Managing Financial Insecurity with Guest Thomas Faupl, LMFT, SEP

Money has various meanings for people. For many, it can mean security, and, right now, that desire for financial security is being threatened for millions of people and it’s causing a lot of fear, worry, and anxiety.

We all need to work internally with our fear and stress response so that we can stay flexible and make the best decisions possible in this fast-changing and unpredictable climate. We are all being affected (with some in more painful ways than others, so personal game plans will differ).

My guest, Thomas Faupl, LMFT, SEP has joined me, once again, to discuss ways in which people can take action to manage their anxiety around financial insecurity during this challenging time.

People do not make good financial decisions (in general) when they're in a stress response. 

 

Before you begin to make big decisions regarding your finances, he suggests that we take steps to discourage stress and desperation (so that our minds are not hijacked by our thoughts). 

• Create a daily ritual to reduce stress.
• Calm the amygdala (which is responsible for regulating emotions such as fear and anxiety). It's more difficult to make clear-headed financial decisions when caught in the fight/flight/freeze response. 

Here are some ideas to calm your amygdala (to calm the fear and anxiety):

• 5-minute meditation
• Gratitude exercise
• Generosity exercise
• Daily exercise with social distancing
• Yoga, cooking or household project
• Connect with others through video/phone
• Work with the parts of yourself causing fear
• Don’t let negative thoughts hijack your mind
• Protect your sleep
• Engage pragmatic financial management steps listed above
• Get help if emotionally struggling or turning to negative coping mechanisms

Once you've calmed your amygdala, you can begin to use some of these practical tips to help manage any financial insecurity:

• Take pragmatic steps that give you the knowledge and a sense of control:
  • Look at your spending patterns and create a spending and savings plan.
  • Play Defense: tighten your belt, try to save, look for temp gigs
  • Call in resources and get assistance if you have questions or need to get questions answered:
    • National Foundation of Credit Counselors: www.NFCC.org 
    • Consumer Credit Counseling Center: www.CCCSSF.org 
    • Subscribe to publication newsletters (e.g., NYT “Your Money”)
    • Manage your social media exposure around financial news (limit and filter it) 
    • Talk with your financial adviser on retirement or investment funds
  • Make financial decisions and choices in stages in order to stay flexible. We’re in crisis stage right now.

Thomas Faupl, LMFT, SEP is a licensed psychotherapist in private practice in San Francisco. He specializes in developmental trauma, anxiety, and the psychology of money. Thomas is certified in EMDR and Somatic Experiencing and works with individuals and couples in person and via video.

Concurrent to being a Marriage and Family Therapist, Thomas was (for over 14 years) a Certified Consumer Credit Counselor, which has deeply grounded him in the household financial issues that clients struggle with. He assists clients with working through blocking beliefs, behaviors, and relationship conflicts to have more success, abundance, and peace of mind with money.

Get in Touch with Thomas Faupl, LMFT, SEP

Site: thomastherapy.com
  Phone: (415) 702-7877
  Email: [email protected]

Get in Touch with Susan Regan, MFT

Site:    relationshipsolutionsprograms.com    
Email: [email protected]

If you're interested in joining one of my support groups or workshops, please click here to learn more. Look out for more guest speakers over the next few weeks, who will help provide additional guidance and tips to help you get through this challenging time.