Financial Counseling: Become Debt Free

What Is Financial Addiction?

Out of control spending habits or a lifestyle that exceeds available income resulting in chronic debt, marks an unhealthy financial addiction. Financial counselling is the process of identifying and overcoming financial habits and spending patterns, leading to greater freedom and a debt-free life. For many of us, part of our sense of self, worth, and identity are related to our money and level of debt. As a result of these close ties, the effects of debt and loss of financial options may cause you to feel an immense burden of oppression, lack of confidence, and overall discontentment with life. You may feel trapped and unable to see a way out. This is further compounded by the importance society places on image and lifestyle which is often valued through possessions.

The Stress and Oppression of Debt

Nearly 50% of families in the US each year spend more money than they earn. This means that individuals and families accumulate debt each year to accommodate overspending. Over time, this creates a downward spiral of oppression resulting in a cycle that continues on and on until something collapses, or intervention takes place. Money and financial problems are ranked in the top three major issues in Relationships today. Do not underestimate the power that money has to break apart a relationship. We see it all the time. A downward spiral of debt, if unchecked, can lead to financial ruin, bankruptcy, marital breakdown, loss of dreams, depression, and mediocrity to name a few. There is also research to support that the long term effects of the immense stress induced by the burden of debt can translate into physiological health problems later in life. 

So many of our dreams at first seem impossible, then they seem improbable, and then, when we summon the will, they soon become inevitable. -- C. Reeve

To Get Out of Debt and be Debt Free

So how does one get out of the cycle? In order to break the downward spiral, a decision must be made and a plan put in place. While it sounds easy, the decision to spend less is nothing of the sort. Reducing non-essential spending and making necessary reductions in lifestyle is extraordinarily difficult and for some, impossible, without a solid financial plan and budget in place. Debt counselling or seeing a solid financial counselor can bring huge benefits to free you from years of oppressive debt. There is no easy cure, but there is a way out. Since money and financial position can be viewed as a powerful influence both economically and also in Relationships, both a perceived and real loss of interpersonal power may result when debt becomes overwhelming and threatens the standards an individual has become accustomed to expecting.

How do I Set Financial Goals & Prepare a Budget?

The process of developing financial goals and a budget often creates a sense of anxiety and worry; however, without a direction and a plan, many people find themselves watching both their time and dreams pass by. Obtaining financial counselling provides a process of understanding spending patterns and identifying those items that contribute or distract from reaching your dreams. In a two part process, the “numbers” required to develop and meet financial goals are first determined. This customized budget provides the structure and timeframe for achieving your dreams within your individual financial means.

The second step identifies and resolves the emotional challenges of implementing and maintaining this plan. Many times, the thought of making changes becomes overwhelming, however simply leaving a burdensome situation the same results in a further sense of hopelessness as debt becomes consuming, leaving hopes and dreams appearing unreachable. By addressing and resolving the emotional and practical components of financial issues, individuals are empowered to move forward with not only a plan, but a renewed sense of self efficacy and freedom towards future success.

Our Approach to Financial Counselling

Working in partnership with individuals and couples, the counsellor and client develop a plan for gaining control of spending habits, resolving feelings of anxiety about money, and developing goals to make dreams a reality. With the tools and techniques that we provide, financial goals are realizable, anxieties resolved, and relationship bonds strengthened.

By dealing with practical realities, individuals gain control of their finances with a more complete sense of control and focus moving towards future dreams. The counselor utilizes experiences in the past as a way of understanding how situations develop. From this knowledge, the counsellor works with the client to develop a unique plan to ensure future financial goals and dreams are met. Additionally, during financial counselling sessions, individuals and couples are taught new skills to help them discuss and resolve money issues and protect financial well-being during uncertain economic times.

Values-Based Counselling also addresses helping individuals separate their self worth from their material wealth, resolving the emotional ties between bank balance and personal value. If relevant, the counselor identifies feelings of loss, anger, shame, sadness, and anxiety regarding past decisions and works to provide focus to realize goals and dreams. Often, this includes letting go of feelings of resentment and blame either directed at one’s self or others for past decisions and current challenges. Through our process of financial counselling, individuals and couples have an opportunity for a renewed sense of control and direction in their life with a financial plan and budget as well as the resolution of the emotions ties to past decisions.

If you need a therapist to help you, we have a large selection of online therapists who are professional and licensed counselors, able to help you right where you are over the phone, via email, or webcam/messenger. If you prefer face to face counseling, please use our therapist directory and find a city close to you with a therapist who can meet your needs.