\u201cIn my work with clients, I describe a \u2018financial escape plan\u2019 as a form of self-care and empowerment,\u201d said Kiki Jacobson, a licensed mental health counselor who specializes in financial therapy.<\/p>\n
\u201cMoney is deeply connected to a person\u2019s identity, safety, and security. A lack of financial independence can increase anxiety and erode one\u2019s mental well-being.\u201d<\/p>\n
Coming up with a plan is particularly important if a person is in the risky position of relying on someone else for financial stability<\/a>.<\/p>\n \u201cEven in stable relationships, relying entirely on someone else for financial security<\/a> can create underlying stress,\u201d Jacobson said. \u201cIt leaves you vulnerable to unexpected life events such as your partner\u2019s job loss, death, or incapacitating illness. Feeling uncertain<\/a> about your ability to support yourself or your family can negatively impact self-esteem, decision-making, and overall mental well-being.\u201d<\/p>\n Jacobson recommends taking the following steps:<\/p>\n Open an individual bank account in your nameEnsure access to or copies of important documents, Social Security cards, bank details, credit card accounts, insurance policies, and other legal and financial recordsTry to do some part-time work (or full-time, when possible) Build credit and get access to a line of credit. <\/p>\n Once the basics are done, it\u2019s important to build an emergency fund – a savings account for unexpected expenses that could force you to rely on the situation you\u2019re trying to leave, said Cynthia Kirkpatrick, a senior advisor at wealth management firm Moneta Wealth Advisors. <\/p>\n \u201cBuild an emergency fund that can cover at least three to six months of living expenses,\u201d Kirkpatrick told The Independent in an email. \u201cThese steps provide immediate flexibility when circumstances change.\u201d<\/p>\n Those circumstances can include a sickness that could prevent you from working, job loss or unanticipated disability .<\/p>\n Create community<\/p>\n Turning to friends and family can give you the support and encouragement needed to stay with your escape plan.?<\/p>\n \u201cDevelop a support network of trusted friends, family members, and financial professionals,\u201d Kirkpatrick said. <\/p>\n![\"\u2018Peace](\"https:\/\/www.newsbeep.com\/il\/wp-content\/uploads\/2026\/04\/GettyImages-606080684.jpg\")
\u2018Peace is priceless, and having a financial escape plan allows you to breathe and know that you can get out and escape when the need arises,\u2019 one expert said (AFP via Getty Images)<\/p>\n
![\"\u2018Develop](\"https:\/\/www.newsbeep.com\/il\/wp-content\/uploads\/2026\/04\/GettyImages-2175872074.jpg\")
\u2018Develop a support network of trusted friends, family members, and financial professionals,\u2019 one expert suggested (Getty Images)<\/p>\n