What's a Financial Therapist? What They Do, How it Helps You & How to Find One

By Sara

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Last Updated: December 21, 2022

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Financial therapists are becoming increasingly popular, as people recognize the need to take control of their finances and seek assistance in managing their money.

Financial therapy is a unique form of therapy that focuses specifically on helping individuals and couples manage their financial situation. It can be used to help with a variety of issues, from budgeting to debt management to investing and retirement planning.

In this article, we'll look at who needs financial therapy, when to seek a financial therapist, and how to find one near you. 

 

 

Who needs financial therapy? 

Anyone who wants to take control of their finances and make a better decisions about their money can benefit from financial therapy.

For example, someone who can benefit from a financial therapist can be someone who:

  • is struggling to make ends meet and needs help budgeting or managing their debt
  • wants to increase their savings and make better financial investments
  • is close to retirement and needs help planning for the furniture

A financial therapist can work with individuals, but they can also help couples work together to help manage their money, discuss and negotiate their spending habits, and plan for their future. 

Financial therapy is also great for someone who has gone through a life-changing event, like a divorce or job loss. A financial therapist can help someone going through these situations with guidance on adjusting to these new financial situations and making a new plan for their future.

In addition, other life-changing events like receiving an inheritance can benefit from a financial therapist, especially if you want to make sure you are making the right decisions with this new wealth. 

 

 

When should you see a financial therapist? 

For any stage of your life, seeing a financial therapist can be beneficial.

A financial therapist can be a powerful tool for anyone who wants to better understand their finances and make smarter moves with their money. They can help you budget, pay off debt, save for retirement, and so much more. 

If you are a recent grad and just starting in real work, you probably want to find a financial therapist who can help you:

If you are struggling with managing your debt, a financial therapist can be helpful as well. They can help you:

If you are close to retirement, a financial therapist can help you plan for your future. They can help you create:

Even if you are not going through a major moment in your life, having a financial therapist to talk to can help you create and stick with healthy spending habits, which can lead to long-term financial success.

In addition, they can give you support and guidance throughout your life, and working with them long-term can be beneficial when you do go through major life events. 

A financial therapist can provide you with the knowledge and skills you need to make informed decisions about your finances. They can help you create a budget, develop a plan for paying off debt and create an investment strategy.

They can also help you understand how to make the most of your income and ensure that you are making the best decisions for your financial future. 

 

Financial therapy near me 

Use online resources to find a financial therapist near you if you are interested in the support that they offer.

The Financial Therapy Association has an online directory of financial therapists and counselors. You can filter the list to find one in your area.

Larger cities will have a local financial therapist to help you with your finances. See if your friends or family have used a financial therapist to get more recommendations. 

Once you've found a list of therapists, it's important to research them to make sure they will meet your needs.

Always look at this person's experience with financial planning and ensure they are certified, financial therapists.

You also want to make sure this is something you would feel comfortable working with since you will have to be very honest and open to discussing your financial situation with them and take their advice.

A financial therapist should be able to offer planning around major financial topics, from:

  • budgeting
  • debt management
  • retirement planning

Lastly, find a therapist that fits your budget. You want to make sure this support is financially feasible. 

 

 

Final Thoughts 

Financial therapy can be a powerful tool for anyone who wants to take control of their finances and make smarter decisions about their money.

It can help you manage your budget, pay off debt, save for retirement, and more. If you're ready to take control of your finances, a therapist can be a great resource.

By understanding who needs financial therapy, when to seek their help, and how to find and choose the right financial therapist, you will be able to get the financial support you need at any stage in your life.

Photo by Mikhail Nilov

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