A money crisis can feel like a significant loss of hopes, plans, and efforts, says Megan Ford, a financial therapist at the University of Georgia. As with death, divorce, and other major losses, feelings of anxiety, depression, shame, and disbelief are common. These steps can help you manage your financial grief.
• BE HONEST. If you weren’t responsible for the setback— let’s say you had an unforeseen illness or job loss—you need to remind yourself that it’s not your fault, says Ella Lasky, a Manhattan psychologist specializing in financial issues. If you did cause the problem—by, for instance, overspending or buying a home you couldn’t afford—forgive yourself. “Say, ‘OK, I’ve learned something from this. I’ll never do it again,’ ” Lasky advises.
• DON’T BURY YOUR FEELINGS. Ford suggests opening…