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How To Overcome The Fear of Losing Money

Fear of losing money

Fear is an all too familiar emotion to all of us. You fear leaving a bad relationship, fear losing your job and you dread losing your health and sense of identity. It doesn’t end there. Fear brings about worry. You worry about what people will think of you, losing the people you love, missing out on opportunities…

And, when it comes to making financial decisions, fear plays a big role. In fact, it ranks second to greed. But, you don’t have to allow fear to interfere with your money decisions. 

 

Three Ways To Overcome Fear

1. Start saving

When you’re not saving some of the money you’re earning, you fear losing it. This is especially true when your primary source of income is your job. The only good thing about this fear is that it shapes your work ethic. However, it makes you work extra hard. You take on too much work and are afraid to ask for a raise. You start a career because it pays well, not because you like it.

Not having a stable income can be scary. So, if you start saving, that emergency fund can lessen your fear and help you take more career risks.

2. Stop worrying and start living

Ask yourself what you’re scared of losing. The fear of spending too much can get in your way of making progress. It can leave you using a phone held together by rubber bands and sellotape. This fear boils down to one thing: not having enough money. However, you need to understand that money represents opportunities and freedom. It should’t be a source of worry you associate with “insufficient funds.”

To overcome this fear, you need to understand how money motivates you.  You need to start focusing more on your financial goals than your budget. Recognize your weaknesses and when you’re undecided, think about the reason for your spending.

3. Invest your money

Investing, for most people is intimidating and confusing. Some people think of it like playing the lottery. However, if you want to build wealth, you have to increase your income. And, the best way to do this is by investing. It’s time to start learning how this investing stuff works. Once you’re informed, you’ll soon realize how easy it is. How we choose to see things dictates how we experience them. 

Fear is good – only in the beginning. You work harder and save. But after that, it becomes a hindrance. So, why are you afraid of losing money? If you allow fear to dominate your decisions, you’ll only miss out.

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