How to Overcome 4 Common Financial Fears

Posted by Nailah Herbert in EmotionsJuly 25, 2019(Last Updated January 28, 2022)2 min read
Are you ready to make some real money moves?

Money can be a scary topic for most individuals. In some ways, it's considered cheap or impolite to address any matter of finances. Avoiding this subject can cause people to leave issues concerning money unanswered and unresolved. It's common to have worries about money, but an easy way to conquer those fears is to face them head-on. We listed four of the most common financial concerns, along with ways to overcome them.

Looking at the numbers

Your fear may be opening the bill you've been avoiding or checking in on how much you are actually spending each month.

How to conquer your fear:

Start by taking a look at one area in your finances that scares you. It could be tallying up your expenses or opening that letter that you've been running from. The biggest numbers that you need to know concern your budget. You want to know 1) how much income you need to cover your monthly expenses and 2) how much you are spending each month. Stick to a monthly budget and track it daily, so you are not overwhelming yourself by letting your bills pile up and become an even bigger issue.

These videos help you check three numbers that will help you understand your financial health.

Speaking up for yourself

You may fear to ask questions that make you look uninformed. Or you may shy away from asking for what you deserve--like a raise at your job.

How to conquer your fear:

You will never know if you don't decide to ask. For example, if you want to speak with your boss about a promotion or a raise, then you should go into the meeting with a game plan. Make a list of questions that you would like to ask (or talk about). This will help you organize your thoughts and release any nervous jitters before your conversation with your boss.

Claiming your goal

You set a goal for yourself and have a fear of not reaching it.

How to conquer your fear:

Set a realistic and measurable goal for yourself. Write out a step-by-step plan to achieve your goal. Studies show that people who write their goals down are more successful at achieving them. Writing out your goals can also help you accumulate successful personal and financial habits.

Lack of financial knowledge

Whether it means budgeting, savings, or learning a new topic surrounding money, the game of money can be quite scary or intimidating.

How to conquer your fear:

Start with one financial topic at a time, write down the questions you may have, and go to a trusted resource (like CapWay) and start gathering information about it. As you learn more about money, your knowledge will increase, and you will soon feel confident about your understanding of finances.

What fears are holding you back from learning more about money?

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