Financial Therapy Tools 2 by consciouseconomics

FINANCIAL THERAPY Tools

M eet ASEEL EL-BABA

Aseel El-Baba is a renowned financial therapist and mental health expert with over a decade of experience in Canada’s financial industry. She started her career on Bay Street, managing portfolios worth over $100 million. However, Aseel soon identified a critical gap in the industry—one that neglected the emotional and psychological aspects of financial health.

After completing a comprehensive five-year psychotherapy program, Aseel pivoted to Financial Therapy, approaching financial challenges through a trauma-informed lens. She believes that financial health is deeply intertwined with mental and emotional wellbeing.

As a member of both the Financial Therapy Association and the Canadian Association of Psychodynamic Therapy, Aseel brings innovative insights to the field, making her a sought-after specialist for individuals and organizations striving for holistic financial wellness.

Aseel’s work is driven by the belief that healing our relationship with money can be transformative personally and globally.

THE 6 STEP PROCESS OF FINANCIAL Planning

The financial therapy tools provided in this workshop are designed to integrate emotional, psychological, and financial wellbeing. These tools are practical and adaptable. They aim to support both advisors and clients in addressing financial challenges through a holistic lens.

Each client’s financial journey is unique. Feel free to adapt the tools to best meet your client’s specific needs, taking into consideration your relationship with them.

Each tool is thoughtfully aligned with the 6 Step Process of Financial Planning:

MONEY EGG EXERCISE

Establish and define the client-planner relationship

COPING STYLES EXPLORATION

Gather client data and discuss goals

FINANCIAL RESILIENCE TIMELINE

Develop and present a financial plan

COGNITIVE REFRAMING VALUE BASED BUDGETING

Implement the financial plan

By using these tools with a sense of genuine curiosity and a compassionate approach, you’ll help clients build healthier relationships with money, leading to better financial outcomes and overall wellbeing.

Analyze and evaluate client’s financial status

FUTURE SELF-VISUALIZATION

Monitor the financial plan

Tool #1 MONEY EGG EXERCISE

PURPOSE: Create space for clients to acknowledge and release their financial fears

MONEY RULES

1. Don’t ask for anything, it stresses mom and dad out.

2. Money matters should be kept private and never discussed.

3. Poverty equals holiness.

MONEY WOUNDS

1. I felt a lot of shame as a child about my family’s financial issues.

2. I feel like I am not worthy of good things because they always get taken away.

FOLLOW THESE STEPS:

1. Draw an egg

2. Start with earliest money memory - earning, receiving, giving, borrowing, or saving, the times someone financially hurt, betrayed, abused, neglected, or took advantage of you

3. Start at the bottom of the egg

4. Drawing segments to represent each incident

5. Progress from past to present

6. Go back and attach a feeling to each incident

7. Put a “-” or a “+” by each event, add up, ratio

8. Outside of the egg, you will write “money rules” in the upper lefthand corner, and briefly describe all of the rules you currently live by (good, bad, or ugly)

9. In the upper right-hand corner, you will write “money wounds” and identify the primary ways you have been negatively impacted by your financial story - try to identify 4-5 for each

The Money Egg was developed in collaboration between financial psychologists, Drs. Ted and Brad Klontz, and a financial therapist and financial practitioner, Rick Kahler, by adapting a widely-known therapeutic tool known as the Trauma Egg.

Conversation QUESTIONS TO GUIDE

You can ask the client to journal about them and then discuss together

1 2 3 4 5 6 7 8 9 10

What does your egg represent in terms of your current relationship with money?

What feelings came up for you as you were drawing your money egg?

How does your egg reflect your financial goals, fears, or beliefs?

What part of your money egg do you feel most connected to, and why?

Are there any areas of your money egg that represent parts of your financial life that need healing or attention?

How does your money egg reflect the way you handle financial challenges or stress?

What does your egg say about your attitude toward saving, spending, or investing?

How would you like to transform your current relationship with money, based on what you see in your egg?

What is one step you can take to move from where you are (represented by your egg) to where you want to be financially?

If you could change one thing about your money egg to better reflect the future you envision, what would it be and why?

Tool #2 COPING STYLES EXPLORATION

PURPOSE: To support clients in uncovering thoughts, emotions, and behaviour patterns, and to establish clear goals in the shifts they want to create.

A B C

ANTECEDENTS

What factors preceded the problematic behaviour?

BEHAVIOR

What is the problematic behaviour?

CONSEQUENCES

What was the outcome of the problematic behaviour?

HOW DO I COPE WITH “THE PROBLEM”?

WHAT MADE ME AT RISK IN THE FIRST PLACE?

WHAT EVENTS OR TRIGGERS OCCURED JUST BEFORE “THE PROBLEM” DEVELOPED?

WHAT IS “THE PROBLEM”?

HOW DO I COPE WITH “THE PROBLEM”?

What things make me feel better, at least temporarily?

HOW EFFECTIVE ARE THESE COPING STRATEGIES?

What are the pros? And cons?

WHAT ELSE COULD I DO/TRY TO COPE?

Conversation QUESTIONS TO GUIDE

You can ask the client to journal about them and then discuss together

1 2 3 4 5 6 7 8 9 10

How do your current financial habits reflect the way you’ve coped with financial stress in the past?

What emotions tend to arise when you think about your financial goals? Are they motivating or limiting you?

Which financial coping mechanisms have been helpful, and which ones have caused you more stress?

How do your financial goals align with your personal values and the life you want to create?

What limiting beliefs about money might be holding you back from achieving your goals?

How would achieving financial stability or freedom change your life, beyond just the numbers?

What patterns or triggers have you identified that lead to impulsive financial decisions? How can you address them differently?

What is one financial habit you’re proud of, and how can you build on that success?

In what ways do you feel empowered or disempowered when it comes to managing your finances?

What is one step you can take today to bring you closer to your financial goals, and how does that action make you feel?

Tool #3VALUE BASED BUDGETING

PURPOSE: To align financial decisions with personal values and life purpose. Clients can use their values as a compass when making financial choices, ensuring alignment with what truly matters to them.

PART 1

1. Look over a traditional budget. Your expense categories might include: Mortgage/Rent, Student Loan Debt, Car Payment, Groceries, etc.

2. Reflect on how you feel about that expense and how it’s impacting you

3. Change the name of these categories to reflect your values: Ex: Home Sweet Home, Fabulous Education, Stylin’ Wheels, Delicious Nourishment.

4. Reflect how the new reframing supports you. Does it inspire you to get just a little more engaged with your finances?

(Inspired by Bari Tessler - Art of Money)

Mortgage

Credit Card Debt Family, Security Growth

Grateful for my house but anxious about large monthly payment with high interest rate

I spend money on courses to advance in my career

My family’s nest

My growth fund

Tool #3VALUE BASED BUDGETING

PART 2

1. Track how much you are spending on your values

2. Reflect if you are honouring the values most important to you.

3. What would you change to live more in alignment with your values

(Inspired by Bari Tessler - Art of Money)

MY TOP VALUES CURRENT

REFLECTIONS CHANGES I NEED TO MAKE

Health Family 150 500 I want to be more proactive and prioritize this area I spend alot of money on gifts to show love but I would rather do experiences

Shift away from spending more on Uber eats and enrol in the gym instead Cancel unneeded subscriptions and redirect funds to more meaningful experiences

Tool #4 THE FINANCIAL RESILIENCE TIMELINE

PURPOSE: To help clients recognize past financial resilience and build confidence for the future

This exercise helps clients focus on their capacity to survive difficult times and build on their strengths moving forward.

• Ask clients to create a timeline of their life, marking significant financial events (both positive and negative)

• For each event, invite them to write what they learned or how they showed resilience (ex: I love my job but learned to budget better OR I lost my life savings but created solid friendships that supported me through)

• See if there are any patterns clients can identify (ex: as soon as unexpected money comes in, it goes out OR negative situations where self-sabotage is evident)

REFLECTION PROMPTS TO SUPPORT CLIENT Awareness

1 2 3 4 5 6 7 8 9 10 11 12

What emotions came up during the exercise?

What surprised you about your responses to financial stress in the past?

Do you notice any patterns in how you handle financial adversity?

How did you approach problem-solving when faced with financial challenges thus far?

What strengths did you notice in yourself while building financial resilience?

What challenges or obstacles felt difficult to overcome?

How do your past experiences with money influence your financial situation today?

What resources or support systems do you currently rely on?

How can you strengthen your financial resilience in the future?

What does financial resilience mean to you personally?

How can you apply what you learned from this exercise to your everyday financial decisions?

What are you committed to change?

Tool #5 COGNITIVE REFRAMING

PURPOSE: To shift clients from a scarcity mindset (fear of not having enough) to an abundance mindset (belief that resources can grow).

• Ask the client to reflect on their common thoughts about money and identify any that are limiting (ex: “There’s never enough,” “I am not a money person,” “I’ll always be in debt”).

• Explore the impact of these thoughts. Make the client aware of how their thinking affects their emotions, decisions, and financial behaviours

• Question the validity of the these beliefs and begin to dismantle them using Byron Katie’s method:

• Question 1: Is it true?

• Question 2: Can you absolutely know it’s true?

• Question 3: How do you react—what happens—when you believe that thought?

• Question 4: Who would you be without the thought?

• Replace limiting beliefs with more empowering thoughts.

• Help clients build confidence by aligning their actions with an abundance mindset.

Tool #5 COGNITIVE REFRAMING

PURPOSE: To shift clients from a scarcity mindset (fear of not having enough) to an abundance mindset (belief that resources can grow).

DISMANTLING SCARCITY THOUGHT EXAMPLE

Thought: I will always be in debt

• Is it true? No, my debt started 3 years ago when I got divorced

• Can you absolutely know it’s true? I am committed to paying it off

• How do you react—what happens—when you believe that thought? I shut down and spend more money because I feel helpless and engage in “what’s the point” attitude

• Who would you be without the thought? I would be more confident and trusting in myself and finances

SCARCITY THOUGHT

EMOTIONAL IMPACT

BEHAVIOUR

ABUNDANCE THOUGHT

EMOTIONAL IMPACT

BEHAVIOUR

I will always be in debt

Avoid looking at my credit card statement

I am capable of creating freedom Fear, anxiety and helplessness Hope and motivation

Discuss debt management strategies with advisor

Tool #6 FUTURE SELF-VISUALIZATION

PURPOSE: To empower clients to visualize their financial goals and get in touch with their ideal future self.

• Help the client get into a calm and focused state before visualizing their future self

• Ask the client to imagine themselves into the future if nothing changes about their current situation. Encourage them to visualize the details of their life, focusing particularly on their financial situation

• Questions to guide the visualization:

• Where are you living?

• What type of work are you doing?

• How do you look like? What are you wearing?

• How do you feel about your financial situation? About life in general?

• How are the other aspects of your life (health, family, social life, etc.)?

• Now repeat the visualization but with the assumption that their financial situation drastically improved.

REFLECTION PROMPTS TO SUPPORT CLIENT Awareness

1 2 3 4 5 6 7 8 9 10

What was the most important difference between the two versions?

How do you want your future self to feel about money?

What habits does your future self have that support financial security?

What financial goals has your future self accomplished?

How does financial security impact your future self’s daily life?

What changes do you need to make now to align with your future self?

How does your future self handle financial challenges?

What resources or support does your future self rely on for financial stability?

How does financial security influence your future self’s relationships?

What is the biggest difference between your current and future self’s financial mindset?

These tools represent just a glimpse of our extensive resources, tailored to empower individuals, community leaders, and professionals in both mental health and finance. To learn more about our comprehensive training and certification programs, visit consciouseconomics.ca

Conscious Economics is an experiential learning platform created for visionary leaders who want to thrive in the New Economy. As society becomes increasingly mindful of how business impacts people, communities, and the planet, Conscious Economics is leading this shift. Through our unique Conscious Economics MethodologyTM, we combine emotional literacy, neuropsychophysiology, financial therapy, and creativity to demonstrate that it’s possible to: