5 emotions stopping you from taking control of your finances
Money matters aren’t the most interesting topic to get your head around but there’s no doubt it’s a very important one to get right in life. But for many people, it’s one of the hardest things to do. We become masters at avoiding our finances, and we don’t have to tell you that’s not the way to go about things. Here are five key emotions that stop many people from taking their finances in their control.
1. Fear
When it comes to addressing finances, a common emotion experience by many is fear. When things feel overwhelming, like they’re too hard to change, many people then decide they have to “settle” with their lot in life. But if you don’t do anything nothing will change.
2. Anxiety
So you’ve decided you need to start somewhere but when you begin, there’s just so much to plan, manage and organise. With so much to do, the anxiety levels rise and you end up doing nothing. But remember, the sooner you get started the better the outcome will be. Talking to a professional might help as well, whether that’s a counsellor to help you deal with your emotions towards money or a financial advisor to push and advise action.
3. Boredom
Look, we get it money and finances aren’t the most exciting topics to wrap your head around. When it comes to money matters it’s common to become bored, which often leads to procrastination. But inertia and compartmentalising the problem won’t make the issue go away. Make a plan, a realistic one, and stick to it. If you don’t have any type of plan, it’s easy for things to be forgotten (or ignored).
4. Distraction
Ever found yourself looking at your budget but soon you’re making plans for the weekend or your next holiday? There’s no doubt there’s many more activities that are more enjoyable – and easier to plan – than your financial future. However, set yourself (realistic) goals and make yourself accountable.
5. Frustration
With news of rising property prices to cuts to pensions, the state of the economy often doesn’t leave one with a very optimistic outlook. But there are always things you can do to turn things around. Blaming, denial or anger are strategies of avoidance so learn what you can change and what you can’t, and change the things you can.