Have serious, debilitating stress about money?
Here’s intel about what is financial trauma and expert tips on how to cope with it.
My boss saying the words youre just no longer a good fit replayed over and over in my head.
I had just beenlaid off,with no warning and seemingly no safety net.
I had mentioned in a session how I was a workaholic and never really knew how to rest.
Growing up in poverty, work was all I knew.
a board-certified clinical psychologist and certified financial therapist
I watched my family members work and so I followed suit.
I never wanted to revisit having no money or bills not being paid.
Instead, I traded in my time and well-being for cash.
My therapist witnessed the effects that constant work had on my body and mental state.
What is financial trauma?
Financial trauma is a lot more common than we seem to think.
We must first start by labeling childhood experiences as potentially traumatic events.
Often, people do not recognize what theyve survived as traumatic, simply because it was all they knew.
But that doesnt mean its impact isnt significant.
a board-certified clinical psychologist and certified financial therapist
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It can include experiencing anger, disbelief, fear, sadness, and shame, says Dr. Williams.
The effects of the experience and its associated emotions can linger into adulthood if unaddressed.
Change your mindset
Becoming financially literate requires awhole person approach.
But you could start with something as (seemingly) small as adjusting your mindset.
(Think of it as like a financialgratitude practice.)
Dr. Williams also recommends creating financial affirmations to help you build a more positive relationship with money.
Some affirmations include: I live a financially stable life or I am in control of my financial future.
She acknowledges that job loss and the sudden hikes in inflation can be jarring.
Learn small financial skills
When we know better, we can do better!
Sometimes much of our financial stress comes from simply not knowing a better way.
And its understandable: Money management, saving, and investments can seem like huge concepts to practice.
Thankfully, there are a plethora of resourceson the internetand inbooksthat can be accessed to learnfinancial literacy.
This small action can include saving a certain amount of money every week, or starting a budget.
Remember, this is an individualized approach and needs to make sense for your lifestyle.
Once broken down into smaller practices, these goals are achievable.
you could find a directory of mental health counselors that specialize in finance on theFinancial Therapy Association.
She says that these advisors are best for those who have difficulty trusting financial institutions.
TheFoundation for Financial Planningoffers a directory of volunteer certified financial planners to offer sound advice and pro-bono financial planning.
I know now that being laid off triggered my past fear with my finances.
Now, I know that money itself wasnt the problem, but rather my relationship with it.
Im starting to feel more confident about my financial future, and I hope you will soon, too.
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