Is It Time For Financial Therapy?

Is money causing a rift in your relationship? It might be time for some financial therapy. But what is it exactly?

It's a new and growing area that takes a different approach to financial health by focusing on the psychology of individual spending habits. 

Ed Coambs, author and internationally recognized leader in financial therapy, sits down with hosts Matt and Joel of the How to Money podcast where he breaks down how he helps guide couples towards financial intimacy.  

“A lot of people really struggle in the area of adequately articulating their financial hopes, dreams and values,” said Coambs. “That is an area to really dig into and explore as a couple. For example, I am a really big dreamer while my wife is more practical.” 

Coambs has seen many of his clients struggle with their fears, anxieties, or even shame around money. In order for individuals to better understand their personal relationship with money, he encourages them to review their earliest memories of money and work forward. This helps identify where some of their feelings towards saving and spending come from.

“How soon should a couple actually have this conversation?” asked Matt. 

“As soon as you have your first kiss it's time to have the money conversation,” replied Coambs. “You want to get financially naked with this person. No, it may not be on the first date or in the first month, but over time if the relationship is maturing you do want to have those conversations.” 

This isn’t a one-time conversation, sometimes it may be casual, but over time as the relationship progresses it is important to get comfortable talking about spending habits. As Joel points out, eventually couples in serious relationships are going to find themselves financially intertwined.  

Want to hear more? Listen to the full podcast conversation on the iHeart Radio app, or wherever you get your podcasts. Follow Matt and Joel on Instagram to stay up to date with the How to Money podcast as well as their craft beer suggestions.

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