3 Common Money Fears And How To Move Through Them

So let’s chat about 3 money stressors and how we can move through them. 

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#1. There won’t be enough

Oooooohhhh. I KNOW you’ve felt that before. It’s a really crappy feeling. I get it...been there.  And to move out of this, we need to start doing some simple things to gain some perspective. 

FIRST know this:  Your thoughts create your emotions and your emotions create your actions. 

In short:  It all starts up in the noggin. 

How to move through it: 

When you experience that thought of “I don’t have enough” - immediately shift and look for all of the ways your life IS abundant.  Do you have shelter, food, a car to get to work? Get back to basics friend. This might sound woo woo, but most of the world lives on less than $3 a day.  We have plenty. 

#2. I don’t have money for an emergency

Friend, let me throw a statistic at you: only 40% of Americans can cover an unexpected $1,000 expense.  So...you are not alone.  

How to move through this: 

First, you need to have that basic budget so you know how much per month you can put towards a savings goal.  Putting this money in an online, high interest savings account or money market account is a great move. Online only banks are good because it usually takes a few days to get the money transferred so you are less likely to spend it on a whim.  BONUS! Then, be crystal clear on what that money would be used for. 

#3. I can’t see the light at the end of this debt tunnel

Again...I feel that. Here’s the reality - if you have a lot of debt, looking at those big numbers can be really overwhelming, but you would be shocked how a little bit goes a long way. 

How to move through this:

First, list out all of your debts, the interest rates and what you owe. Just do it and breathe. Those numbers can’t bite you.  Second, you need to have that basic budget so you know what you can put extra towards the debt. THIS IS IMPORTANT. We’re gonna pick one debt. Use this calculator and look at how long it will take you to pay off. 

Example:  Let’s say I have $10,000 on a credit card at 17% interest and I’m paying a minimum payment of $360. It will take me 3 years to pay it off (if I’m not using it).  If I pay an extra $40 towards that debt each month (making my payment $400). It shaves off 4 months. That might not seem like a lot, but reminder...you were paying $400 each month.  That’s $1,600 in your pocket. Add an extra $100 ($460) and you shave off 9 months …$3,600.  

Focus on one card and pay more than the minimum. Pay the minimum on the other debts until you pay one off.  THIS IS THE POWER OF ONE!

You.Can.Do.This. 

Let me know how these go for you.  If you want some more guidance, consider setting up a call with me to discuss Fierce Finances. 

I”m rooting for you! 

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