How to Tame Financial Fear

Financial fear, when ignored, can have a negative impact not only on our financial life, but on our health and, most definitely, on our peace of mind.

So how do we calm, or settle that financial fear down?

First, acknowledge that you have financial fear.

This sounds like a simple step, like duh, you’re kidding, right? But a lot of folks operate in their day-to-day lives just ignoring the internal discomfort that they have around money.

By acknowledging your financial fear, you’re telling your inside self that you are beginning the process of taking care of your financial life, thereby taking care of yourself. Then healing begins.

FYI-it takes more emotional energy to ignore the problem, stuffing it down, than to face the anxiety of financial fear.

Second, identify what you are afraid of.

Write a list of all your financial fears-being a bag lady, homelessness, running out of money, making stupid decisions around money, having no idea where the money goes, etc… There are so many areas that make us afraid around money.

Even if you think the fears are stupid…write them down anyway. Use pen and paper, not a computer; it’s better for the process…

Third, strategize the release.

With a financial fear list in hand, take each item on the list and strategize a solution for each one. For example, you don’t know where your money goes? Solution ~ start finding out where it’s going. Find a system to track what comes in and what goes out. (I suggest that we start at least 3 months prior, up to a year, to track what’s happened.)

Another big financial fear, is running out of money. First, is that really a reality? Or is it just an undercurrent of your financial fear tape running? For either case, strategies to address and calm whichever fear it is will help to change the financial headspace environment you’re living in. More importantly, strategizing will help you to open to new ideas… to protect yourself against financial ruin.

Addressing each item, strategize solutions, one at a time. By doing this, you are indicating to your inner self that you are on it, and a calm should begin to replace the fear.

Take action.

Once you have a strategies list, take whatever action is called for to remedy each financial fear issue. Once you take action, you will begin to calm or even release the financial fear entirely.

Keep at it.

Financial fear is not a one-and-done deal. Overcoming it takes time. Trial and error, strategies, and action steps that become habits. Over time, we figure out what works for us and the process gets easier. Then we revisit, and revise, change as our situations change.

It does get easier the more time we invest in our financial lives… after all, money is here to stay, so we might as well get comfortable with it!

Financial fear is such a tricky topic for most, and this is a very simplified list for sure. If you find yourself overwhelmed, reach out for help. Search for tips/articles on the internet, research money books that call to you, or hire a financial coach, like me, to help.