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You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. When we consider getting our money in order, our first thought might be to see a financial planner. Yet, sometimes creating a is a lot easier said than done. There are other factors, like our personal relationship and subconscious beliefs about money, that play a bigger role in our finances than many of us may realize or like to admit. But this disconnect may be doing more harm than good: Money is a part of our everyday lives and the lack of conversation may add more stress. That’s where financial therapy comes into play. This relatively new practice focuses on the emotional ties we have with money and how it influences our financial success. To observe World Mental Health Awareness Day, Bankrate is taking a deeper look into what financial therapy is and when it may be useful to see a financial therapist. What is financial therapy
Financial therapy mixes financial planning services with mental health treatment to assist those who struggle with putting their financial plans into action. “Financial therapists can help with behavior and mindset changes,” says Derek Hagen, founder of Money Health Solutions and a Certified Financial Therapist based in Minneapolis, Minnesota. “[We] can address financial trauma, help clients find meaning and the purpose of their money, and identify their subconscious beliefs about money that may be holding them back.” Financial therapists, also known as CFT-I’s, are certified by the Financial Therapy Association. While the financial therapy practice has been around for more than a decade, it wasn’t until 2019 that financial therapists could earn the professional designation. When should you consider a financial therapist
As we mentioned, financial therapists can help clients overcome their financial biases. Unfortunately, this can be a hard thing to recognize as it’s usually subconscious. A telltale sign, however, is knowing what you need to do in order to succeed financially, but that information isn’t enough to convince you to do it, Hagen says. For some people, this could mean you’ve seen a financial planner, you have your next steps ready, but no matter what — you just can’t convince yourself to do it. Or maybe you know you , but that’s not enough to get you to cutback. Other signs you should see a financial therapist include: Feeling depressed or anxious about your finances Consistent overspending and no saving Acknowledging bad money behaviors, but struggling to change them Whatever it may be, the first step to solving the problem is by recognizing it. And if you know that you are struggling to work through it, then you may want to consider a financial therapist. How to find a financial therapist
With financial therapy only becoming a certifiable profession just recently, there’s not a huge network of therapists yet. In fact, there are only 42 certified financial therapists in 20 of the 50 U.S. States, according to the Financial Therapy Network CFT-I finder. If you are seeking a financial therapist, the best resource for finding a certified professional is through the Many financial therapists offer free consultations. As Hagen sees it, the free consultation is a great opportunity to see if it seems like a good fit, get all your questions answered about the process, the cost, and understand what benefits you can expect from the therapy sessions. Bottom line
Money is a stressful topic, but there are ways you can work to Financial therapy is one method that could help you better understand your personal relationship with money, which will hopefully lead you to building stronger and healthier habits in the long run. Learn more
SHARE: Liz Hund is a social producer at Bankrate and occasionally writes special features on-site with a social-first angle. Her writing has been featured on MSN, Business Insider and in various local publications. Mary Wisniewski is a banking editor for Bankrate. She oversees editorial coverage of savings and mobile banking articles as well as personal finance courses. Related Articles