As much we take care of physical health we must also take care of our financial health because if not properly taken care of it can affect your physical likewise your mental health.
Firstly, stop procrastinating. Start focusing on your financial health today. They said the easiest way to overcome your fears is to face it. Start moving slowly to learn and understand your financial plan.
You can identify your goal. Know where your money is going and why. Establish a money vision and set realistic goals to achieve it. Probably you want to build your own house or increase your your standard of living etc. Identify where you are financially and where you want to be, then you can create a plan to achieve it.
Secondly, many women get too comfortable knowing there’s a strategy in place without taking the time and effort to understand what that strategy is. Don’t invest or make financial decision without knowing what it entails. Seek out information. It’s essential because it build your confidence around your finances and improve your financial literacy. If you don’t know where to start, you can start by reading an article or two on personal finance topics that interest you or listen to a podcast about money. If you’d prefer to work with someone in person, you can choose to work with a variety of financial professionals.
You can even hire a money coach. Just make sure you get references, review the background of the person you choose to work with and ask about how they make money.
Thirdly, if you’re worried about getting into debt or coming out of debt, you can begin with making a list of all of your income sources and monthly take-home pay, and all your debts. If you’re living paycheck to paycheck, you want to close the gap between your income and expenses. Start by tracking your spending for at least a month. Then, create a budget prioritizing saving – even if you can only save a small amount to start.
When you look at how you spend every amount, there’s a good chance you’ll see places where you can easily cut back on your spending.
Furthermore, in case you’re worried about losing your job, preparing an emergency budget and having an emergency fund to cover at least 3-6 months (or more) of expenses are the first things you should do to overcome your fear of losing your job. It’s a mistake to think you can find another job quickly unless you have a substantial amount of money saved.
When it comes to your career, try to attend professional development opportunities and conferences to grow your knowledge and skills. Take advantage of networking opportunities when possible. Review your resume and make sure it is up to date. Also, this is a good time to reflect. Would other people say you’re a difficult colleague to work with? Make attitude adjustments if necessary. Consider how to build multiple streams of income while you are still working. If you’ve thought about starting a business or buying a rental property, the income you’ll earn can reduce the stress you’ll feel if you lose your job.
Also, Discussing money with partner/ husband. While you may intuitively understand that open conversations with others about financial topics are beneficial, taking the initiative can be difficult. When it comes to money discussions with your partner, it can be even harder. But if you’re in a relationship you see it continuing, then it’s time for the financial discussion.
If you envision picking out rings soon, are already engaged, are wanting to become roommates, or buy a house together, you absolutely want to start the money conversation now to avoid potentially significant financial problems. Initiating a conversation about your finances with your partner might be difficult at first, but it will be a whole lot easier now than later.
Start by scheduling a “money date” with your partner and create a list of topics to discuss. Cover what you can in the first discussion and then plan future money dates to cover additional questions or update answers to previous ones.
Here are some questions to help you start:
Do you consider yourself a spender or a saver?
Do you have any debt? How much?
What is your credit score?
Do you pay your credit card balance in full every month?
Have you ever experienced bankruptcy?
Do you have a savings account or emergency fund? What will you do in a financial emergency if you don’t?
Do you follow a budget or track your expenses?
What are your short and long-term financial goals?
Do you want to rent or own a home?
What’s the best financial advice you’ve ever heard?
How do you measure your financial success? etc.
Normalize the topic of money by having regular financial check-ins.
Continuing learning about personal finance and growing your financial prowess together. Maintaining an open money dialogue with your partner keeps you on the same page, and prevents major financial surprises.
It can motivate you to improve your finances and work toward specific financial goals together.
Lastly, getting sick or hurt and unable to work fears, you think this fear is irrational. Whether you have sick days at your job or not, it can be financially devastating if you or a family member have a severe illness or injury. You might be able to cover your expenses for a short time, but the longer you’re out of work, the more difficult things will get. This is another example where having a substantial emergency fund is critical to your financial health.
It’s hard to put money into an account you hope you’ll never use. But your future self will thank you if you or a loved one gets sick or injured, causing you to be out of work.
Sick leave may cover your salary for some time, and some employers offer some level of disability insurance as part of their employee benefits package.
But don’t assume you have coverage. If the illness or injury happens at work, you may be entitled to worker’s compensation benefits. While it may be expensive, consider purchasing private disability insurance to minimize your risk and protect at least a portion of your income.
Consistent reinforcement of these ideas increases both financial understanding and confidence to overcome money fears.