Overcoming Financial Fears

Overcoming Financial Fears

Don’t Let Financial Fears Stop Your Progress!

It’s all too common to respond to fears by avoiding whatever it is that scares you. For those who struggle with financial fears, most often they push the details away – not opening bank statements or hoping your balance is sufficient rather than really knowing your dollars and cents.

These are some great tips to overcome these fears by opening your eyes to the details. There is nothing more freeing, in the end, than honestly knowing where you stand. The truth really will set you free!

financial fears

Call yourself out.

When you see that bank statement arrive in the mail or discover a bill hidden in a pile of paper and think, “I can’t deal with this right now,” call yourself out on the moment of avoidance you just experienced. Recognizing the rejection of this perceived threat is a strong start to getting on track.

Take control of your money.

Open every one of your bank statements and know exactly what you’ve got and where it’s going. Once I started tracking my business finances more closely, I started noticing where I was wasting and leaking money on things like auto-renewals, memberships I don’t use, and so forth. Awareness and accountability helped me get excited about the growth of my business. Feeling “in control” of my money has been a most powerful practice.

Do you know your gross income, net income, operating expenses, interest rates, etc.? These were terms that I used to dread, but now they excite me. They are an indicator of the impact I am going to be able to make in the world one day by supporting my family and helping others. At present, I make the world a better place with my words, but someday I hope to help others with my financial abundance as well.

Practice positive affirmations about your finances and abundance.

You get more of whatever it is you focus your attention on. If you are constantly experiencing financial stress and thoughts of lack, that’s what you will continue to receive in your life. Conversely, when you focus on all the blessings and wonderful things you do have — even if it’s only $100 in your savings account or a comfortable home — then expressing unending gratitude can continue to bring more lovely things into your world.

Here are my favorite money and abundance affirmations that I use daily:

  • I am abundant in money and love.
  • I prosper in all areas of my life.
  • I make the world a better place with my abundant wealth.

Understand and heal your money history.

I can look back in my life and see with greater clarity how my life experiences have contributed to the ways I have managed money poorly. Once you have a more clear understanding about why you behave and believe as you do, you can see where the false stories came from. Maybe you were told that you are irresponsible with money, or that people have to work extremely hard to make a fair day’s wage, or maybe even that conscious and enlightened people shouldn’t care about money. These “truths” that we are raised to believe sink into our subconscious and affect our decision-making. We need to dig deep and see our history with a more accurate lens so we can correct it.

The beautiful thing is that we have the power to start creating a positive financial future, today. We can gain control of money and use it as a powerful tool.
– via The Huffington Post

Reaching Your Goals – Without Fear

We all have goals for where we want to be in life, and many – if not most – of those goals require some level of financial investment. The advice below is a great place to start, when it comes to approaching, understanding, and working toward your goals, all without being held back by stress and financial fears.

Write Down Your Financial Goals

Part of the problem with managing money is that it often feels like a huge, time-consuming, energy-draining affair. It certainly can be, but don’t give up before you get started. The first step is to do something—anything—that gets you off and running. Start with something important but also relatively painless: Write down your financial goals.

Like any goals, they should be discrete, actionable things you can accomplish. You don’t want to say “be financially secure,” as it’s too vague and broad. Instead, try “pay off my credit cards.” Similarly, “save $X for a down payment on a home” is a good goal, as is “Pay off my student loans.” These are single tasks that will take time and effort, but you can plan each out individually. Just writing each of them down is empowering, and it gives you a to-do list you can start to flesh out. If your list of goals gets long, that’s okay—don’t get discouraged, you’ll tackle each one, one at a time. Take your time—if you want a structured plan to do a lot at once, check out our one-day financial “boot camp.” If that’s too stressful and you’d rather take it slow, do that instead. Remember, you’re in it for the long game.

Focus on Your Goals, Not The Road There

Keep your eyes on the prize. You don’t want to get bogged down in how long it’ll take to get to your goals, or the steps required. This journey takes time, and you’ll want to focus on your individual accomplishments as they come. It may feel bad when you do the math and see it’ll take five years to pay off your credit cards, but don’t think about that five years. Think instead about how good it’ll feel to have them all paid off and to be debt free. Then think about where the money you spent paying them down could really go—whether it’s to an emergency fund or saving for retirement, or just on a dream vacation—whatever your next big financial goal is.

If you get mired in the details, you’ll get depressed. All you’ll see is you losing something when you’re really gaining something much more valuable: buying power, financial standing, and most importantly, financial freedom. In short, it might suck to sit down and trim your spending to make a budget work, but once your have a budget that works, you’ll never have to worry about overdraft fees, low bank accounts, or living on credit—all things that cause stress—ever again.
– via Lifehacker

How do you work past your financial fears? What’s the best piece of money advice you’ve come across so far?

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