If you’re someone who does almost anything to avoid checking bank statements or credit card bills, you’re not the only one. Hard times may have left you in a poor financial situation that made you develop some bad habits about staying on top of your finances. After all, if you already know the numbers on your statements will cause you stress and anxiety, why bother looking at them at all?

3 Tips for Overcoming Financial Fear

Ignoring your finances will hurt you. If you don’t pay attention to the money coming in or out of your account, you could be unknowingly digging yourself deep into debt, or spending money unnecessarily. You could likely be making a bad situation much, much worse because you’re too scared to check your statements. Accidental high credit card spending, overdraft fees and interest accumulating missed payments, or even banking errors you don’t notice are all going to cost you.

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The bottom line is to overcome your financial fear and take control of your finances.

What are the Ways to Overcome Financial Fear?

Almost everyone will experience some kind of money woes at some point in their lives. It’s quite common to be worried about having enough in your bank account to be able to pay rent or bills or mortgage payments on time every month. Letting your anxiety get the best of you is not a solution, so if you want to take control of your money, here are some tips on overcoming financial fear.

Overcoming Financial Fear Tip #1: Understand What Your Fears Are

To overcome your fear, you must first understand what you’re afraid of and why. It doesn’t matter if the reason is rational or irrational, but it’s important that you can identify what it is and write it down. This activity will help you come to terms with them and also help you let go of them one by one.

Overcoming Financial Fear Tip #2: Take Ownership of Your Finances

The next step to take is to grit your teeth and look at your finances. Face your fears head-on; you can do it little by little. Start by checking your bank balance and writing it down on a piece of paper. Then check your credit card statements and write them all down next to your bank balance. Do the same with any other bills, and then add up your credit card statement and all your other bills. Subtract that number from your bank balance to get your net worth. Now you know how much money you have. If it’s negative, then you know how much debt you’re in.

To start truly overcoming your financial fear, regularly check your bank statement and credit card balance. Begin with looking once every few days, and then increase it to once a day so you can gauge how much you spend. This will also help you see how much you spend on things like groceries, clothes, entertainment, and hobbies. Only once you know how much money you have in and out can you truly be in control of your finances.

Overcoming Financial Fear Tip #3: Write Down Your Financial Goals

Next, write down all your financial goals. Maybe you want to get out of debt or maybe you want to start learning how to develop a wealth mindset. It also helps to write down what you want to accomplish in life and see how your financial situation can get you there.

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Once you’ve written those down, come up with a plan to achieve them. Ask what you’re doing every day to get closer to them. Can you set up your bank so every purchase is rounded up and the difference is put into a savings account? Can you tally up your spends and earnings at the end of each month and save the difference? Can you set a specific amount that’s attainable every month to pay down your debts? Try to figure out what works best for your financial situation. Contact Jacques for your coaching and motivational needs today.

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