let’s take a look at some financial therapy tools that have worked wonders for other small business owners!

Know Your Numbers

I know it may seem like a no-brainer, but it isn’t uncommon for a small business owner to experience avoidance, overwhelm, guilt, or shame when trying to get closer to their numbers. Think about the following questions:

  • Do you know your monthly expenses? 
  • Do you know how much you make each month? 
  • What are your periodic expenses for the year, divided over 12 months? 

Although it may be emotional, using this opportunity to get closer to your money has long-lasting, positive effects, including increased confidence and security in your business. Do you feel like you already have these elements locked in? Consider the 50-30-20 budget rule for your business versus your personal expenses. As a driven professional, this exercise can be a thought-provoking way to heal your relationship to money.

Rename Your Accounts

It’s amazing to see the shifts that happen when business owners rename their accounts to something that has more emotional buy-in. How different would it feel to see a savings account named “Vacation to Hawaii” or an account that says “Dream Home” when putting money aside each month? How would it feel to rename a credit card to “Life-Changing Trip to Italy” rather than “Credit Card Debt?” This simple but powerful pivot in how we think and feel about our money can make all the difference in staying committed to our savings goals or our debt reduction plan. 

Talk About Money

This tip may seem strange, and yet, talking about money continues to be a taboo conversation for many people. Maybe it was discouraged in your family. Maybe it leads to a visceral reaction to talk about money with your partner, spouse, or business partner, which has caused fighting in the past. However, in order to heal your money story, you have to get close to it and talk about it. 

To be clear, I’m not suggesting you go around saying, “I can’t afford ______.” That’s a self-limiting belief that we have all been caught saying to ourselves. I’m talking about taking the power out of money by making it a more casual conversation. Perhaps it’s celebrating a milestone with a colleague you trust. Or having what Bari Tessler calls a Money Date with your partner or spouse to check in on your goals. 

Revisit Your Money Milestones Monthly

Lastly, once you start the work of knowing your numbers, don’t forget about them! The work of money healing is not a one-and-done process. You have to check-in once in a while. So what would it be like to schedule a money date with yourself? Some ideas include: 

  • Running a P&L for your business 
  • Reviewing your bank statements to see what you made this month 
  • Utilizing a tool like TillerHQ, MoneyGrit., or YNAB, all of which give you a snapshot of your month 

There are plenty of possibilities here, so discover what works for you and go for it.

Master Your Money Workgroup

I hope these tools are as impactful for you as they’ve been for other brave small business owners who wished to redefine their wealth, worth, and work-life balance. These ideas are just the tip of the iceberg of what financial therapy can offer.

If you feel inspired, intimidated, or just want the accountability of doing this work with someone who can offer the safe space and compassion to create a difference, consider joining our upcoming Master Your Money workgroup, set to begin in January 2022. This six-month program involves one 90-minute session per month with expert guidance and one-on-one help. During this workgroup, you’ll learn how to get out of debt, save money, grow your practice, and gain financial freedom. Plus, you’ll be working with a supportive group of entrepreneurs like yourself, all using your newfound knowledge and tools to bring about real change to your businesses. 

 

Khara Croswaite Brindle is a Certified Financial Therapist-Level I™ Professional and a contracted therapist with Financial Therapy Solutions.

I hope you’ll join us for the upcoming Master Your Money workgroup and start the new year strong! You can reach out to wendy@financialtherapysolutions.com with questions.

The post Meeting Your Money Milestones appeared first on Financial Therapy Solutions.

]]>
http://financialtherapysolutions.com/meeting-your-money-milestones/feed/ 1
How Financial Therapy Supports Small Business Success http://financialtherapysolutions.com/how-financial-therapy-supports-small-business-success/ http://financialtherapysolutions.com/how-financial-therapy-supports-small-business-success/#comments Thu, 05 Aug 2021 12:57:43 +0000 https://financialtherapysolutions.com/?p=954 By Wendy Wright, LMFT, Financial Therapist I’ve been a small business owner since 2014, and at the start, I didn’t quite know what I was getting myself into. As a mental health therapist and serial entrepreneur, I take pride in my ability to create and help others to heal and grow. Yet, like so many...

Read More

The post How Financial Therapy Supports Small Business Success appeared first on Financial Therapy Solutions.

]]>
By Wendy Wright, LMFT, Financial Therapist

I’ve been a small business owner since 2014, and at the start, I didn’t quite know what I was getting myself into. As a mental health therapist and serial entrepreneur, I take pride in my ability to create and help others to heal and grow. Yet, like so many in my field, I hadn’t earned a business degree and wasn’t able to embark on my small business journey with the confidence I craved. I was anxious that I was going to be part of the statistic that says 50 percent of small businesses will fail in the first 5 years. And as a driven professional with my small business being my sole income, that felt like a lot to risk!

Luckily, several years into my business, I was fortunate to be accepted into the Goldman Sachs 10,000 Small Business Program, a mini MBA program that catapults small business scholars into a better understanding of the world of business. Things took on more dimension and clarity. I left feeling motivated and invigorated. The experience brought so much value to what I wanted to accomplish within my business and community.

Fast forward to 2020 and the COVID-19 pandemic. Workaholism is on the rise with the hope of gaining financial security in the face of so much uncertainty. I too found myself backsliding into a scarcity mindset and was suffering from noble poverty. I knew I needed to continue to work on myself and my relationship with my business to find balance again. Enter financial therapy!

Financial therapy is a process of healing our money stories and improving our relationship with money. It’s exploring our thoughts, feelings, and behaviors around money. As a workaholic therapist with significant student loans who comes from one saver parent and one spender parent, I knew there was work to be done, specifically related to wealth, worth, and work-life balance.

Wealth

Financial therapy is offered with compassionate curiosity, inviting us to do the work of uncovering what wealth means for us. Is wealth about having financial security? Taking vacations without guilt? Paying for our kids’ college? Getting out of debt? Perhaps our process begins with simply being more comfortable talking about money. By exploring how wealth is defined and measured for us each as an individual, we can invite wealth into our lives through saving, strategizing, and embracing money tools that work for us, moving us one step closer to our money goals. 

Worth

There are several studies out there that say happiness is defined by a specific yearly income. But what if I told you our hardship over happiness isn’t actually about money? For some driven professionals, it’s about our worth being wrapped up in what we do. What we contribute. How we help. The idea that we are only as good as what we do. What if our low sense of worth prevents small business owners from raising our rates or collecting payment for a job well done? Money is one piece of our worth story. Financial therapy uncovers the complexities that shape how we show up in our personal and professional lives.

Work-Life Balance

If workaholism is defined as a money disorder, then I’m one of thousands of professionals looking to maintain a better work-life balance. Folks who are fighting against the urge to work 24/7 and feel guilty when we take a break. Small business owners who skip social events to work long hours or weekends. Entrepreneurs who struggle to stop thinking about their business at all hours of the day and night. It doesn’t have to be this way. Financial Therapy uncovers that inner dialogue about worth and work that can signal the beginning of healing our money story. Work-life balance is possible! Financial therapy can be part of the magic that makes it happen.

If you relate to any of these experiences, financial therapy may be the missing piece you’ve been seeking to achieve the next level of your small business success. I know the process has been invaluable to me as a driven professional. The team at Financial Therapy Solutions would be honored to help you on your journey to financial freedom!

Supporting Small Business Owners to Redefine Wealth, Worth, and Work-Life Balance

Khara Croswaite Brindle is passionate about giving people “aha moments” that create goosebumps and catalyze powerful action. She is a Licensed Professional Counselor and Financial Therapist in Denver, Colorado. Khara’s greatest joy is engaging driven entrepreneurs, Millennials, mental health professionals, and perfectionists to move from workaholic to well-balanced with streamlined strategies that fit their busy lifestyles. Khara has worked with a variety of clients on trauma and life transitions for the past 10 years. In her work as a Financial Therapist, Khara helps driven professionals find stability and freedom in their finances to reduce workaholism, battle burnout, and rediscover joy in what they do.

The post How Financial Therapy Supports Small Business Success appeared first on Financial Therapy Solutions.

]]>
http://financialtherapysolutions.com/how-financial-therapy-supports-small-business-success/feed/ 1
Connecting the Dots with Financial Therapy http://financialtherapysolutions.com/connecting-the-dots-with-financial-therapy/ http://financialtherapysolutions.com/connecting-the-dots-with-financial-therapy/#comments Thu, 22 Jul 2021 18:34:50 +0000 https://financialtherapysolutions.com/?p=940 By Wendy Wright, LMFT, Financial Therapist I feel so alone when it comes to my finances. The sense of dread that overcomes me before I look at my account balances or credit card statement is crippling. I know my relationship with money needs help, but I don’t know where to begin.  If you’ve experienced one...

Read More

The post Connecting the Dots with Financial Therapy appeared first on Financial Therapy Solutions.

]]>
By Wendy Wright, LMFT, Financial Therapist

I feel so alone when it comes to my finances. The sense of dread that overcomes me before I look at my account balances or credit card statement is crippling. I know my relationship with money needs help, but I don’t know where to begin. 

If you’ve experienced one (or all!) of these thoughts, you’re not the only one! The answer to these issues and more lies in financial therapy. Financial therapy helps you connect the dots between knowing what to do with your money and actually doing it. Clients learn to not only recognize and understand their financial challenges and money roadblocks but also to confidently move towards a sustainable solution. 

Ready to start right now? Here are two small steps you can take. First, rename one of your bank accounts with a goal you’re hoping to reach. If you have a savings account for an upcoming vacation, call it, “Sunshine and Sand, Here I Come.” Or if you’re working on paying off your student loans, name it “Almost Free.” I believe that, if you have an emotional relationship with your savings, you’re more likely to save. Plus, you’ll have a visual reminder to help you stay on track as you work towards the future.

And second, track your expenses. Don’t just type them into an Excel sheet; instead, write them down by hand. This method helps to really mentally solidify your purchases. Beyond the item and cost, include the emotion behind the purchase as well as how it made you feel. Again, it’s important to establish an emotional connection to your money.

Introducing Financial Therapy Solutions

I have seen my clients’ lives change so dramatically when they approach their money life through the lens of financial therapy. Inspired by the power of this transformation, I am building a team of financial therapists who are trained in my program, The 10 Principles of Financial Therapy©.

Financial Therapy Solutions, LLC is a group practice located in Denver, CO, and helping clients across the U.S. and internationally via telehealth services. We focus on diving into the intersection of money and emotions, guiding clients to reach their goals through an approach of zero judgment and abundant, compassionate curiosity

I’m thrilled to introduce our newest team members. Khara Croswaite Brindle, LPC is passionate about giving people those “aha moments” that lead to powerful change. She loves to dive in with entrepreneurs to look at both their personal and business money mindsets. Laura Henderson, MA, LPC spent 20 years in education before shifting to the therapy field. She enjoys helping women who are in recovery or who love someone in recovery deepen their own healing journey with financial freedom. 

To learn more about financial therapy, listen to my podcast with Sonni Abatta on her show, We Gotta Talk. We discuss how to set an abundance mindset, need-to-know financial advice for freelancers and entrepreneurs, and more.

Book a discovery call with a member of the Financial Therapy Solutions team today!

The post Connecting the Dots with Financial Therapy appeared first on Financial Therapy Solutions.

]]>
http://financialtherapysolutions.com/connecting-the-dots-with-financial-therapy/feed/ 3
Don’t Just Get Out of Debt, Save Out of Debt! http://financialtherapysolutions.com/get-out-of-debt-save-out-of-debt/ http://financialtherapysolutions.com/get-out-of-debt-save-out-of-debt/#respond Tue, 02 Jun 2020 11:00:26 +0000 https://financialtherapysolutions.com/?p=444 Whether you’re chipping away at a loan payment, are carrying a credit card balance or have overspent your way to anxiety, you’re probably looking for ways to pay down debt ASAP. You’re not alone. Many people are feeling a sense of fragility in their financial lives, stuck in a cycle they can’t get out of....

Read More

The post Don’t Just Get Out of Debt, Save Out of Debt! appeared first on Financial Therapy Solutions.

]]>
Whether you’re chipping away at a loan payment, are carrying a credit card balance or have overspent your way to anxiety, you’re probably looking for ways to pay down debt ASAP.

You’re not alone. Many people are feeling a sense of fragility in their financial lives, stuck in a cycle they can’t get out of. Did you know that even before COVID-19 hit, consumer debt in the U.S. had been steadily growing? It’s up 19% since 2009, to its current record high of $14.1 trillion!

Also, many people are facing financial uncertainty because of COVID-19—the latest stats show that 22 million Americans are unemployed. And a Bankrate poll released in January 2020 showed that just four in 10 U.S. adults could cover the cost of a $1,000 car repair or hospital stay with savings!

I’m not sharing these figures to scare you, or to bring you down. Instead, I want to use this opportunity to share a fresh approach that I think can help: using a savings plan to help you stay out of debt, not just get out of debt.

I often hear “How can I save if I am in debt?” and “It’s impossible to not have debt.” I made this shift myself, and can offer you some tips to help you increase savings on your path to reducing debt.

3 Steps to Staying Out of Debt

I’ve worked with clients who have paid off debts—often big ones—only to find themselves deeply in debt again when they come to me. What has helped them change the cycle is looking at the deeper emotional links to their money, debt and savings cycles. This can stop the constant up-and-down of debt weight and emotion, which can feel similar to yo-yo dieting.

We all have a relationship with our money, our debt and our savings. We’re going to take a closer look at those relationships. And while we’re doing so, I want to remind you of the power of approaching your financial story with compassionate curiosity, not judgment.

  1. First, I invite you to identify your money mindset.

    Whether your mindset is one of scarcity: “There will never be enough money” or abundance: “There will always be enough money,” it drives your behavior and decisions every day. Your mindset also influences behaviors like whether or not you’ll keep cycling in and out of debt, make promises to yourself that you won’t overspend this time (but do it anyways).  There are online quizzes for identifying your money mindset, and I also find a helpful way can be to journal out some of your top money beliefs.  This can give you some good clues!

    By having a deeper connection to what prompts you to make the financial decisions you do, you’ll begin to tune into your money mindset, and reduce disconnected spending.

  2. Now, what’s your debt mindset?

    I see a lot of “black and white” in how people think about debt. Debt is bad; no debt is good. This rigid thinking can feel a bit like holding your breath.

    When you throw every dollar at your debt and don’t have any savings, eventually you have to gasp for air. You use your credit card or go into overdraft to cover that unexpected expense, or use your credit card as your emergency fund, creating a revolving door of debt.

    Remember, no judgment! I used to be a “balance transfer queen,” shuffling debt around on a regular basis…

  3. Finally, identify your savings mindset.

    What does it feel like to ask yourself “What is your relationship to savings?” You do have a relationship with savings, no matter what your account balance is.

    Some people notice a sense of perfectionism pops up and sounds like “If I don’t have $1000 (or pick your amount) to start with, what is the point? Some may feel so overwhelmed by bills that they can’t imagine taking money from an already-stretched monthly inflow.

    One of the biggest impacts of COVID-19 might be that you are more painfully aware than ever that you didn’t have even a month (or a week!) of funds saved up. You may have been longing to ‘do different’ and aren’t sure why it isn’t happening. And you may feel too embarrassed or ashamed to explore this pattern.

    Financial therapy is a safe place to start the conversation with yourself. And whatever your savings mindset is, I encourage you to try starting with an automatic transfer of even $10 or $20 into savings per month. And notice how this feels, and how it can spark momentum.

    By setting up automatic transfers, you’re also saving yourself from “decision overload,” which can make you feel stuck. It’s one less decision you have to make in your day!

Take a Breath, Then Take the First Step

When you identify your money, debt and savings mindsets, it helps you change the way you approach, organize, and feel about your finances. And this kind of clarity can even improve other areas of your life!

So I encourage you to take a breath before you rush to pay off debt, whether you just got a coronavirus stimulus check or are working full-time. Instead of focusing only on how good it would feel to be out of debt, breathe and consider paying off debt as just a part of your overall money plan, balanced out with savings and spending.

No matter where you’re at in your money journey, I can help. Book your first session with me today.

The post Don’t Just Get Out of Debt, Save Out of Debt! appeared first on Financial Therapy Solutions.

]]>
http://financialtherapysolutions.com/get-out-of-debt-save-out-of-debt/feed/ 0