Is your fear of parting with money impacting your life? Do you worry about having nothing in your bank account? Do you lose sleep at night with anxious thoughts about money choices? Financial fear can make you stop in your tracks. You may be living with money fears that don’t even make sense in your life.
Irrational Anxiety of Spending Money
I know many people who are afraid that their whole life financial life will fall apart at any minute. Sometimes their fear does not correlate to their reality. My friend’s grandfather invented a popular ice cream treat. That sweet invention earned his family millions of dollars. Because his parents had grown up during World War II, their conversation focused around the looming possibility of being thrown out on the street when the money ran out! It took my friend many years to understand that his mindset was based upon his parents’ interpretation of the grandparents’ irrational fear.
This frugal “Depression-era mentality” might sound smart in today’s chaotic world, but it often creates other emotional issues. People who have a fear of parting with their money miss out on many life events, like a vacation or a beautiful home. These scared money hoarders might also hold back when necessary repairs or health issues crop up. Being over frugal can actually hold you back.
When we allow ourselves to be influenced by friends, society, or the media, it is easy to lose perspective about money, our fears about spending, or our deep-seated memories that compel our actions. Remember, your relationship with money will last your whole life, so why not come up with a plan to eliminate some of your money fears?
Facing Your Fears: Why Are You Afraid to Part with Money?
Arm yourself with the knowledge of where your money is and how you’re planning to use those resources, and you begin to build confidence that you will have enough money.
- Make a list of why you are afraid to part with your money
- Write down how much you have in savings, checking, investment accounts, and any “hidden” accounts.
- Take control – Recognize that money is neutral — Money itself is just a symbol for your resources. Any emotional power that your money holds over you only exists because you created it.
- Choose to reset your mental map. You are making a radical shift from reacting to your money fears of scarcity and begin to manage your dollar bills proactively. You can push away your fears of parting with money and close the door.
- Explore old money habits or lessons you learned as a child, and select which stories are no longer useful. Mentally throw those thoughts out of your head to create healthier personal finance choices.
Making Conscious Choices
You have the power to shift the tides from your fear of parting with money to a more balanced mentality of directing and balancing your assets. You can stop comparing yourself to others, and create a plan for long-term goals. Will this happen overnight? no, it will take a series of small steps to build a strong, robust foundation. Practice making intentional choices that grow and sustain a more abundant lifestyle.