At GoodTherapy, we know that investing in mental health can feel overwhelming,  especially when you’re watching every dollar. The good news: affordable therapy is possible, and you don’t have to sacrifice your well-being to stick to your budget. Below, we’ll walk you through understanding therapy costs, budgeting strategies, practical ways to save, navigating insurance, and how GoodTherapy can help you prioritize your mental health without breaking the bank.

Understanding the Real Costs of Therapy: What to Expect

Before you start budgeting for therapy, it’s important to get a realistic sense of what therapy costs and why. The price of therapy can vary widely based on location, a therapist’s credentials, session length, and whether you’re seeking individual or couples counseling. In the U.S., sessions cost between $100 and $200, though prices can range from $65 to $250 depending on the therapist and location. Many therapists offer sliding scale fees based on your income to make sessions more affordable.

If you’re considering couples therapy, you may also want to check out our FAQ on how much couples therapy costs to get a better estimate for your situation.

How to Budget for Therapy Without Breaking the Bank

Budgeting for therapy might feel intimidating, but even small steps can add up. Start by reviewing your monthly expenses to see what you can adjust. Think of it as an investment in yourself. Could you make coffee at home or pack lunch a few more days a week? If so, redirect these savings toward your therapy fund. You might be surprised at how much it accumulates.

It may also help to set clear therapy goals to help plan for how many sessions you might need. Remember, therapy is a process, and sometimes a few focused sessions can provide the support you need during tough times.

10 Practical Tips to Make Therapy More Affordable

If you’re looking for actionable ways to save, you might be surprised to learn how many strategies you can use to save your money and put it towards your mental well-being. Here are 10 practical tips to help you access quality care without overspending:

1. Ask About Sliding Scale Fees: Many therapists adjust their rates based on your income. Don’t hesitate to ask!
   
2. Explore Your Insurance Options: Utilizing insurance can make paying for therapy a bit easier, but navigating its complexities can be challenging. GoodTherapy helps you filter by insurance company when you search for a therapist.
3. Explore Telehealth Options: Virtual therapy can be more cost-effective and save on transportation. Learn more about telehealth and insurance considerations.
4. Look for Community Clinics: Many clinics offer lower-cost or even free mental health services.
5. Use Employee Assistance Programs (EAPs): If you’re employed, your EAP may cover several free therapy sessions.
6. Seek Intern or Trainee Therapists: Therapists-in-training often provide sessions at reduced rates while being supervised by licensed professionals.
7. Opt for Shorter or Less Frequent Sessions: Ask your therapist if shorter or less frequent sessions are possible.
8. Check Out Nonprofit Organizations: Some non-profits connect clients with affordable mental health care.
9. Ask About Payment Plans: Some therapists offer flexible payment arrangements.
10. Utilize Online Directories: Platforms like GoodTherapy let you filter for affordable providers, including those who offer sliding scale fees.

Navigating Insurance and Sliding Scale Options for Therapy

Insurance can play a big role in making therapy affordable, but it’s not always straightforward. If you have insurance, check your plan’s mental health coverage and whether your therapist is in-network. Some plans also cover teletherapy, which can open up more affordable options. 

If you’re seeking couples counseling, be aware that insurance coverage varies. GoodTherapy’s FAQ on insurance and couples therapy breaks down what to expect so nothing catches you by surprise.

If you don’t have insurance, rest assured: you can still receive the support you deserve. Many therapists still offer sliding scale fees or reduced rates. Community mental health clinics, non-profits, and online platforms can also help you find affordable care.

How GoodTherapy Helps You Prioritize Mental Health in Your Budget 

GoodTherapy therapists are passionate about making mental health support accessible for all. Our online directory allows you to search for therapists who offer sliding scale fees, telehealth services, and specialties that fit your unique needs. It also helps you match potential providers with your insurance, so you know who is in-network. Lastly, we provide resources and blogs to help you make empowered choices for your mental health and finances.

Remember: prioritizing your mental health is a wise investment, and with the right information and support, you can find care that fits your budget and your life.

If you don’t have insurance, rest assured: you can still receive the support you deserve. Many therapists still offer sliding scale fees or reduced rates. Community mental health clinics, non-profits, and online platforms can also help you find affordable care.

Resources:

GoodRx: How to Get Mental Health Services and Therapy Without Insurance

Forbes: Prioritizing Mental Health When You’re on a Budget

The New York Times: Therapy Can Be a Financial Burden: Try Telling Your Therapist That

Between high inflation rates, hiring freezes, tax rates, health complications, and more, life throws plenty of financial stressors at us, and it can be hard to make ends meet or save money. While managing your finances is important for your economic stability, it is also important for your overall well-being, as significant financial stress can negatively impact your mental health.

While many studies highlight the varying degrees and types of financial stress that different genders, ages, and income levels experience, there’s no denying that chronic or long-term stress can impact your mental and physical health. If money stressors negatively impact your well-being, you’re part of the 47% of Americans who feel the same.

Below, we break down what might be contributing to money stressors in your life and what you can do about them. Luckily, professionals at GoodTherapy are prepared to support you as you navigate the complicated world of finances. 

Causes of Financial Anxiety

Identifying the source of your money-related stress is the first step in managing your financial and personal health. Everyone’s financial anxiety comes from a different set of sources, but there are a few common ones that might resonate with you:

• Job loss or reduced hours
• Caring for dependents
• Lack of financial literacy or education
• Lack of savings
• Debt or student loans
• Healthcare costs or other unexpected emergencies
• Separation or divorce
• Taxes, inflation, and economic recessions
• Food or housing insecurity 

When you’re experiencing financial stress, you may not realize the emotional or physical impacts it has on your well-being. By understanding the relationship between economic anxiety and mental health, you can take the first step in prioritizing your own wellness for your current and future self. 

The Link Between Financial Stress and Mental Health

The relationship between financial and mental health is layered, but understanding their connections helps you prioritize both. Based on recent research, consider these key takeaways:

• Certain types of debt, like medical debt, tend to have the biggest impact on people’s mental health
• Financial stress can fuel anxiety, depression, and low self-esteem since struggling to meet financial goals can trigger feelings of shame, guilt, or inadequacy
• When someone is experiencing money-related stress, they are more likely to neglect their physical and mental health needs
• Money worries can impact physical functioning, like sleep quality and motivation
• Financial strain often influences relationships, leading to conflicts with partners or family and increasing feelings of isolation

Whether we want our finances and our mental health to be connected or not, the truth is this: understanding their relationship helps you have greater compassion for yourself and identify the best coping strategies.   

Why Comparing Yourself on Social Media Can Worsen Financial Stress & How to Stop

In this day in age, social media influences nearly every aspect of our lives — including our financial health. Many individuals scroll on social media apps to connect, shop, consume news, entertainment, and share information. Many also feel pressure to “keep up” with others on social media and overspend on items and experiences as a result. This social urge to not “fall behind” and consequently spend money can negatively impact your finances, economic stability, and overall mental health.

If you find yourself overscrolling and overspending on too many or low-quality products thanks to social media, the following are some tips to keep in mind so you and your wallet are happier:

• Financial products: Do you research on any brand that is promoting or selling financial products, and make sure they are legit and effective
• Get-rich-quick and ‘hacks’ for debt: Be wary of any fast wealth or miracle debt reduction schemes, as these are often scams
• Guaranteed results: Some products can promise a guaranteed result, but not many. Be careful not to over-trust products that promise a flawless reward and no potential losses.

How to Manage Money Anxiety

Everyone’s financial situation is different, by knowing some standard best practices for economic stability can help you feel more in control and manage your emotional well-being, too. Below are a few tips for staying afloat during stressful financial times:

• Identify what you can control regarding discretionary spending
• Seek ways to earn more money, whether that’s side jobs, asking for a raise, or selling some items
• Try to save money, even when funds are tight
• Seek support from financial and mental health experts
• Set realistic goals by breaking down big issues (like paying off debt or saving for a trip) into smaller, manageable steps
• Create and stick to a simple budget: track your income and expenses using an app or spreadsheet to give yourself a clearer picture of your finances
• Identify your financial triggers and avoid them, such as taking a break from social media or filtering your subscriptions to financial marketing noise
• Educate yourself about personal finance through articles, podcasts, courses, books, and more

When economic hardship occurs, there’s no one way to handle it. However, understanding your options will help you feel more comfortable with your economic state and protect your mental well-being — at the same time.

Tackle Your Financial Stress Today With Our Budgeting Template

Step 1: Evaluate Your Money Stress

• On a scale from 1 (low) to 5 (high), how would you rate your current financial stress?
• What’s causing you the most stress financially right now? (Examples: job loss, debt, bills, family needs, inflation, social media)

Step 2: Simple Monthly Budget Worksheet

Step 3: Take Your First Action

• What’s one small change you can make this month to improve your finances or reduce stress? (Example: Cancel a subscription, set a spending limit, ask for support, take a social media break)

Step 4: Check In With Your Mental Health

• How is your financial situation making you feel emotionally or physically?
• Are you experiencing sleep problems, anxiety, or trouble focusing?
• What support or coping strategy could help you feel better? (Example: talking to a friend, seeing a therapist, practicing mindfulness)

Remember, this template is a starting point. Small steps can lead to big changes for your wallet and your well-being. If you’re feeling overwhelmed, GoodTherapy’s network of professionals is here to help.

Finding Affordable Support With GoodTherapy

When life’s stressors start to take a toll, sometimes tips and tricks aren’t quite enough. Seeking professional help from an experienced, licensed therapist can help you address your emotional needs and work through your financial issues. 

Therapy is important, but to some, it may feel inaccessible due to costs. GoodTherapy’s cost resource helps you estimate how you can work therapy into your budget depending on factors like insurance, appointment regularity, and more. GoodTherapy makes it easy to find an in-network professional who works for you.

Plus, there are many options for federal funding opportunities that can ease your financial burden for therapy. For many federal funding options, therapy can be free or low-cost, but it depends on insurance, the specific program, location, and your eligibility. For example, the Substance Abuse and Mental Health Services Administration (SAMHSA) provides substance use and mental health services to people in need. Its Community Mental Health Services Block Grant (MHBG) provides funding to all U.S. states to provide community mental health services. 

In truth, when it comes to economic stability, prioritizing your mental health is an important part of the puzzle. Managing stress requires a compassionate approach, and now is the perfect time to care for yourself so you can care for your money.

Read More: Ready to Get Support? Find a Therapist 

Resources:

Most Americans Are Significantly Stressed About Money — Here’s How it Varies by Demographic

Financial Stress: What Causes It and How to Cope

Understanding the Mental-Financial Health Connection

7 Ways to Manage Stress During Trying Times

How Social Media Affects Our Financial Health – The Good, Bad and Ugly

SAMSHA: Grants

SAMSHA: Community Mental Health Services Block Grant