Financial Crisis Counseling, Mental Health & Suicide Prevention
Financial crises can happen unexpectedly. With over half the country unable to come up with a few thousand dollars, it’s clear that even a small emergency can upend people’s state of financial well being. This problem can easily spill over into other areas of their lives.
Financial crisis counseling may be one solution; however, before seeking out a financial counselor, it is vital for you to assess the situation. Given that 16% of all suicides in the US are due to financial and job reasons, according to the Centers for Disease Control and Prevention, it’s important for us to know how to address the seriousness of the situation.
Assess the Situation
If you personally are experiencing financial problems, have loved ones who are going through financial challenges, or you offer financial crisis counseling, it’s important for you to understand what to look for when determining the seriousness of the situation. The Suicide Prevention Lifeline lays out suicide warning signs:
Based on Assessment: Yes, there are Suicidal Warning Signs. Steps, Contact Numbers, & Support
If you or a loved one exhibit any risk factors, you are not alone. Most people are experiencing financial stress and it’s good to know that there are people who can help:
Contact the National Suicide Prevention Lifeline at 800-273-8255, chat at www.suicidepreventionlifeline.org, or contact a local mental health professional.
Even if you are not exhibiting signs of suicide, you may want to talk with someone about your feelings. Locate a mental health professional with whom you feel comfortable to proactively address any issues. Here are a few resources:
Based on Assessment: No, there are No Suicidal Tendencies. Options to Address Your Financial Situation
If you feel in control of your mental health and are looking to address your current financial situation and behaviors and build a personal finance plan – working with a financial counselor may be the best option for you.
Some choose to work with both financial counselors and mental health professionals at the same time. If you do work with both, be sure to let them know you are working with other professionals to address your financial situation. They will often want to collaborate to ensure that your mental health is top priority.
Role of Financial Crisis Counselors
Financial crisis counselors have a primary role of providing education and guidance to people who seek to improve their financial situations. Their job is to help you work toward financial health by providing personalized training, education, and support.
NFEC Certified Personal Financial Wellness Consultants (financial counselors): clarify your current situation using your personal financial data; discover your goals/needs; define clear milestones; work with you to prioritize actions; and provide education, guidance, and accountability. They are committed to helping you work toward your financial goals and address limiting behaviors, feelings, and any other issues that may take you off-course.
Find Peace of Mind with NFEC Financial Crisis Counseling
In these uncertain times, it’s not uncommon for people to find themselves facing down an unexpected financial crisis. A recent study by WalletHub discovered that US states received an average “C” grade in financial literacy in 2019. To help address this need, the NFEC conducts financial crisis counseling to help people overcome their challenges and relieve the anxiety and stress of the money problems so many of us are encountering today.
A highly-qualified counselor, who has completed Financial Counselor Certification coursework, will take a holistic approach to analyze your current situation, provide resources and support, and build in accountability to help you meet the issues you’re facing head-on and develop plans and action steps to achieve greater peace of mind about your financial health.
The Three Phases of Financial Counseling Debt Management
The NFEC financial crisis counseling services occur in a three-part process. First comes an all-encompassing discovery session where the financial counselor evaluates the full extent of your situation. This Certified Financial Counselor process will involve assessing your entire money profile – income, credit, liabilities, assets, insurance coverage, and more – to holistically understand where you stand and give you a prioritized action plan.
In the second part, you’ll meet regularly with your counselor on a set schedule to get education and resources that support working your action steps. During this process, you’ll build a foundation to start making decisions on your own. Your financial counselor will give you reports that show the progress you’re making. This part of the process may be somewhat more than what a credit coach offers.
The third stage, maintenance, happens when you’ve made strides to address your initial crisis and have reached a more solid financial footing. Then the counselor can back off and just stay available on-call to give you guidance when you need an extra boost.
Trust a NFEC Financial Coach for Financial Crisis Counseling
Financial crisis counseling, financial crisis debt management, and financial marriage counseling are presently not subject to regulation. To make sure you find a financial counselor with top qualifications, simply look for the Certified Personal Financial Wellness Consultant designation.
In order to qualify for that designation, financial counselors must successfully complete a background check and tough educational coursework and testing. NFEC Financial Coaches must adhere to NFEC standards and maintain fiduciary obligation to clients.
Financial crisis counseling requires a fine touch because people’s money is at stake – a topic which is often emotionally sensitive and creates anxiety and stress. NFEC Financial Coaches possess diverse skill sets to effectively handle the emotional and behavioral aspects of personal finances.