Everybody fears something; snakes, heights, germs, closed spaces, being alone, or even money. It can be a bit surprising, but over half the population actually has a fear of money, though many will not admit it. Unfortunately, financial fear can be more self-destructive than any other type of fear. In fact, money fears destroy marriages, relationships, and prevent people from achieving personal goals and objectives in life.

What is financial fear?

Financial fear isn’t the fear of money itself, but rather the fear of being unable to manage money correctly leading to financial difficulties, such as debt and bankruptcy. There are many types of financial fear. There’s fear of investing money, fear of losing a job or a means of income, fear of getting into debt, and even the fear of balancing a checkbook incorrectly.

Many people have one or more types of financial fear. Not everybody has an investment mentality, an ability to find other jobs quickly, or the ability to manage their debts. It’s normal to have some type of money fears. What’s not normal is when you let those fears dictate your life and prevent you from achieving financial security.

Three methods to overcome financial fear

Practice being confident with your finances. Instead of automatically shying away from investment opportunities or tracking your financial situation, start by being confident with your finances.

How do you develop confidence?  Increase your knowledge, improve your posture, and develop a positive outlook. Find out how successful people manage their finances and believe that you can be like them.

Create a backup plan – One of the reasons why many people are afraid of money is that they do not know what to do should they get into financial trouble. Always remember that money issues are a part of life and they are easy to fix as long as you have a plan. For instance, if you’re afraid of losing your job, start increasing your skills to make yourself more marketable. When you have the necessary skills to fall back on, you’ll no longer fear the much dreaded pink slip. Also, create a savings plan so that you won’t have to worry if you are out of a job for a while.

Learn to manage risks – The fastest way to conquer your financial fears is to learn how to identify risks and manage them. For example, not putting all of your eggs into one basket is an example of managing risk. If you plan to invest, know what you can afford to lose and when to cut your losses.

Free yourself from financial fear today

Don’t let financial fears prevent you from improving yourself further. Start eliminating them today. A coach can help you to overcome your fears and get you on track.