How to Overcome Your Barriers to Financial Well-being

financial barriers financial well-being Nov 03, 2020

        In my previous posts on Financial Wellbeing, I have defined what it is, discussed the practical and emotional side of finances, and explained the three stages of financial wellbeing. By now (assuming you’ve been following along) you should have a clearer idea about your relationship with money and which state you fall in on your journey to your financial wellbeing. The question is, now what? What can you do to get where you want to be?

         First, it is important to understand, whether you are in a dysfunctional, functional, or flourishing state, you have barriers that need to be overcome in order to reach the next level or state of financial wellbeing. Many people might believe more money would be the answer or having a  bigger paycheck, or mastering budgeting is all that is needed. Surely if you do these things, and understand how money works, you can “fix” your financial situation, right? Actually, no. You also have to understand your emotional issues with money, which is really at the heart of your financial wellbeing. It’s not enough to know how to budget and save. So today, let’s talk about how to overcome those barriers you have in front of you—from receiving external support to internal work on your emotions—and where you can find help.

External Support for Overcoming your Financial Barriers

         When taking stock of your financial situation, you want to think about what you can do to move up to the next level and closer to your personal goals. There can be simple steps, like finding out where you may be ‘wasting’ money. You’ve heard it before, do an audit of what you spend your money on and eliminate the services you pay for but rarely use. This is a great start. You may find, however, that as you begin to make strides or attempt new things, you need external support on your journey. There are accountants, bankers, investment companies, counselors, and financial therapists, who are ready to help you reach your next goal. By researching you can discover what they have to offer and then decide who you want or need to work with to move you forward.

Let’s Talk About Internal Financial Barriers

          Understanding the emotions you have around your money is key to attaining your financial well-being. While these are internal, feelings and emotions are barriers you need to address. There are professionals, such as financial therapists and mental health counselors, who can assist you in that process. It is important to develop a conscious relationship with your money and understand what money can do for you. Heal the painful parts of your life, whether from your childhood or as an adult. Have financial empathy for yourself and others. Examine who you are, why you’re here, and what you are supposed to do with your life so you can live life on your terms. Without understanding and dealing with these emotions, overcoming those barriers and finding true financial well-being will escape you. It may be necessary to seek the help of a financial therapist, such as myself, but the rewards for doing the work are worth your effort.

Overcoming Your Barriers Leads to Financial Wellbeing

          To be able to define and discover financial well-being, you have to address these barriers. Begin by learning to understand your money, and how it works. There are professionals who will assist you in understanding and addressing the issues you face. With external support, you can expand your knowledge and make your plan to move forward. Add to that, facing your emotions and finding the external support you need to help with the internal journey of healing, building relationships, and developing financial empathy towards yourself and others. By addressing your internal pieces around finances, you are completing the process. Take things step by step, adjust the plan as needed, and you’ll be on the path to the flourishing financial wellbeing you desire.

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