Conquering your money fears
By Eliazar Babu
There is a lot of fear surrounding the way we feel about money and the subsequent consequences of our relationship with money.
According to HuffPost, money has been identified as the number one
stress trigger for the 8th year in a row by the American Psychological Association (APA).
When it comes to money in relation to our families, businesses, friends, and even society, many people worry about not having enough to survive.
Also, not having enough to measure up to the lifestyle of our friends or peers and the fear of failing in business or not being able to afford the lifestyle one has been accustomed to then losing it all and becoming dependent on others.
Most Kenyans are just one paycheque or an unexpected expense away from financial disaster and the Covid-19 pandemic has clearly revealed the harsh reality of this fact.
Most of us are a paycheque away from poverty and we cross our fingers each day hoping that we remain healthy so we do not need to
fundraise for medical bills.
We just make enough to keep body and soul together.
Ultimately, how we behave with money is deeply rooted in how we think about money and fear can be a very crippling thing; it can repress your ability to take action in order to achieve your goals.
It is worrying about something that has the possibility to occur in the future. Unfortunately, this fear can be paralyzing.
So sometimes instead of confronting and facing our money fears, we hide from them and avoid them.
Confronting our fears is always the right step toward conquering them. What you deny or ignore, you delay; what you accept and face, you conquer.
We must realize that fear is a feeling, not a fact; we can
get over it.
At the end of the day, we are all afraid of something but the difference between successful people and average people is that they acknowledge their fears and don’t let fear overcome them or stop them from achieving their goals.
Here are a few tips on how to conquer your money fears
1. Make a list of all your money fears.
2. Think about why you have these money fears in the first place. It might be rooted in money habits that you already know are bad for your finances. For example, having expenses that are so high they inconsistently exceed your income each month, so you know it’s not sustainable and there’s a voice in the back of your head that tells you are living beyond your means, hence the fear of not being able to maintain your lifestyle.
3. Make a plan to counter each fear. The reason we usually allow fear to take over is that we don’t have a plan and are uncertain of what will happen in the future. There is nothing that gives you confidence like having a detailed plan to conquer that uncertainty.