What is financial therapy?
Rachel Duncan, MA ATR-P, Financial Therapist & Art Therapist
Let’s start with what almost any person who finds out what I do for a living: “Financial therapy is a thing?? I’ve never heard of that. I NEED THAT!”
Seriously, that’s the reaction every. single. time.
And I proudly answer, “Yes it is a thing, but there aren’t many of us and it’s kind of new.” And if the term is new to you, I bet you immediately understand the value of those two words together: FINANCIAL + THERAPY.
Answer me this: Have you ever spent a weekend finally getting your money organized, maybe setting up a budgeting app and looking through your accounts? Then you’re strict with yourself for about a week and feeling empowered, and then … you spend your rent money on a plane ticket/Target run/online course/pretty rug that caused your account to overdraw, ignoring your plan, and you tell yourself again “I’m just bad with money”? You feel like crap, out of control, and you can’t trust yourself.
You don’t need another expert telling you to “spend less”. What you do need is financial therapy.
Financial therapy is a small but growing field of finance and mental health professionals who take additional training in each other’s fields and integrate that crossover knowledge into their primary practice. The Financial Therapy Association has been around for 20-ish years, and the field continues to adapt to newer generations of financial and mental health professionals who are furthering the profession.
I bet that deep down you know your struggles with money are emotional. That means you have to work on the emotional part before organizing your money. It’s like buying a cute workout outfit but not going to the gym. It’s time to slow down, and have a deeper, less comfortable conversation about just how emotional your money choices are. It’s messy work that is unique for everyone, and that’s why working with a financial therapist is the best way to get better with money.
Getting better with money is not an informational process, it’s a transformational process.
Do you really need another internet rando telling you “just earn more, spend less, and stick to your budget!” ??
Nope, it ain’t that easy or clear.
Your money journey will be as unique as you are. What works for others simply might not work for you. I’m here to guide your transformation as I have for many others.
Different financial therapists have different backgrounds and strengths and it’s important to find one that fits you best. Coming from the mental health field, my bias is to develop an emotionally-focused experience for my clients. My process is not “woo-woo”, and it’s also not rigid or restrictive. Extreme approaches don’t work because they don’t provide a bridge between the practical and emotional aspects of how we relate to money.
Financial therapy builds that bridge.