Nurturing Your Practice: The Importance of Financial Self-Care for Therapists
As therapists, we are not math people. But that doesn’t mean that we can’t get our financial shit together.
In the realm of mental health, the focus is often on caring for others. As therapists, we dedicate our time and energy to supporting our clients through their challenges and helping them navigate life's complexities. However, amidst the noble pursuit of aiding others, it's easy to overlook a crucial aspect of well-being: our own financial health.
Just as we advocate for self-care practices to maintain emotional and physical wellness, it's imperative for therapists to prioritize financial self-care. After all, a stable financial foundation not only safeguards our own prosperity but also fortifies our ability to serve our clients effectively.
Key Strategies to Cultivate Financial Wellness for Therapists:
1. Establish Clear Financial Goals:
Begin by defining your financial objectives, both short-term and long-term. These goals might include saving for retirement, paying off student loans, or investing in further professional development. By articulating your aspirations, you can tailor your financial decisions to align with these objectives. Share these goals with your supportive community members for better accountability!
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2. Create and Stick to a REALISTIC Budget:
Developing a comprehensive budget is fundamental to financial self-care. Take stock of your income and expenses, including both personal and professional costs. Identify areas where you can adjust your spending to align with your values. Regularly revisit and adjust your budget as needed to ensure it remains aligned with your priorities and your current season of life. Most therapists are not ‘numbers people’, so this may be a good thing to outsource.
3. Diversify Your Income Streams:
After you have a full caseload, consider diversifying your revenue streams by offering additional services, such as workshops, group therapy sessions, or online courses. Exploring alternative income sources can provide a more robust financial cushion and reduce reliance on client fees. Pro tip: You can also negotiate reimbursement rates with EAPs and insurance companies, if you accept insurance. If you work for an agency or group practice, ask for a raise (with evidence about how wonderful you are).
4. Prepare for Emergencies:
Protecting yourself and your practice against unforeseen circumstances is an integral component of financial self-care, especially if you are a small business owner. Ensure you have appropriate liability insurance coverage to safeguard against potential legal claims or lawsuits. Additionally, consider investing in disability insurance to provide financial support in the event you're unable to work due to injury or illness. I would also suggest researching more into preparing an emergency fund for both your personal and business accounts.
5. Consult with Experts:
I recommend the following female personal finance experts because they avoid shame and tackle the effects of systemic issues on individual finances.
Money with Katie Podcast: https://moneywithkatie.com/
Tori Dunlap’s Financial Feminist Book: https://bookshop.org/p/books/financial-feminist-overcome-the-patriarchy-s-bullsh-t-to-master-your-money-and-build-a-life-you-love-tori-dunlap/18588721?ean=9780063260269
Tori Dunlap’s Her first 100K: https://herfirst100k.com/
LIMB with Tiffany: https://leaninmakebank.com/
6. Cultivate a Healthy Relationship with Money:
Finally, cultivate a mindset of abundance and empowerment when it comes to money. Recognize that financial well-being is not solely determined by the amount of money you earn, but rather by how effectively you manage and utilize your resources. Practice gratitude for the financial abundance you currently possess. Challenge limiting beliefs like “it is impolite to talk about sex, money, religion, and politics” These limiting beliefs are keeping therapists from living in abundance.
TLDR:
Financial self-care is an indispensable aspect of maintaining a thriving therapy practice. By prioritizing financial well-being, therapists can bolster their resilience, minimize stress, and create a solid foundation for both personal and professional fulfillment. Just as we advocate for the well-being of our clients, let us also extend that same compassion and care to ourselves. After all, nurturing our own financial health enables us to continue nurturing the well-being of those we serve.
Interested in completing other self-care inventories? Check out my posts on: