Latest news with #ErikaWasserman
Yahoo
29-05-2025
- Business
- Yahoo
4 signs it's time to see a financial therapist
Having a healthy mindset about your finances is key to building long-term wealth, making smart financial decisions, and reaching your financial goals. But if your relationship with money is muddled with anxiety, depression, or other negative feelings, it's important to seek help to understand why that may be and how to overcome it. That's where a financial therapist comes in. This embedded content is not available in your region. Our personal beliefs shape the way we feel about money and drive the financial decisions we make. These beliefs often stem from our upbringing, culture, and lived experiences. A financial therapist's job is to help you understand how these various beliefs and feelings impact your relationship with money and teach you how to work through challenges that may be limiting you or impacting your quality of life. For example, if your parents were constantly stressed about their finances and worried about having enough money saved, you may associate money with stress and anxiety. This could make you reluctant to spend money — even when it's necessary or warranted — to avoid those negative feelings. 'Your relationship [with money] isn't just about dollars and cents — it is mostly made up of all the other senses leading toward stress, anxiousness, conflict in families, sleepless nights, and relationships breaking up, to name a few,' said Erika Wasserman, certified financial therapist and author of "Conversations with Your Financial Therapist: Stories and Scripts to Grow Your Money Mindset." 'Yet it is the side of money that isn't often talked about,' she added. 'Learning how to talk about money — not just the terms, but the feelings and triggers involved — is also important.' Read more: Behavioral Finance 101: 7 ways your brain can sabotage your finances A financial therapist can help you navigate mental roadblocks that may be limiting you. But how do you know whether you truly need one? That will require some self-reflection. According to Wasserman, the number one question to ask yourself is: Are you confident in your relationship with money? If the answer is no, she said, it is time to talk to a financial therapist. 'Just like if you needed a tune-up with your relationship, eating, or exercise, you would consult an expert. The same is true with your relationship with money.' And if you're still unsure, your body may already know the answer. Experiencing sleepless nights, nausea, headaches, or changes in your appetite as a result of your financial situation can be strong indicators that it's time to get some professional help. You might benefit from speaking with a financial therapist if you: If you feel negatively about your financial situation, ignorance may feel like bliss. A study by MarketWatch found that 42% of people avoid looking at their checking account balance out of fear. The problem: Staying in the dark about your account balances can lead to making uninformed financial decisions. Plus, you can incur unnecessary bank fees, such as late fees and overdraft fees. And you're more susceptible to fraud if you're not monitoring your account balances and transactions. Read more: 7 common banking scams and how to avoid them It's easy to become frustrated with your partner if their financial behaviors don't align with your own, or if there's financial infidelity within a relationship. A therapist can help you and your partner understand your financial habits, where they come from, and how to adjust those habits for the sake of your relationship and your financial future together. Read more: How to merge finances with your spouse after getting married Spending money and gambling aren't necessarily cries for help on their own, but if you're overspending or gambling away your life savings, this could signal a deeper emotional issue. Many people find comfort or get a high after spending money, but this high is often short-lived and can lead to a massive financial spiral, making it difficult to save money, pay down debt, and build wealth. Avoiding spending money can also be a sign of emotional distress and signal the need for a financial therapist. Feelings of anxiety related to spending can impact your quality of life — you may avoid making necessary purchases or investing in your future. Read more: Are you suffering from money dysmorphia? Here are the signs. Money management shouldn't be a source of fear or anxiety. But releasing those fears and limiting beliefs takes a lot of unlearning that can be tricky to do on your own. A financial therapist can work with you to learn more about your money personality and how certain beliefs help or hurt your financial well-being. To find a certified financial therapist, you can visit the Financial Therapy Association website to search for a professional in your area and narrow down your options by specialization, location, and more.
Yahoo
09-05-2025
- Business
- Yahoo
Americans Are More Pessimistic About Money Than Ever — 5 Ways To Survive
According to a Gallup poll, more than half of Americans (53%) said they believed their financial situation is worsening — a record high. Economic anxiety is surging as the impact of President Donald Trump's tariffs remains uncertain, inflation lingers and incomes fail to keep pace. Be Aware: Check Out: However, experts said unchecked pessimism can lead to paralysis. Here are five ways to survive. Erika Wasserman, CEO of Your Financial Therapist, recommended grounding financial stress with present-tense reflections like this: Right now, I am feeling overwhelmed. Right now, everything feels expensive. Right now, I am not saving as much as I want to for retirement. 'These aren't forever statements because your relationship with money is always changing because of your job, family size, emergencies that happen, etc.' Wasserman said. 'Think back five years ago, your financial situation looked differently than it does today, and in five years it will look different as well.' Read Next: Feeling stuck is common in uncertain times, but shifting from panic to planning can bring clarity and a sense of control. 'We are in an era of financial uncertainty, with the stock market not being stable, cost of living increasing, and people's income stagnating or disappearing all together,' said April Taylor, a financial coach and entrepreneur. 'However, even in times of financial pessimism we are still in control, and we must shift our mindset to get on the road of financial mindset recovery.' In addition, Wasserman recommended having a weekly check-in to review bank accounts, note upcoming bills and monitor spending. While many Americans feel overwhelmed by broader economic forces, experts said focusing on what's controllable can make a meaningful difference. 'That could be as simple as checking in with how a purchase made you feel,' said Billy Spencer, CFP, director and wealth manager at Crestwood Advisors. He explained that you can then reflect on your spending habits. 'If it didn't add value, maybe don't buy it again,' he said. 'And if it did make you feel good, ask yourself if you can recreate that feeling without spending money, like going for a walk with a friend instead of paying for a workout class.' Experts said that tackling small steps can offer quick wins that build momentum and reduce financial stress. 'Save money by canceling old memberships or subscriptions,' Taylor said. 'Evaluate your car insurance, homeowners/renters insurance and cellphone plans to see if you can save money.' And don't forget about potential promotions or sales. 'Call and see if there are any promotions, incentives or bonuses that can save you money. A quick call can possibly save hundreds of dollars. Get in the driver's seat, advocate for yourself and your finances,' Taylor said. Paying off small debts first is another simple step that can have a big impact. 'What makes this small win unique is not just the fact that it frees up monthly cash flow and reduces financial stress, but that it drives home the point that small efforts consistently applied can lead to tangible results,' said Aaron Razon, a personal finance expert at Couponsnake. 'This helps build momentum to tackle larger financial goals and proves that with focus and commitment, even over time, those goals are within reach.' Recognizing financial progress can boost motivation and reduce money-related stress. Acknowledging wins like sticking to a budget or paying down a bill reinforces positive habits and builds confidence over time. 'One simple exercise is to write down three things that went well each day for a week,' Spencer said. 'At the end of the week, look for patterns and focus on doing more of what's working. Small steps like that can help shift your mindset and make you feel better about your financial situation.' More From GOBankingRates 6 Used Luxury SUVs That Are a Good Investment for Retirees How Far $750K Plus Social Security Goes in Retirement in Every US Region 7 Overpriced Grocery Items Frugal People Should Quit Buying in 2025 12 SUVs With the Most Reliable Engines Sources Gallup, 'Americans' Economic, Financial Expectations Sink in April.' Erika Wasserman, Your Financial Therapist April Taylor, 'Jr. Moguls' Billy Spencer, Crestwood Advisors Aaron Razon, Couponsnake This article originally appeared on Americans Are More Pessimistic About Money Than Ever — 5 Ways To Survive Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
