Taking Charge: Financial Anxiety Therapy in California for a Calmer You
Imagine cruising down the Pacific Coast Highway, windows down, hair blowing in the wind. California dreamin', right? But for many Californians, that dream gets hijacked by the nagging stress of financial anxiety. Here in the land of sunshine and opportunity, the high cost of living can leave individuals, couples, families, and solopreneurs feeling financially suffocated.
This blog post dives deep into financial anxiety, a very real problem impacting millions. We'll explore what it is, how it manifests, and why it matters. More importantly, we'll discuss how financial therapy can be a powerful tool for managing your worries and building a brighter financial future.
Is Financial Anxiety a Widespread Problem?
Financial anxiety isn't some made-up woe. According to The California Budget and Policy Center (2023), over 40% of Californians struggle to afford necessities. That's a significant portion of the population facing financial struggle, and for many, it spirals into full-blown anxiety.
What is Financial Anxiety?
Financial anxiety is an intense worry and fear surrounding your finances. It can manifest in a variety of ways, including:
Constant fretting about bills and debt
Difficulty sleeping due to money worries
Feeling overwhelmed and hopeless about your financial situation
Avoiding checking bank statements or financial documents
Engaging in unhealthy coping mechanisms, like emotional spending
Financial conflict among family or friends
Impulse spending
Financial Tightrope Walk: Anxiety for Different Groups
Individuals: Young Californians often feel stuck between crushing rent, student loans, and the pressure to keep up with the California lifestyle. It's enough to make anyone panic about affording a home in the state.
Couples: Financial stress is a major argument starter. Disagreements about budgeting, spending habits, and long-term financial goals can divide couples. Financial incompatibility can even lead to relationship breakdowns.
Families: Financial stress can transfer from generation to generation and stems from any significant loss or strain such as divorce, bankruptcy, unexpected healthcare costs, fixed income, ballooning college costs for children, financial caregiving, ballooning mortgage rates and housing costs, debt burden, and job instability. It can also stem from significant financial gain such as unexpected wealth transfer, upward income, and economic mobility leading to relational conflict.
High Achievers or Overthinkers: Californians with tendencies toward perfectionism may create excessively detailed budgets, fear making financial mistakes, “over-save”, or have debt aversion. Add this to a reluctance to seek help and you may experience financial burnout.
Persons with ADHD or Impulsive Spending: There is ample opportunity to spend money in California whether you are luxury shopping at Fashion Island in Newport Beach or Rodeo Drive in Beverley Hills, or simply shopping at your local Costco or online. Whether you are spending based on emotions, accessibility, or because of constant marketing,
Solopreneurs: The freedom of running your own business comes with financial uncertainty. Solopreneurs often worry about inconsistent income, health insurance costs, and retirement savings. The California dream of being your own boss can quickly turn into a financial nightmare.
What Causes Financial Anxiety?
Many factors can contribute to financial anxiety, including:
Job insecurity or debt
The fear of losing your job or the burden of overwhelming debt can be a major source of anxiety.
High cost of living
In California, especially, housing costs, healthcare, and daily expenses can feel out of reach, leading to financial insecurity.
Unrealistic financial goals
Feeling pressured to keep up with the Joneses or striving for unrealistic financial targets can set you up for disappointment and anxiety.
What are the Effects of Financial Anxiety?
Financial anxiety is more than just a buzzkill. It can wreak havoc on your:
Physical health
Chronic stress from money worries can trigger headaches, sleep problems, and even high blood pressure.
Mental health
Financial anxiety can contribute to depression, anxiety disorders, and unhealthy coping mechanisms.
Relationships
Money fights are a top cause of tension between couples. Financial stress can strain even the strongest bonds.
How do you Deal with Financial Anxiety in California?
You don't have to weather this financial storm alone. Here are some ways to deal with financial anxiety:
Educate yourself
Gaining a better understanding of your finances can empower you. Create a budget, track your spending, and learn about personal finance basics.
Set realistic goals
Break down your financial aspirations into achievable milestones. Focus on progress, not perfection.
Seek support
Talk to a trusted friend, family member, or financial therapist. Sharing your worries can ease the burden and open doors to solutions.
Financial Anxiety Therapy in California: A Path to Peace of Mind
Financial anxiety therapy can be a powerful tool for managing your worries and building a brighter financial future. Here's how it works, based on the principles of Acceptance and Commitment Therapy (ACT):
Acceptance
ACT acknowledges that financial anxiety is a normal human experience. Trying to fight your worries head-on often backfires. Therapy can help you accept your anxieties without judgment, allowing you to observe them without getting swept away by them.
Defusion
Financial worries can feel overwhelming, but ACT helps you detach from negative thoughts and unhelpful money scripts. Imagine your anxieties as passing clouds, not permanent fixtures in your sky. By defusing these thoughts, you can start to see them more clearly and objectively.
Values
What truly matters to you in life? Therapy can help you identify your core values and align your financial decisions with them. Is that fancy new car really worth sacrificing your dream vacation or your financial security in the long run? When your finances are aligned with your values, you'll feel more empowered and in control.
Committed Action
Financial therapy equips you with practical tools to manage your finances. You'll learn how to:
Create a budget that reflects your California lifestyle
Set realistic goals that consider the high cost of living
Develop healthy spending habits that don't leave you feeling deprived
Explore debt management options
Create a plan for saving for retirement, even on a solopreneur's income
Are you ready to take charge of your finances in California with Koru Financial Therapy?
Don't let financial anxiety hold you back any longer. Financial therapy with Koru Financial Therapy in California can empower you to break free from worry, build a secure financial future, and achieve your long-term goals. Take control of your finances today and invest in your peace of mind.
Discover many resources the Koru Financial Therapy BLOG provides including information, support, and tips on how to build a healthy relationship with money with a financial therapist in California.
Consider the different options for service including financial couples counseling, group therapy, and ecotherapy.
Financial Therapy topics can include a range of topics such as ADHD and Money, Financial Caregiving, and Financial Enmeshment. Start your journey today!
To access a certified financial therapist with Koru Financial Therapy, follow the steps below:
About the Author
Mariah is a Certified Financial Therapist™ (CFT) and licensed clinical social worker based in Sacramento, California. As the founder of Koru Financial Therapy, she integrates over 20 years of experience in mental health, business, and financial well-being to help individuals and couples build healthier relationships with money. Mariah holds an MSW from UC Berkeley and an MBA from the University of Waikato in New Zealand. Her compassionate approach is informed by her personal journey of overcoming financial anxiety, guiding clients toward financial freedom and peace of mind.
