Money is here to get us through tough times and make sure that we can do basic things like pay for groceries, health care and all of the other expenses we encounter. However, if you’ve ever been short of cash you needed for something essential, you know how difficult it can be to go without it.
That’s why many people tend to develop a fear of being without money. Over time, that fear can make it difficult to even pay for things you need, even if you have the cash in your bank account.
Being afraid of going broke is rational, but you can’t live your life in fear of day-to-day cash transactions. Use this guide to learn more about money-related phobias and how you can conquer them.
Make a Budget
People who are afraid of money often aren’t very good with it. If you want to combat that problem, start by making a budget of your monthly expenditures.
It may take a month or two to nail down your final budget, but getting started today should be easy.
Identify Small Steps You Can Take to Address the Problem & Achieve Your Goals
Big changes are always much harder than small changes so to accomplish your goals, identify small steps you can take to achieve them. If you keep running into money problems because you’re $50 short every month, then maybe one of your first short term goals could be to pay off a small credit card balance that requires a $50 minimum payment each month.
Check Accounts Regularly
The days of balancing your checkbook to know how much money you have are over, but that doesn’t mean you can’t know what’s in your account. In fact, doing it online tends to be a whole lot easier and more accurate.
If you’re worried about upcoming bills or have a phobia of running out of money, make it a routine part of your day to check your online bank statement. Even doing this a few times per week can help put your fears to rest.
Hold Yourself Accountable
Track your expenses regularly and study where your money is going so you can keep adjusting your spending to reflect your values.
Open a Savings Account
Believe it or not, there are many people out there who don’t have a savings account. Even if you can’t fund that account right now, having a plan to save is the first step toward financial freedom and confidence.
Open a savings account today and put a dollar in it. Over time, you’ll see that account grow and your fears of being penniless will diminish.
What do you do to conquer your money challenges?