Watching Your Wallet: The benefits of financial therapy

FRESNO, Calif. (KFSN) — Tackling debt starts with getting to the root of the problem, and sometimes, that’s emotional.

Whether you’re the frugal/thrifty type, the impulse-driven spender or somewhere in between, financial therapy can help you achieve your goals.

“I would say 80 to 90 percent of people I talk to have some kind of debt challenge that they’re facing,” says The Academy of Financial Education CEO, Samuel Molina. “It’s very common for people to not understand credit to have low credit scores.”

Molina says understanding debt is crucial to avoiding its pitfalls. Simple steps include improving communication about money.

The Academy of Financial Education launched financial therapy to resolve emotional roadblocks and anxiety that can sabotage financial goals.

Sessions help build healthy spending and saving habits by honing in on your money mindset.

“Ideally, they’re open to the conversation,” Molina said. “That’s what we’re hoping for in that first session, but it may take five sessions to get things going.”

Whether it’s identifying financial trauma or planning for the future, Molina says the benefits go beyond each individual or family taking part in their financial counseling services.

“This makes them more financially resilient and less reliant on government programs,” Molina said. “It makes them buy bigger products, like a house or a vehicle on their own, which of course generates more tax revenue for our community.”

The Academy of Financial Education also offers DIY Credit Repair, business planning and financial classes.

Click here to sign up or explore their resources.

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