Don't Let the Fear of Destitution Define Your Money Habits

By Sarah Carlson, CFP®, CLU®, ChFC®

Many women have allowed their fear of destitution define their money habits. It's no secret that money is a major source of stress for many people. The fear of not having enough money can be paralyzing, and it can cause people to make some pretty poor decisions when it comes to their finances.

If you're someone who is constantly worrying about money, it's time to take a step back and reassess your relationship with money. My upcoming book, Facing Financial Fears, will go into depth about achieving financial freedom.

Here are a few quick tips to keep in mind to help you with your financial fears:

1. You Won't Become Destitute Overnight

No matter how dire your financial situation may seem, it's highly unlikely that you're going to become destitute overnight. If you're currently employed and bringing in an income, you have a safety net that can help you weather any financial storms. It is never too late to get started in changing the course of your financial future. Financial security is gained one step at a time, even small steps can help you towards your financial destination goals.

2. Worrying Won't Solve Your Financial Problems

If you're worrying about money all the time, it's important to remember that this won't actually do anything to improve your financial situation. In fact, all that worrying is likely to make your financial problems worse and affect your mindset of financial security. By acknowledging that money is a source of shame is an important first step for you to acknowledge the problem and then start to work on the problem and not in the problem.

3. You Need to Take Control of Your Finances

If you're constantly worrying about money, it's time to take control of your finances and put yourself in a better position. This may mean creating a budget, cutting back on expenses, or finding ways to increase your income. Do you know where your income is coming from and where are you choosing to spend it? Do you make a list and game plan before you go shopping? Do you know how much you owe and how much you spend for the privilege to continue to owe this debt? If you don't know, you should know. I can show you how.

4. You're Not Alone

It's important to remember that you're not the only one who is struggling with money. There are millions of people all over the world who are in a similar situation. You're not alone in this battle. Come join my community of people just like you who are ready to take that step to a future of financial comfort.

5. Help is Available

If you're struggling to get a handle on your finances, there is help available. Our team of Spokane Financial Advisors can assist you in getting your finances back on track. Don't be afraid to seek out help if you need it. There are so many skilled professionals who have the experience, knowledge, and perspective that can help you think differently about situations. Too many times we get stuck in a series of behaviors; a new perspective can help you change those behaviors.

Conclusion 

Don't allow the fear of destitution define your money habits. It can be tough, but it's important to remember there is a way out. You can get your finances back on track. If you need help, don't be afraid to seek it out.

Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.

All investing involves risk including loss of principal. No strategy assures success or protects against loss.