Rachel Duncan on Off The Grid Podcast
Have you ever had that moment when someone else puts into words or images an experience you couldn’t quite articulate? Whether it's an artist capturing an emotion through a painting or a therapist reflecting your feelings back to you, it suddenly makes everything feel real and tangible. This is the essence of financial therapy—a field where finance meets mental health, helping individuals navigate their financial behaviors and beliefs.
Rachel Duncan, co-founder of the Money Healing Club, spoke to Amelia Hruby of the Off the Grid Podcast about what is financial therapy, money healing, and how budget culture is diet culture.
The Role of Financial Therapists 🧠💸
Financial therapy is a relatively new and small field, having emerged around 20 years ago with the establishment of the Financial Therapy Association. A financial therapist typically has a professional degree in finance or mental health, coupled with cross-training in the other field. This unique combination allows them to address the emotional and psychological aspects of financial well-being.
Much like specialized therapists who focus on areas such as sex or trauma, financial therapists bring their therapeutic skills into money conversations. They hold space for clients to explore deeply ingrained money habits and traumas, providing guidance on this often tricky subject. By weaving together the concepts of therapy, financial behavior, and self-care, financial therapy provides a comprehensive approach to addressing money-related stress. It’s not just about fixing financial problems but about understanding and healing from the emotional and psychological aspects of money.
Unpacking Generational Money Trauma 🧳
Money is not just about numbers; it's also about class, upbringing, and multigenerational experiences. Our attitudes toward money are often shaped by our family history and cultural background. For instance, if your grandparents experienced the Great Depression, their cautious approach to money might have been passed down to you.
While there is a lot of financial information and access out there that didn't exist for our parents' generation, there still isn't a way for the majority of people to kind of sit with money and learn about money, and it is fraught with systemic trauma.
-Rachel Duncan
Intergenerational trauma plays a significant role in how we handle finances. It's essential to explore family stories and historical contexts to understand these influences. These lessons about safety and money management are embedded in our family narratives.
Money as a Neutral Amplifier 💬🔍
Money is neutral. Money is a way to exchange for goods and services. It is an organizer. It's neutral, but it amplifies the issues. And like that phrase, follow the money, but, in my work, you follow the money and you end up hearing what needs to be heard.
Financial therapy helps individuals step away from negative financial behaviors and towards healthier habits. It's about self-care and understanding that setbacks are a part of the process. Anticipating and planning for these setbacks allows for a more flexible and compassionate approach to money management.
Embracing Self-Care and Planning for Setbacks 🌿🛤️
Self-care is not just about avoiding negative behaviors; it's about moving towards positive actions that nurture our well-being. In financial therapy, this involves planning for setbacks. Instead of rigidly adhering to a budget and then succumbing to a “fuck it” moment when things go wrong, we learn to observe and understand these moments.
[T]his is actually the diet cycle, the budget cycle, the addiction cycle where we get really rigid with ourselves. ‘It's never gonna be the same or I'm gonna change all this,’ and then we can't hold that. It's not soft enough. It doesn't grow enough. It doesn't let us have a bad day.
Acknowledging and learning from these setbacks is crucial. For instance, if you overspend because you had a tough day, it's important to reflect on that behavior without harsh self-judgment. This compassionate approach allows for growth and improvement over time.
Listen to the full episode here.
For more insights on managing your finances and mental health, consider joining the Money Healing Club. It's a supportive community where you can learn, share, and grow on your journey to financial well-being. 🌱✨
Melissa is a moderator in the Money Healing Club. Are you ready to transform your relationship with money and reclaim control over your financial future? Join the Money Healing Club today!
At the Money Healing Club, we offer a supportive community and expert guidance to help you heal your money mindset, overcome financial challenges, and achieve your wealth goals. Whether you're looking to pay off debt, grow your savings, or deal with money stress, the Money Healing Club provides the resources and support you need to thrive.
