Financial fear is one of the biggest reasons people let their personal and business bookkeeping lapse. Just thinking about managing money can send shivers down the spine of the bravest souls. But why does peeking at our bank accounts or thinking about budgeting feel like we’re about to face the monster under the bed?

Understanding the Source of Your Fear

First off, know this: you’re not alone. Many of us are right there with you, breaking out in a cold sweat at the thought of sorting through receipts or calculating expenses. It’s like there’s a mental block that says, “If I don’t look at it, maybe it’ll just sort itself out.” Spoiler alert: it won’t.

The fear usually comes from a feeling of being out of control, worrying we’ll discover we’re not doing as well as we hoped, or not knowing where to start. It’s the adult version of being afraid of the dark—except what you can’t see can indeed scare you.

The Impact of Financial Fear

Living in fear of your finances doesn’t just keep you from checking your bank account; it can genuinely affect your mental and financial health. It’s a cycle of stress, avoidance, and more stress. But here’s the good news: just like turning on the light makes the monsters disappear, taking steps to understand your finances lowers your stress and your fear.

Strategies to Overcome Financial Fear

Education and Literacy

Understanding what you’re dealing with is the first step to overcoming fear. Start with the basics—there are tons of resources out there, from blogs and books to online courses, that can demystify the world of money. My website has a Resources page with lots of links to general financial support resources for Washington State and beyond.

Financial Planning

Creating a budget isn’t just about spending less—it’s about knowing where your money is going. What are your essential expenses? What are your financial goals? Sketching out a basic plan gives you a sense of control. Motley Fool is just one place that offers a free budget template as a download.

Professional Help

Sometimes, we need to call in the cavalry, and that’s okay. Financial advisors, bookkeepers, and coaches can offer personalized advice, untangle complex situations, and make a plan tailored just for you. Remember, seeking help is a sign of strength, not weakness.

Mindset Shift

Changing how you think about money changes how you feel about it. Flip the script and think of budgeting and bookkeeping as self-care. It’s not as fun as a massage, but it will help you find the money for it. Start each money management session by writing down 3 things you are grateful you can pay for.

Building a Support System

Ask for support from a person in your circle who seems to have their act together around money. Set an appointment to get started together and try to borrow some of their “no big deal” energy. Gather up some “money study buddies” from friends, family, or online finance communities. Sometimes, just knowing others are on the same journey can overcome your financial fear

Finally Facing Financial Fear

Unwinding your financial fears won’t happen overnight. It’s a process, and it’s okay to take it one step at a time. Start by acknowledging the fear, then gently challenge yourself to look at your finances, perhaps with a friend or a professional by your side. Each small step is a victory.

You’ve Got This

Remember, being afraid of your finances is more common than you think, but it doesn’t have to be your reality. With education, planning, and a little bit of courage, you can turn that fear into confidence. Your financial future is bright, and you have the power to control it. So, let’s turn on the light together and chase those monsters away for good.

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Note: This blog article is for informational purposes only and should not be considered legal, financial, or tax advice. Please consult a qualified professional for personalized advice tailored to your business needs.