Money Doesn't Have to be Scary

From scary clowns to haunted houses and things that go bump in the night, Halloween brings to light some of our deepest fears. While you curl up on the couch watching ghosts and ghouls this spooky season, consider facing fears of a different variety. Money can be a scary subject to face, especially when you feel out of control of your finances. Like a Halloween haunting, money can cause panic and fear when you don’t know where it’s going or what it’s doing. Your bank account can feel like it’s possessed at times, where money is flying out of your bank account and out of your control. 

If you’re feeling haunted by money, you’re not alone. Almost 80% of Americans live paycheck to paycheck, and most report feeling some form of financial anxiety. While you check for scary monsters under your bed, it might also be time to face the money fears lurking in your proverbial closet and bring them into the light. 

How do you talk about money?

Have you ever noticed how you talk to people about money? Or more importantly, have you noticed how you talk to yourself about money? It may seem like a weird question, but when you take the time to notice your thoughts and feelings about money, you can gain valuable insight into your money fears and beliefs. 

“I can’t afford that.” 

“I’ll never be able to…”

“I’m always broke.”

“There’s not enough money.”

“I’m terrible at saving money.”

“If I don’t buy this right now, I won’t be able to afford it later.”

“I can’t spend money on myself, it’s irresponsible.”

Challenge Your Negative Thoughts

Your thoughts about money are powerful. If you’re constantly thinking negative thoughts about your financial situation, or worse - yourself, it’s no surprise that you feel financial stress. Your attitude toward money is just as important for your financial success, if not more important, than how much money you make. Pay attention to the thoughts that come up as you spend money, talk about money, or interact with money.

When a negative thought does come up, investigate it. Are you actually bad with money? Will you really always be broke? Ask yourself where these beliefs come from. Are they actually true, or just what you’ve always assumed? You may find your money beliefs no longer serve you, and it’s time to challenge your views. The great news is, once you recognize them, you can change your negative money beliefs to positive ones that align with your values.

Don’t React Out of Fear

If you’ve turned on the news lately, it can be easy to get swept up in financial fear. From talk of another recession to constant media coverage on stock market dips and worst case scenarios, it feels natural to panic or worry about your finances. Don’t give into the financial fear. When we react out of fear, we tend to rush our decisions and miss important details. Money decisions can impact your life for decades to come, so make sure you’re clear headed and prepared with all the facts before making any financial decisions. 

Making a plan for your finances is all about preparing for these turbulent moments where your judgement can be clouded or you’re tempted to react out of fear. Making financial decisions based on current events or emotions is a recipe for rushed, impulsive decisions and short-sighted errors. Instead, focus on your long-term financial plan. When you prepare for the big picture, you can take a step back from the chaos of current events. Your long-term plan is built to weather short-term dips. Trust yourself and your plan, and stay the financial course.

Simple steps to make money less scary:

1. Find good influences. Follow social media accounts that inspire you on your financial journey or find a finance blog that teaches you about money in a new way. Take a financial literacy course or pick up a new finance book. Find like minded friends and family who encourage you as well, or find a financial advisor who can help you get on top of your financial situation. Adding positive financial influences will help you feel more confident and in control of your money over time.   
2. Remove negative influences. Cutting out negative influences can be just as important as finding positive ones. Unfollow social media accounts and limit the influence of people and things that don’t support your financial journey or happiness. FOMO is real, and removing influences that make you feel like you’re missing out can be great for both your financial health and your mental health.   
3. Make a value-based budget. Everything is less scary when you put it on paper. Budgeting gives you control over your finances and eliminates the anxiety of not knowing what’s going on with your money. A budget also gives you permission to spend money on the things you value most. No more worrying about whether your next card swipe will lead to financial ruin.    
4. Check in with your money regularly. Set a monthly money date to go over your budget and finances. Small checks and tweaks regularly over time make dealing with money more manageable and much less scary. Knowing where your money is going every month can also be empowering, putting you in control of your finances and your future.

If you’d like to explore your money beliefs and how to build your own path to financial freedom, I’d love to hear from you.

Photo by Pexels