Is Financial Fear Holding You Back From What You Want?

This is possibly the biggest fear that can keep you tossing and turning at night because again, it’s linked to your survival. If financial fears get out of control, they can develop into an obsession with money or breed toxic emotions like envy or jealousy of people who are wealthier.

Financial fear takes on different forms and shapes depending on your circumstances. You might be living from paycheck to paycheck and barely able to make ends meet. You could be struggling to pay off a student loan or keep up with your mortgage payments.

Unexpected medical bills may be eating away at your savings, or you may worry about not being able to save at all. You could be worried about your partner’s overspending or how you’ll manage if you lose your job. Financial fears are very personalized, but they all revolve around one thing – financial security.

Financial fears are very valid but again, we often tend to let them take over our minds and keep us in a perpetual state of worry and anxiety. Even people who are financially secure may develop an obsessive fear of losing all they have. In extreme cases, this type of fear can become a phobia.

How it holds you back

Financial fear is a major stressor because it usually plagues you most of the day (and night) rather than in a specific situation. So, its first impact is going to be on your health. High stress levels will keep you feeling fatigued, lifeless, and demotivated.

Your immune system becomes weakened, leaving you more open to illness and just poor health overall. Mentally, financial worries can lead to depression, chronic anxiety, and isolation.

When you’re not at your best physically and mentally, everything in your life suffers. What’s worse, financial fears can keep you trapped in a negative cycle where it’s very difficult to think clearly about solutions – much less act.

Action Steps

Here are 3 quick action steps you can take to stop financial fear from holding you back.

Save

Financial experts recommend putting 10% of your income into a savings account. $10 out of every $100 is a negligible sum and you’ll hardly notice the deduction. However, in a savings account, those small sums very quickly accumulate and can become very substantial over time.

A great idea is to create a separate emergency fund and divide savings between that and your regular savings account. That way, you have something put aside for emergencies like appliances or cars breaking down and other unexpected expenses.

Stick To A Budget

If you stick to a budget and cut down on unnecessary expenses (three cable TV subscriptions and gourmet ice cream are not essentials!) you should be able to live well within your income and put something towards your savings as well.

The thing with budgets is that people seem to think they’re made to be broken! So, be firm and keep a strict eye on overspending.

Create New Income Streams

There are dozens of ways to make extra income online with no cost or very minimal investment. You can set up two or three of these income streams at once. This can easily be managed in your spare time and some have the potential for making very decent money.

Consider affiliate marketing, dropshipping, posting YouTube videos, or publishing an eBook on Kindle. None of these schemes require much experience and with dozens of tutorials on YouTube, you can easily set up your chosen income stream.

These are just a few of the ways that you can make some extra money with very little effort. Now, this income won’t be very big but it will certainly come in handy when you need some spare cash.

Note: These strategies are not going to make you rich overnight or solve all your financial problems. However, they’ll provide you with a small safety cushion that will significantly alleviate your financial fears and give you some peace of mind.

More importantly, these little security nets will relieve your financial anxieties, allowing you to focus on bigger solutions to improve your financial situation.

Closely linked to financial fear is the fear of security, so let’s take a look at that in this article too.

Security Fears

Emotional security, job security, health security, and financial security are extremely important for our mental wellbeing and productivity. Security fears also play on your inner sense of self-worth and, in severe cases, can lead to inferiority complexes and social isolation.

How it holds you back

When you’re insecure in a relationship or don’t feel accepted by your peers, your self-confidence plummets. It’s a no-brainer that low self-confidence will affect the way you think and act in your career, personal and social life.

When you feel insecure in your job, the fear of making mistakes causes you to box yourself into your job role and do only what’s required of you. You’re not motivated to be creative or innovative or put in more than the minimum effort. What’s the point if you think you’re going to lose your job anyway?

Health insecurity may be a result of guilt because you know you drink too much, eat unhealthy food and are just careless with your health. It may be due to a history of family health issues as well. As for financial insecurity, we’ve discussed how it can drag you into a cycle of anxiety and worry that stifles your ability to be your best.

Action Steps

Here are 6 quick action steps you can take to stop fear of security from holding you back.

See A Financial Adviser

If financial security is preying on your fears, a financial advisor can help you in many ways. He’ll look at your income and expenses and help you create a suitable budget. He’ll suggest investments and other ways to generate more wealth.

A financial advisor will also guide you towards the best way to manage debts if you have them and suggest effective ways to curb overspending. If you’re feeling a bit lost and confused, an expert opinion can dispel many of your financial insecurities.

Financial advisors aren’t just for rich people! They’ll work with anyone including people who are struggling financially, as well as people who are feeling financially insecure. It’s an investment worth making if your insecurity is holding you back.

Foster Relationships

First and foremost, get out of abusive or destructive relationships immediately. They don’t just hold you back but drag you down to a very bad place – you deserve better. The same goes for exploitative friendships and associations with people who are overly negative and critical. Phase them out of your life.

Next, work on the relationships that really matter to you. Nurture and foster relationships with family, loved ones and supportive friends. Your love and support will be reciprocated in full measure.

Strong, healthy relationships greatly strengthen your emotional security. You know that these people can be counted on to give you support, encouragement, and love you for who you are.

Have A Strong Support Network

In addition to your great relationships, having a strong peer network can be very effective in dispelling emotional insecurity. This can be a peer group related to your career, special interest, or causes you’re passionate about.

Exchanging ideas, sharing experience, and being part of an active peer network can provide you with immense support and encouragement when you need it.

Live Healthily

No further explanations are needed here. You know what you’re doing right or wrong health-wise. Take care of yourself!

When you’re healthy, you feel it. In fact, you feel great.

Knowing you’re doing your part to stay fit boosts your confidence about your health.

Up Your Expertise

Quell your job insecurity by staying at the top of your game. Keep growing and learning as much as you can to expand your scope of expertise.

In the case that you do lose your job, you know that you’re perfectly qualified to find a better one!

This can give you a real confidence boost as well as peace of mind, plus this may also help you to perform better in your current role as you are now more relaxed about the future.

Nurture Your Emotional Health

Practice your faith or take up meditation to boost your emotional resilience and inner tranquility. Spiritual practices of all kinds are great for building strong emotional health.

When you’re emotionally strong, you’re better able to confront your fears and address them rather than let them take control of your life.

As you can appreciate, changing the way you think can have a huge impact on your life, and if you want to know more about developing an inspirational mindset for success, please click on the featured resource below for a free Strong Mindset report; download, read it and take action 😊