Financial Trauma: Why Healing and Creating a New Money Story is Essential for Single Moms

I haven’t always been a Rich Single Momma. Honestly, I was anything but wealthy when I had my first child. I was broke with a poverty mindset and dealing with financial trauma.

I struggled to make ends meet, lived in subsidized housing, was on food stamps, and qualified for WIC even though I worked full-time.

I drove a series of used cars that let me down eventually.

I felt the intense burden of financial responsibility every single day. It was depressing if I thought about it too much, but I managed to survive to the best of my ability.

Child support barely dented my bills, so I knew that wasn’t a long-term solution. I had to face reality and make a decision about my financial future.

I could stay in my town, at my job, and in economic futility, or change my story. I decided to do the latter and create a new future for me and my children.

Even though I made the decision that led me to become “Rich Single Momma”, it took a bit longer to heal the deep financial trauma that changed my financial life forever.

Financial Stress Single Moms Face

The financial burden of being a single mother can be overwhelming and take a toll on your finances and your emotional well-being.

The stress of worrying about money, being unable to provide necessities consistently, and being unable to move forward in life can be significant sources of trauma.

Finding an outlet to heal can be difficult, but financial healing is essential to the journey.

This blog post will cover how single moms can heal financially and provide resources to help single moms gain a sense of financial security.

We’ll discuss the steps to begin financial healing, the importance of a budget, and the value of creating a financial plan.

Most importantly, we’ll discuss the emotional and psychological aspects of financial trauma healing and the importance of taking care of yourself.

By the end of this post, you’ll have the tools and knowledge to begin your financial healing journey.

What is Financial Trauma?

Financial trauma is a psychological response to fear, anxiety, and stress of the financial situation.

Unrelenting circumstances, such as job loss, unexpected medical bills, or an enormous debt burden, can trigger it.

The symptoms of financial trauma can be severe and similar to other forms of trauma, such as depression, difficulty sleeping, and increased irritability.

The long-term effects of financial trauma can be far-reaching and debilitating, including decreased mental health, lowered self-esteem, and problems maintaining relationships.

To cope with financial trauma, seek assistance from a qualified professional (aka Therapist) to help identify the root of the distress and develop a plan to manage your finances.

It is important to remember that financial distress does not have to be permanent; with the proper guidance, you can gain control of your finances and move forward in a positive direction.

The Power of Healing and Creating a New Money Story

The power of healing and creating a new money story is immense. When we recognize and accept our current financial story and relationship with money, we open ourselves up to the possibility of creating a new narrative.

By engaging in healing practices such as meditation, journaling, and affirmations, we can open our minds and hearts to a new and healthier relationship with money.

We can take ownership of our current financial story and create a new narrative that empowers us and allows us to reach our goals.

By reclaiming our power and crafting a new money story, we can take control of our financial journey and move toward a healthier relationship with money.

Practical Ways to Create a New Money Story

Practical ways to create a new money story for single moms include setting goals for financial freedom and making plans to reach those goals. It is essential to break up the goals into smaller, achievable ones and set a completion timeline.

As single moms, we must be realistic and practical about our finances and create a financial plan tailored to our needs and lifestyles.

Additionally, we must be aware of our spending habits, identify areas where we can improve, and develop saving strategies.

Finally, creating a spending plan and tracking all expenses to ensure that we stay within the budget is essential.

By developing a sound money plan, single moms can heal their financial trauma and create a new money story for a brighter financial future.

Here are five ways to begin:

1. Identify limiting beliefs and negative patterns:

The first step to creating a new money story is identifying any negative thoughts or patterns holding you back.

Identify these beliefs and patterns through journaling, therapy, or working with a financial coach.

2. Set realistic financial goals:

Once you clearly understand your current financial situation, set achievable and realistic goals for your future.

The goal could be paying off debt, saving for a big purchase, or increasing your income.

3. Create a budget:

Creating a budget is a practical way to take control of your finances and align your spending with your goals.

A budget helps you see where your money is going, identify areas for improvement, and stay on track.

4. Prioritize self-care:

Financial self-care is not just about managing your finances. It’s also about taking care of your emotional and physical well-being.

Take time to do things that make you feel good, such as exercise, hobbies, or spending time with loved ones.

5. Surround yourself with supportive people:

Surrounding yourself with positive people who support you is vital to maintaining a healthy mindset and lasting change.

They can be friends, family, or a community of like-minded individuals. Seek mentors to guide and support you as you work towards your financial goals.

Final Thoughts

Ultimately, financial trauma is something that can be overcome and healed. We must recognize our power to create a new money story rooted in self-acceptance and self-empowerment.

By taking the time to understand our relationship with money, actively challenging harmful beliefs, and creating a new money story, we can set ourselves up for financial success and peace of mind.