Maybe your heart skips a beat when bills and bank statements arrive. Perhaps you fear your identity will be stolen or you’ll lose your job. Or you’re facing looming questions: Have I saved enough? How do I create a budget and make it work?
Here are several common financial fears and how to face them this Halloween season—and any time of year.
I fear I may never get out of debt.
How to face your fear: The scariest part is identifying exactly how much debt you have and why. Once you’ve assessed your debt, devise a plan to pay off the largest debt first. If you need some help contact our financial advisors. We’ll help you come up with a plan to get you back on track.
I fear bills and bank statements.
How to face your fear: Bills and bank statements are unavoidable, but don’t live in denial. If you’ve gotten to the point of fearing bills and bank statements, you’re probably overspending. Cut back and don’t spend more than you make. Then build a budget and stick to it. We have tools and calculators to help you.
I fear my identity will be stolen.
How to face your fear: Be diligent. Monitor your credit reports, bank statements, and transactions. Sign up to receive text or email alerts from your bank or credit union if your financial institution offers this service.
I fear I haven’t saved enough for my future.
How to face your fear: The good news is that it’s never too late to start saving! Open up a 403(b) or IRA. Pay yourself first and stick to your budget.
I fear I will lose my job someday.
How to face your fear: Prepare in advance. Establish an emergency fund and stash away at least three to six months of living expenses.
Remember, facing your financial fears doesn’t have to be frightening. The key is to identify the cause of your fears and face them by taking action, making a plan, and being realistic about your situation. We can provide some guidance. Explore our financial planning service options and contact us for an appointment.