Financial Therapy For Money Anxiety Using Cognitive Behavioral Financial Therapy (CBFT)
It’s safe to assume that money and finances play a role in virtually every part of our lives. Money is our livelihoods. It’s how we are able to provide for our families. Money gives us the capability to be able to go on vacation. To splurge on a nice restaurant. To know that we are living comfortably and securely. Money is a form of safety in the present and the future.
Yet, money can be one of the biggest sources of anxiety for, well, everyone. Whether you have a lot of it or very little (and this is subjective too) – anxiety over money is very real. But, what exactly is money anxiety and more importantly, how can you get over it with financial therapy for money anxiety.
1. What Is Money Anxiety?
Money anxiety disorder (MAD) is when issues surrounding money starts to affect the quality of life. You may find that stressing over financial concerns causes you to sleep less or argue more with your partner or loved ones. MAD can manifest itself in many ways, including:
- Spending too much money
- Extreme frugality
- Hiding spending habits from your partner or family
- Denial about financial issues or debt
- Never taking a break from working because of the urge to earn
- Using money to control others
Many of the above causes of money anxiety point to an unhealthy relationship with the dollar bill or the sterling note (or more recently any kind of crypto currency). Beneath all of these issues, is an underlying cause that prevents someone from having a healthier relationship with money and life.
We cannot have a healthy life without a healthy relationship to money and this is where financial therapy for money anxiety can help heal old money wounds and decrease money anxiety in the present moment. Your ‘future you’ (not to mention all of those who love you) will be glad you learned how to become friends with money once and for all.
2. What Are The Causes Of Money Anxiety?
There are a variety of reasons why someone may experience money anxiety. Typically, these causes can be boiled down to two reasons.
If they grew up in a household without a lot of it, they may have an extreme urge to earn and save as much as possible. They know what it’s like to go without and never want to see themselves or their family in that place. Money = power.
Alternatively, someone may have grown up in a household where your earning potential and capabilities meant more than anything else. As such, there is a constant pressure to constantly earn because their income = self worth. Money = power.
3. Overcoming Money Anxiety
No matter what the cause of money anxiety is, it can be managed so it doesn’t control so much of your life. Financial therapy for money anxiety is a very real thing, even discussed in the BBC, and it can really help.
One of the first steps to overcoming it is acknowledging your unhealthy viewpoints of money. Without true acknowledgement, progress towards making things better can never happen.
The second step to reaching a healthier place is through receiving support. There’s nothing wrong with admitting that you need help working through the negative core beliefs you have surrounding money. This is best done by working with a licensed therapist trained in cognitive behavior therapy (CBT) with additional experience providing financial therapy for money anxiety.
4. What Is Cognitive Behavioral Therapy (CBT) and Specifically Cognitive Behavioral Financial Therapy (CBFT) ?
Cognitive Behavioral Therapy (CBT) is a therapeutic method that looks at the connection between our thoughts, emotions, and behaviors. It is a type of talk therapy that lets a person closely examine how their positive or negative thoughts influence their emotional states.
CBT also helps a person to look at how positive or negative changes in behavior influence their emotional state too. CBT further helps clients to see the influence that these behaviors and emotions have on our thoughts. It’s a vicious cycle.
Cognitive Behavioral Financial Therapy (CBFT) is Cognitive Behavioral Therapy specifically focused on ones mindset (cognitions) towards money and wealth as well as understanding the the impact that one’s financial actions (behaviors) has on one’s money mindset and overall wellbeing.
While Cognitive Behavior Therapy (CBT) was developed to help with depression and anxiety, what I like to call Cognitive Behavioral Financial Therapy (CBFT) uses these same tools specifically aimed at changing our relationship with money, finances and wealth.
5. How Does Cognitive Behavior Therapy (CBT) / Cognitive Behavioral Financial Therapy (CBFT) Work as a Financial Therapy For Money Anxiety?
First, it takes a look at the unhelpful thoughts and fears you have surrounding money. Is your money anxiety because of a past not having it? Is it because you think your self-worth is tied into what you earn?
Cognitive Behavioral Therapy (CBT) helps you to identify these thoughts and then replace them with more realistic and supportive ones. As you learn to replace these thoughts with helpful ones, you should find that your anxiety surrounding money decreases. This in turn can help you work on the unwanted behaviors that you have regarding money.
Cognitive Behavioral Therapy (CBT) is a powerful tool that has helped to transform the lives of many people. By looking at the connection between thoughts, feelings, and actions, you can learn to overcome money anxiety so it doesn’t control so much of your life.
If you are ready to take control over your money anxiety, Financial Therapy for Money Anxiety treatment using CBT / CBFT can help you. Click to learn more about anxiety treatment.
I am a Licensed Mental Health Counselor in Hawaii and an Accredited CBT Therapist in the UK with over 15 years of experience. I specialize in Cognitive Behavior Therapy, Financial Therapy for Money Anxiety Treatment using Cognitive Behavior Therapy. I have received advanced specialist training in Cognitive Behavioral Therapy and Compassion Focused Therapy. Over the years I have helped many people suffering with Money Anxiety learn how to manage their thoughts, emotions and behaviors and ultimately feel better by learning how to change their money stories and money behaviors. Please reach out to my Honolulu or London clinic to set up Financial Therapy for Money Anxiety Test Drive.