Money is a key factor on how we live our lives as well as how we deal with our relationships. It is an important factor and a practical matter that requires much thought.
And because it is hard to guarantee financial security at this time and age, much of people’s fears are money-related. Specifically for women who often have to juggle many roles and are a tad more emotional with regard to the topic of money handling. Here are some common money-related fears and how to cope with them.
1. Fear of Running Out of Money
Like any kind of fears, the best way to cope with this is to avoid situations that are likely to put you at that exact position – of being poor. Save, save, save. And cut unnecessary spending as much as possible. It is best to always be on top of your cash flow and review it regularly, not just on occasions when you suddenly need to pay for something up front. Also find time to consider and update insurances as finding your self destitute is sometimes caused by unforeseen changes in circumstances whether it be job loss or death.
2. Fear of Money Talks
It is a fact that people rarely share their current financial situations with relatives and friends for fear of being judged. Yet acknowledging when you need help or friendly advice or striking up conversations about this matter can be very helpful. Keep in mind that real friends will care for you no matter what and sharing with them your money concerns will allow them to understand your behavior and life choices. Likewise, many experts agree that shielding the family from the truth may be harmful in the long run. Explain to children why you need to cut back on some expenses and you’ll be surprised how understanding they can be. They can even be proactive in their own ways and help you out on money management. So do not afraid to speak up and let out your feelings about money. It may be therapeutic.
3. Fear of Not Sharing Enough
In some cultures, people feel obligated to share their wealth and income to relatives and family members. This self-imposed duty can often be a burden especially if you just don’t have enough to share. This added stress on an already difficult financial situation is hard to get over with especially if the expectation has been planted for a long time. This can be best addressed by being honest and upfront and not agreeing to commitments that you know you cannot pull through. Yes you may put some people down now but remember that you and your family must always be the priority and jeopardizing your situation for the sake of other people’s satisfaction, who will just be fine anyway, can end you up in exactly the same place you fear most in #1.
Acknowledging your deep-seated fears can be grueling but beneficial in the long run. Realizing how the fears have a huge impact on your financial choices is a good step on how to make changes that will save you. So go ahead and face your fears before they tale you down to financial troubles.