Learning how to address your fears about money can open a whole new world for you. “Financial fear” can make you stop in your tracks. A few examples of fearful behavior include: not looking at your account balances, not making any money decisions ahead of time, ignoring your family, and disregarding your financial advisor’s advice. It’s time to create a healthy relationship with money.
Address your fears around money:
•Take a personal inventory.
• Make your choices when you are at your best.
• Face your personal fears.
How do you start to deal with your legitimate financial fears?
Face Your Fears
Take an inventory of where your money flows in and flows out. When you see the ebb and flow, you can make changes to have a consistent spending pattern. Do you ever complain about spending $100 for healthy food, but have no qualms about dropping a “benjamin” at the bar on Friday nights? See if you can find a better balance and start spending on what is most important.
One way to address your fears about money is to make your choices when you are at your best. Don’t go to the grocery store when you are starving. If you do, you tend to make unnecessary purchases and overspend. In the same manner, it is evident to me that very few people prepare for tough times before they happen. It is difficult to think about having a contingency
plan when things are going well, and it is essential to have a cushion
right now. I am surprised by the number of people who are in unstable
positions with high debt, yet they are sure that they need to
get the latest electronic device.
What Makes You Afraid
Before you can overcome your fears about money, it is vital to address what makes you afraid. What habits do you have that don’t serve you financially? What are your weaknesses when spending or saving money? Where do you feel you could make changes that would ease your “money nerve?” Stop letting fear rule your life. What are you waiting for… a magic genie? Are you still in the same spot?!
Need tips to address your fears about money? Let’s take the next step.