Latest news with #financialtherapy
Fast Company
22-07-2025
- Business
- Fast Company
Why male corporate leaders and billionaires need financial therapy
Corporate leaders and billionaires are often viewed as visionaries and wealth creators. But beneath the surface, many are trapped in an invisible financial crisis—one rooted not in market volatility or poor investments but in their psychological relationship with money. As a finance professor and editor of the forthcoming book Financial Therapy for Men, I study this often overlooked aspect of financial psychology. Money is far more than numbers on a balance sheet—it carries emotional, psychological and social meaning. People's relationships with money are shaped by childhood experiences, cultural beliefs, and personal triumphs and failures. This emotional baggage can influence not only their sense of safety and self-worth but also how they manage power and status. The field of financial therapy emerged in the mid-2000s to address these dynamics. Drawing from behavioral economics, financial psychology, family systems theory, and clinical therapy, it aims to help people understand how their thoughts, feelings, and experiences shape financial behavior. Foundational academic work began at Kansas State University, home to one of the first graduate-level programs in the field. Since then, financial therapy has gained traction in the U.S. and globally: It's supported by a peer-reviewed journal and is increasingly integrated into professional practice by financial advisers and licensed therapists. Studies have shown that financial therapy can improve relationships and reduce emotional distress. Yet much of the field focuses on people who are emotionally open and reflective—neglecting executives, who are often socialized to view themselves as purely rational decision-makers. I think this is a mistake. Research shows that people often project their unconscious anxieties onto markets, experiencing them as mirrors of competence, failure, or control. This means that public valuations and capital flows may carry deeply symbolic weight for corporate leaders. My research suggests that people at the highest levels of wealth and power have deeply complex emotional relationships with money—but the field of financial therapy has largely overlooked them. This isn't an accident. It reflects a broader assumption that wealth insulates people from psychological distress. In reality, emotional entanglements can intensify with greater wealth and power—and research suggests that men, in particular, face distinct challenges. True inclusion in financial therapy means recognizing and responding to these needs. When distress becomes a leadership crisis In a 2023 study— When and why do men negotiate assertively? —Jens Mazei, whose research focuses on negotiations and conflict management, and his colleagues found that men become more aggressive in negotiations when they think their masculinity is being threatened. This was especially true in contexts viewed as 'masculine,' such as salary negotiations. In 'non-masculine' contexts, such as negotiations over flexible work and child care benefits, participants weren't significantly more aggressive when their masculinity was challenged. On male-coded topics, many men in the study reinforced gender norms by rejecting compromise, using hardball tactics or even inflating financial demands to reassert their masculinity. These behaviors reflect an unconscious need to restore a sense of masculine identity, the researchers suggest. If this reaction occurs in salary negotiations, how might it manifest when the stakes are exponentially higher? Emerging research in organizational psychology shows that financial stress is linked to abusive supervision, particularly among men who feel a loss of control. Further, traits such as CEO masculinity have been linked with increased risk-taking, while female CEOs tend to reduce risk. Together, these findings point to a dangerous intersection of psychological stress, masculinity and executive decision-making. M&A as a masculinity battleground Financial distress doesn't always look like bankruptcy or bad credit. Among powerful men, it can manifest as overconfidence, rigidity, or aggression—and it can sometimes lead to very uneconomical outcomes. Consider the research on M&A. Most mergers and acquisitions are value killers —in other words, they destroy more economic value than they create—and the field of M&A is deeply male. These two facts suggest that some mergers are driven more by threatened masculinity than by strategic logic. If men become more aggressive in negotiations when their masculinity is threatened, then CEOs and corporate leaders, who are overwhelmingly male, may react similarly when their companies, and by extension their leadership, are challenged. Target companies rarely take a passive approach to acquisition attempts. Instead, they deploy defensive measures such as poison pills, golden parachutes, staggered boards, and scorched-earth tactics. In addition to serving financial goals, these may also act as symbolic defenses of masculine authority. Mergers and acquisitions, by their nature, create a contest of power between dominant figures. The very language of M&A—for example, ' raiders,' 'hostile takeovers,' 'defenses,' and ' white knights '—is combative. This reinforces an environment where corporate leaders may view acquisition attempts as challenges to their authority rather than as just financial transactions. A growing body of behavioral-strategy research confirms that boardroom decisions are often shaped by emotional undercurrents rather than purely rational analysis. While this research stops short of naming it, the dynamics it describes align closely with what Mazei and colleagues call 'masculinity threat.' This has direct implications for corporate M&A. The overwhelming majority of top CEOs are men, and the language of M&A often evokes siege, power struggles and conquest. In such a symbolic arena, acquisition attempts can trigger deep, emotionally charged responses, as the identity stakes are high. What appear to be strategic financial decisions may actually be reflexive defenses of masculine authority. On a related note, researchers in behavioral finance have long studied the ' endowment effect,' or the tendency for people to value assets more simply because they own them. While the endowment effect has been studied primarily among retail investors making ordinary financial decisions, it could be particularly important for corporate executives and billionaires, who have more to lose. When combined with threatened masculinity, the endowment effect can produce combustible reactions to declining valuations, missed earnings or takeover bids—even for individuals who remain vastly wealthy after marginal losses. While the research at this intersection is still emerging, the underlying behavioral patterns are well-established. What does financial therapy for the ultrarich look like? Financial therapy for high-net-worth individuals rarely looks like sitting on a couch discussing childhood trauma. Instead, it takes an interdisciplinary approach involving financial advisers, therapists, and sometimes executive coaches. Sessions tend to focus on legacy planning, control issues, guilt over wealth, or strained family relationships. Many high-net-worth men display behaviors that don't look like stereotypical 'financial distress.' These can include compulsive deal-making, emotionally driven investment decisions, workaholism, and difficulty trusting advisers. In some cases, unresolved financial trauma shows up as chronic dissatisfaction and the sense that no achievement, acquisition, or net worth is ever 'enough.' While financial therapy is intended to help individuals, I think it could actually be a tool for global economic stability. After all, when masculinity is threatened in corporate decision-making, the consequences can extend far beyond the boardroom. These actions can destabilize industries, fuel economic downturns, and disrupt entire labor markets. Unchecked financial anxiety among corporate elites and billionaires isn't just their own problem—it can cascade and become everyone's problem. From this perspective, financial therapy isn't just a personal good. It's a structural necessity that can prevent unchecked financial distress from driving destructive corporate decisions and broader economic disruptions. If financial therapy helps people navigate financial distress and make healthier money decisions, then no group needs it more than male corporate leaders and billionaires.
Al Arabiya
23-06-2025
- Business
- Al Arabiya
If You've Lost Your Job, Here's How You Can Take Care of Yourself and Your Finances
Recent layoffs from technology, media companies, and government agencies might have you thinking about job security. Losing your job is a difficult thing to process, and you might feel the impact in several parts of your life. But there are things you can do to alleviate some of the stress and anxiety. If you've been laid off, experts recommend that you first take a moment to process and then move on with a plan for your job search. 'A layoff can feel so personal, but it's not a reflection of your value or what you contributed. Especially in the US, the work we do is so tied to our identity,' said Lindsay Bryan-Podvin, a financial therapist. Here are some expert recommendations to help you take care of your finances and your mental health if you've lost your job: Take a break to process. Losing your job can cause a lot of stress and financial anxiety, so it's important that you take time to emotionally process. 'Acknowledge and normalize that they're going to feel a range of emotions, whether it's anger or sadness,' Bryan-Podvin said. Whether you are feeling sadness, shock, anger, or even relief, taking a moment to feel those emotions can help you move forward. Review your current financial situation. To make plans for the future, it's essential that you review your current financial situation, said career coach Marlo Lyons. If you have a budget, take a closer look and review whether you have expenses that you can temporarily cut to save money. Lyons recommends that you know how long your severance package will last if you're receiving one. Applying for unemployment benefits as soon as possible can help alleviate some of the financial stress of a layoff. 'While the amount you get for unemployment might not be as much as your salary, it can help you to stay afloat for some time,' Lyons said. The Labor Department has tips on applying for unemployment. Remember that you are not your job. Getting laid off from a job can affect your self-esteem, so Bryan-Podvin recommends that you create a list of good qualities about yourself that add to your overall value as a person. Bryan-Podvin calls this a non-financial asset list. 'If I were doing a non-financial asset list on myself, I might say 'I'm a pretty good partner and a fun aunt,'' she said. When working with her clients, Bryan-Podvin recommends that they create this list to remind them that their self-worth is part of their net worth. Adjust spending. If you lose your job, you'll need to be more strategic about your spending, said Jesse Mecham, founder of the money management app YNAB. 'In a layoff, it becomes even more imperative that you treat every dollar with more attention than you have in the past,' Mecham said. Part of YNAB's budgeting strategy is giving each dollar a job, whether it is to pay rent, buy groceries, or add to your savings account. When adjusting your spending, Bryan-Podvin also recommends that you approach this with some compassion. Since cutting back can bleed into not doing activities that make you happy, she recommends reminding yourself that this is a temporary pause rather than a permanent change in your lifestyle. Avoid overusing your credit card. While utilizing your credit card to pay for some expenses is almost inevitable, it's best to not completely lean on credit while you're searching for a new job. 'If getting a new job takes them a little longer than they thought, that credit card has just become an anchor for them,' Mecham said. Even though unemployment is temporary, Mecham recommends cutting expenses rather than keeping them at the same level and leaning on credit. Find community resources. Look for community resources, whether that means finding a food bank near you or applying for a temporary hardship program. 'Lots of communities offer temporary hardship programs when it comes to necessary bills such as electricity or water,' Bryan-Podvin said. offers a benefit finder where you can find available programs and how to apply. Approach your job search with a plan. As you are applying to new jobs, Lyons recommends that you take some time to assess if your professional goals are still the same. If you're continuing in the same field, Lyons recommends that you make your résumé forward-looking, which means showing your future employer what you can do, not just what you have done. 'You want to show the employer what you can do, what unique value you can bring to that particular job that no other candidate can bring because of your previous experience,' Lyons said. Lyons also recommends that you activate your network by reaching out to past colleagues on LinkedIn or attending industry networking events. Online certifications are another great way to make yourself a better candidate, she added. Create and maintain a routine. Having a routine can help you take care of your mental health and keep a cadence of applying to jobs. Plan your days so they include eating at your usual time, exercising, and applying for jobs for a specific amount of time. 'When we are laid off, unemployment can feel really aimless, especially if it came at us kind of out of nowhere,' Bryan-Podvin said. It's also important to avoid isolating yourself and lean on your support system for emotional support, she added.
Fast Company
23-06-2025
- Business
- Fast Company
8 ways to take care of yourself and your finances if you're experiencing a layoff
Recent layoffs from technology and media companies and government agencies might have you thinking about job security. Losing your job is a difficult thing to process and you might feel the impact in several parts of your life. But there are things you can do to alleviate some of the stress and anxiety. If you've been laid off, experts recommend that you first take a moment to process and then move on with a plan for your job search. 'A layoff can feel so personal but it's not a reflection of your value or what you contributed. Especially in the U.S., the work we do is so tied to our identity,' said Lindsay Bryan-Podvin, a financial therapist. Here are some expert recommendations to help you take care of your finances and your mental health if you've lost your job: Take a break to process Losing your job can cause a lot of stress and financial anxiety, so it's important that you take time to emotionally process. 'Acknowledge and normalize that they're going to feel a range of emotions, whether it's anger or sadness,' Bryan-Podvin said. Whether you are feeling sadness, shock, anger or even relief, taking a moment to feel those emotions can help you move forward. Review your current financial situation To make plans for the future, it's essential that you review your current financial situation, said career coach Marlo Lyons. If you have a budget, take a closer look and review whether you have expenses that you can temporarily cut to save money. Lyons recommends that you know how long your severance package will last if you're receiving one. Applying for unemployment benefits as soon as possible can help alleviate some of the financial stress of a layoff. While the amount you get for unemployment might not be as much as your salary, it can help you to stay afloat for some time, Lyons said. The Labor Department has tips on applying for unemployment. Remember that you are not your job Getting laid off from a job can affect your self-esteem, so Bryan-Podvin recommends that you create a list of good qualities about yourself that add to your overall value as a person. Bryan-Podvin calls this a 'non-financial asset list.' 'If I were doing a non-financial asset list on myself I might say I'm a pretty good partner and a fun aunt,' she said. When working with her clients, Bryan-Podvin recommends that they create this list to remind them that their self-worth is part of their net worth. Adjust spending If you lose your job, you'll need to be more strategic about your spending, said Jesse Mecham, founder of the money management app YNAB. 'In a layoff, it becomes even more imperative that you treat every dollar with more attention than you have in the past,' Mecham said. Part of YNAB's budgeting strategy is giving each dollar a job, whether it is to pay rent, buy groceries or add to your savings account. When adjusting your spending, Bryan-Podvin also recommends that you approach this with some compassion. Since cutting back can bleed into not doing activities that make you happy, she recommends reminding yourself that this is a temporary pause rather than a permanent change in your lifestyle. Avoid overusing your credit card While utilizing your credit card to pay for some expenses is almost inevitable, it's best to not completely lean on credit while you're searching for a new job. 'If getting a new job takes them a little longer than they thought, that credit card has just become an anchor for them,' Mecham said. Even though unemployment is temporary, Mecham recommends cutting expenses rather than keeping them at the same level and leaning on credit. Find community resources Look for community resources, whether that means finding a food bank near you or applying for a temporary hardship program. 'Lots of communities offer temporary hardship programs when it comes to necessary bills, such as electricity or water,' Bryan-Podvin said. offers a benefit finder where you can find available programs and how to apply. Approach your job search with a plan As you are applying to new jobs, Lyons recommends that you take some time to assess if your professional goals are still the same. If you're continuing in the same field, Lyons recommends that you make your resume 'forward-looking,' which means showing your future employer what you can do, not just what you have done. 'You want to show the employer what you can do, what unique value you can bring to that particular job that no other candidate can bring because of your previous experience,' Lyons said. Lyons also recommends that you activate your network by reaching out to past colleagues on LinkedIn or attending industry networking events. Online certifications are another great way to make yourself a better candidate, she added. Create and maintain a routine Having a routine can help you take care of your mental health and keep a cadence of applying to jobs. Plan your days so they include eating at your usual time, exercising and applying for jobs for a specific amount of time. 'When we are laid off, unemployment can feel really aimless, especially if it came at us kind of out of nowhere,' Bryan-Podvin said. It's also important to avoid isolating yourself and lean on your support system for emotional support, she added. The Associated Press receives support from Charles Schwab Foundation for educational and explanatory reporting to improve financial literacy. The independent foundation is separate from Charles Schwab and Co. Inc. The AP is solely responsible for its journalism.
Yahoo
18-05-2025
- Business
- Yahoo
Making money decisions comes easier when you understand your emotions, author says
Money and emotions are a messy tangle for many people. That's why for Mary Clements Evans, a certified financial planner, financial therapy is the linchpin of the work she does with her clients. In her new book, 'Emotionally Invested: Outsmart Your Anxiety for Fearless Retirement Planning,' Evans dissects the fear, anxiety, and guilt that money decisions can stir up and offers advice on how to calm down and find financial happiness now and in retirement. I sat down with Evans to learn more about what folks can do to take control of their money lives and make choices they won't regret. Here are edited excerpts of our conversation. Kerry Hannon: Why is it so important to understand our 'money why"? Mary Clements Evans: Our money why is what drives our decisions — the underlying reasons behind our financial actions.. It's how you feel about money. It's your relationship with money. I liken it to my relationship with brownies. I know how many calories are in a brownie. Guess what? I am going to eat brownies because it makes me feel good even if there are lots of calories. The same thing happens with money. The smartest, most well-educated people make poor financial decisions because their money why is not in a good spot. By subscribing, you are agreeing to Yahoo's Terms and Privacy Policy There are two primary money whys: FOMO (fear of missing out) and FORO (fear of running out). Can you dig into what is FOMO versus FORO in terms of our money decisions? People who have FOMO are hyper-focused on today. These are the people who want to buy the car, take the vacation, redo the bathroom. FORO ones are hyper-focused on the future. They're always afraid they're not going to have enough money to retire. They're not going to have enough money if something bad happens. They're all about safety and security. There are shades of those in many people, of course. Let's talk about the title of the book. What do you mean by emotionally invested? We all like to think that we make rational decisions. We don't. We make emotional decisions, then we back them up with a series of facts that make us feel like we made a factual decision. If we acted completely on facts, nobody would have borrowed money that they shouldn't have. Nobody would be hoarding money that they could spend. How has saving for retirement profoundly changed for Americans? For a long time, many people had pensions. Corporations had them because they wanted to attract employees. But after the Employee Retirement Income Security Act, or ERISA, became law in 1974 that slowly changed. Retirement saving was turned over to the individual worker. The worst thing that happened is we told everybody, 'This is so easy, you can do it yourself,' which is crazy. Learn more: A step-by-step guide to retirement planning You're busy doing your job, raising kids, maybe taking care of parents. And in your spare time, you're supposed to have complete knowledge about the most complex system there is on earth. I've been in finance my whole life, and a week doesn't go by that something doesn't cross my desk and I say, 'What the heck is this?' You use the term 'saving for survival.' Can you discuss? Plenty of people don't realize the importance of saving for retirement. They think of retirement as something very far into the future. This isn't saving to have a wonderful retirement, take vacations, buy the beach home, and do all these other things. You have to save to survive — to have enough money for food, shelter, and clothing. In today's extended lifespan, you could be in retirement 20 or 30 years. Think about that. Even if you started when you were in your twenties, you're going to spend 40 years saving to live a life, with inflation, for 20 or 30 suggest an exercise where folks finish this sentence: Money is... Explain that for Yahoo Finance readers. People say: Money is the root of all evil. Money is fun. Money is scary. Money is confusing. Money is problematic. My favorite: Money is not my friend. Of course, the real definition is that money is the means of exchange for goods and services. That's what it is. But every answer I get is full of emotions. You spend a fair amount of time in your book telling people how to find a financial adviser. What is the most important thing people need to know? The most important thing that people need to realize is that in our industry, there are no standards. The two most-searched terms for financial help are 'financial adviser' and 'financial planner.' Yet there's really no set of qualifications for you to call yourself that. You can have somebody with a high school diploma and a weekend course, and they can call themselves a financial adviser. But then you have somebody who has a master's in finance, certifications, and years of experience, and they have the same title. Learn more: What is a financial adviser, and what do they do? There are several good certifications out there. I'm a big fan of the CFP, which is a Certified Financial Planner designation. It takes about two years to attain, and it's hard. It's like getting a master's in finance. It's a tough test, and it requires tons of ongoing education. Finally, Mary, what is the biggest takeaway from the book? I'm trying to remove the shame and blame around finance. Shame doesn't work. People should not feel bad about themselves. So often when I meet new clients, regardless of their education or their income, in the first five minutes they start apologizing to me, saying they should have done this or that. Removing that shame and blame is a good thing. And it's never too late to be empowered, become smarter savers and investors so you can ultimately enjoy a more secure and worry-free retirement. My job is for individuals and couples who feel frustrated and overwhelmed by money and have a hard time talking about it to figure out how their money whys subconsciously affect financial decisions, and, most importantly, how they can identify theirs (and their partner's). That is what can change your financial world. Kerry Hannon is a Senior Columnist at Yahoo Finance. She is a career and retirement strategist and the author of 14 books, including the forthcoming "Retirement Bites: A Gen X Guide to Securing Your Financial Future," "In Control at 50+: How to Succeed in the New World of Work" and "Never Too Old to Get Rich." Follow her on Bluesky. Sign up for the Mind Your Money newsletter 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
Yahoo
11-05-2025
- Business
- Yahoo
Behavioral Finance 101: 7 ways your brain can sabotage your finances
Have you ever avoided checking your bank account balance because you're afraid of what you'll see? Or splurged on an impulse purchase against your better judgment? You're not alone. Our emotions can take over and lead us to make questionable money decisions. Understanding why this happens — and how to prevent it — begins with understanding behavioral finance. This embedded content is not available in your region. Behavioral finance is a field of study that explores how psychological factors influence financial decisions. 'It explains why people often make financial decisions that defy logic — like overspending, avoiding bills, or staying in debt cycles — not because they're irresponsible, but because emotions like fear, shame, and stress are driving the behavior,' said Nathan Astle, a certified financial therapist. 'It's about understanding the 'why' behind our choices, not just the numbers.' People tend to have certain cognitive biases, which can negatively impact their financial decisions. Common biases include: This is the psychological tendency for individuals to strongly prefer avoiding losses over achieving equivalent wins. For example, losing $100 typically feels more emotionally painful than the pleasure felt from gaining $100. 'Our decisions and actions with money tend to be driven by the fear of losing it rather than taking the risks needed to grow it,' said Dr. Dan Pallesen, a certified financial therapist. That often causes people to make overly conservative, or even irrational, decisions with their money. For instance, you might hold on to a stock that's losing value longer than you should to avoid realizing a loss, even though you'd be better off selling it and reinvesting the money in a stock that's performing well. Overconfidence bias is the belief that you know more about a particular subject than you really do. This can lead to making uninformed financial choices, such as taking on too much investment risk without proper research or ignoring a financial advisor's recommendations. In other words, overconfidence bias can lead to expensive mistakes because your decisions are based more on self-assurance than objective analysis or hard evidence. This is a cognitive bias that causes you to rely too heavily on the first piece of information you receive, and it serves as the 'anchor' for all future decisions. There are several ways anchoring bias can play out regarding your finances. For example, let's say you want to purchase a home, and you see a listing for a house with a recent price reduction. You might feel compelled to put an offer in on this particular home because you're getting a good discount and saving money. However, further research may uncover that the property is still overpriced for the market or requires costly repairs that would cancel out any perceived savings. As an investor, anchoring bias can occur when you focus on a stock's initial purchase price or recent highs, influencing you to hold a losing investment in hopes that it will rebound. It's human nature to do something simply because everyone else is, like buying the latest iPhone when your current phone works just fine, or waiting in line for hours to try a new restaurant because it's gone viral on social media. This is known as herd mentality. But when it comes to your finances, hopping on the bandwagon can cost you. For example, during a stock market rally, people may rush to invest out of fear of missing out, and during a downturn, they might panic-sell just because others are — regardless of whether it makes sense for their investment portfolio or risk tolerance. Familiarity bias happens when people prefer things they recognize or understand easily versus situations that are new or complex. That's not always a bad thing, but when it comes to finances, familiarity bias can lead people to ignore better options in favor of what feels comfortable. For example, you might stick with a traditional savings account from the national bank where you opened your first account 20 years ago, even though you could earn 10 times more interest on your savings by switching to an online bank. This refers to the habit of treating money differently depending on where it came from. For example, you might receive your biweekly paycheck and immediately divide it into various budgeting categories to avoid overspending. But when you get your end-of-year bonus or tax refund, you're more likely to spend that money freely without factoring it into your budget — even though it's still income you worked for. The gambler's fallacy is the belief that past events influence the probability of future outcomes in random situations. It's based on the concept of a gambler who's had several consecutive losses and believes they're "due" for a win — so they increase their bet, even though the odds haven't actually improved. For investors, this can mean holding onto a stock because a series of losses means it is likely to rebound soon, or selling a stock because it's been up too long and is likely to plunge soon. Ultimately, this is due to the nature of human emotions and a deeply rooted way of processing them to protect ourselves. 'Our minds are not wired for what we would consider good money decisions today. Our minds are wired for survival,' Dr. Pallesen explained. 'Our ancestors survived with minds that helped them avoid danger and binge the resources available to them in the moment. It is no different today with money.' Allowing emotions to take the driver's seat when managing money is a dangerous game. It can impact your spending, saving, debt management, investment decisions, and more — ultimately keeping you from reaching your financial goals. But if emotions get in the way of sound financial decisions, it's not entirely your fault. 'We're not rational creatures when it comes to money; we're emotional,' Astle said. 'Many people carry 'money stories' shaped by early experiences, cultural expectations, and even generational trauma.' For example, Astle said, if you grew up watching your parents argue about money, you may subconsciously avoid budgeting as an adult. However, you can take steps to change these behaviors. 'Real financial change starts when we recognize those patterns and create space for new, healthier behaviors,' Astle noted. We asked experts for their best tips on overcoming emotions and behavioral biases to make smarter financial decisions. Here's what they said. If you're saving for a specific goal, such as your child's college tuition or a family vacation, name your savings account to reflect it. That way, whenever you log into your bank account, you get an extra boost of motivation to continue saving for that goal. Pallesen said visual cues are also a good way to inspire you to save and remind you of what's important. For instance, look at pictures of your kids before discussing household finances with your partner. Tape a picture of your favorite hobby to your computer monitor as a reminder of what you're looking forward to in retirement. Create a vision board with a friend to see and reinforce the things and values you're striving for in your life. It's common to focus on losses, but try tracking your wins as well. 'A lot of people will monitor their account balances, but they are often reviewing things that are out of their control, like stock market movement,' Pallesen said. 'Instead, track your savings rate and compare it against your past.' For example, he said, if you're currently saving 10% of your income this year, see if you bump that to 15% by the same time next year. Then track your progress in a spreadsheet or journal. 'Tracking and seeing progress is a great way to build momentum of healthy financial habits,' Pallesen added. If you're debating an impulse buy, take a beat and put the purchase on pause for 24 hours. This gives you time to consider why you feel you need it and whether you can truly afford it. After some time, you may decide that the purchase isn't worth it, helping you avoid making an impulsive decision you'll regret later. Don't be afraid to seek help from a trusted friend or financial therapist to help you navigate complicated feelings related to your finances. They may be able to help you see things from a different perspective and offer solutions to help you overcome these hurdles. It's common to fear the unknown, but avoiding your bank account balances and budget will not help you feel secure in your money management. 'Make time for a short, guilt-free check-in with your finances,' Astle said. 'Light a candle, grab a snack — remove the dread and replace it with consistency and care.' Read more: 5 psychological money hacks to cut spending and increase savings
