This is not a topic that many of us want to talk about, nor do we want to face it until it is too late. We know we have money trouble or financial problems, but we pretend like they don’t exist. Why are we afraid to look at our personal finances?
Why are we afraid to look at our personal finances? Why?
This is a problem that I (yes, yours truly) have dealt with from time to time. I am not perfect, and I am here to tell you that you can overcome this fear of dealing with your personal finances issues.
The truth is that when we know we are not doing so well with our monthly budget, we tend not to look at our personal finances because of fear.
Why? The truth is that we are afraid to look at them because WE KNOW we are slacking. There are many other reasons why we are afraid as well, and it is not just me, but many others as well. This is why I wanted to talk about this and be as open as possible with you all.
If you don’t know if you are afraid of facing what the reality of your finances are, then ask yourself these questions:
- Do you look at your bank account at least weekly?
- Do you avoid looking at your credit card bills?
- Do you avoid creating a monthly budget?
The truth is not pretty, and it does hurt; believe me. Being truthful to yourself is key to taking charge of your finances. This is in no way meant to punish you and make you feel bad about yourself.
Millions of people are in denial about their finances and afraid to look at their own personal finances.
If you live worrying and in fear of your personal finances because you know you are overspending, you know yourself that you are afraid to look at your personal finances. I know this because I lived it!
- I have lived paycheck to paycheck.
- I have overspent my money.
- I have lived the make-believe world of having money!
- I had gone through some difficult times, and the last thing on my mind was money.
Ignoring your personal finances NO ES BUENO! Is not good!
Check out these money posts:
- 3 Reasons to Help You Budget Without Struggling
- The Best Personal Budgeting Templates
- If You Act Like This, You Are Not Wealthy, You Are Broke
Ignoring your personal finances will hurt you!
Deep down we know that this is wrong and it is going to hurt us, so why do we do this? Why do we ignore and avoid looking into our own personal finances?
Fear
We fear what we are going to find when we take a deep look at our personal finances. We don’t like to face the reality that we are out of control and need a reality check when it comes to our finances.
To take control and fix our finances we have to get rid of this fear.
We have to accept responsibility and face reality.
Laziness
Believe it or not, laziness is part of it. People are just simply in a rush to do things, and the thought of sitting down and looking at their personal finances is just too much work.
Afraid of numbers
You might think that this is funny, but many of us find numbers intimidating. Some of us are just not good with math, and others are afraid of technology. You might think this is funny or dumb, but it is the truth.
So what will happen if you continue on this path of avoiding your finances?
Continuing to ignore your finances will hurt you more than you might think. You are digging yourself into more debt and you will not be living a financially stress-free life. When you ignore your personal finances, you are more likely to:
- Get into more debt
- Pay more fees
- Pay more interest
- Waste more money
Yes, by being afraid to look at your personal finances, you are going to pay more; way more! You might even have fraudulent transactions, but because you don’t even look at your personal accounts, you would never know.
Everyone hates dealing with their own money problems. The majority of people are so afraid of them that they don’t even talk about money. Worrying about your finances and how bad they are can cause:
- Stress
- Marital/Relationship problems
- Get you into more financial troubles
You need to understand that you when it comes to getting rid of looking at your personal finances, you are not alone!
Seriously, you are not alone at all!
To overcome this fear of looking at your personal finances, here are some helpful tips to help:
- Look at your bank accounts at least once a week.
- Create a budget
- Create financial goals
- Open your credit card bills
- Open all your bills for that matter
- Get help from a professional if needed
Start doing this as soon as possible and start taking control of your money!
Conclusion
Being afraid to look at our personal finances is something that we all fear at some point in our lives. We know that once we look, reality will slap us in our faces. As bad as this may sound, sometimes we need a good reality check in order to get us back on track.
Once you overcome this fear, you will be able to start having control; not only of your finances, but of your life as well. I am writing from experience and can tell you that you can overcome this.
Have you ever been afraid to look at your personal finances? What were your reasons? How did you overcome this fear? Why do you think we are so afraid to look at our personal finances?
FAQs
A fear of money can be caused by many things, including a lack of financial education, past financial trauma, and negative money messages you learned as a child. The first step in addressing your fear is reflecting on the root cause, either alone or with the help of a financial therapist.
Why do I worry about finances? ›
Anxiety about money frequently stems from the fear of not having enough to provide for these needs, the uncertainty of the future, or past experiences of financial instability, such as debt, job loss, or poverty. This anxiety can also be fueled by societal pressures to achieve a certain standard of living.
Why do people struggle with personal finance? ›
The reasons that most people struggle financially will vary on the individual case but can include a lack of financial literacy, a scarcity mindset, self-esteem issues leading to overspending, and unavoidable high costs of living.
What is the fear of financial insecurity? ›
Financial anxiety is a feeling of concern, discomfort, or fear caused by financial issues such as debts, expenses, revenue, investments, savings, or adverse economic situations.
Why are we afraid to talk about money? ›
Our relationship with money often is shaped by personal experience and beliefs that were ingrained in us from a young age. Many of us were taught that money is a private matter that should not be discussed openly. Some may even consider it disrespectful to ask about someone's financial situation.
Why am I so afraid of money? ›
Chrometophobia can stem from a number of factors. However, the cause is believed to be a combination of psychological and environmental factors such as a lack of self-esteem, fear of failure, or witnessing a traumatic event involving money, like a robbery.
What is the biggest financial worry of most individuals? ›
Inflation Named Most Often by All Subgroups
Inflation is a more top-of-mind concern for middle-income (46%) and upper-income Americans (41% of those with an annual household income of $100,000 or more) than for lower-income Americans (31% of those with a household income of less than $40,000).
What is the fear of spending money on yourself? ›
Chrometophobia is an irrational fear that can make it hard for you to spend money or pay your bills, even if you can afford to do so. Being too scared to spend money can affect your health, relationships, overall well-being, and daily life.
Why is it hard to talk about finances? ›
It comes down to social comparison: “We assume that those who have a nice house, nice car, nice yard, nice whatever must know how to use money,” Ricupero says. And then we feel foolish that we don't have it all figured out, too. Social media has not done us any favors, she adds.
Why are people struggling financially? ›
The quick rise in interest rates, coupled with high levels of outstanding debt, helps explain the disconnect between economic indicators and how many Americans feel financially.
Educate yourself on ways you can manage your financial stress through breathing exercises, working out, meditation, drinking lots of water, sleeping more, spending more time doing the things you love, and being with people who make you happy.
Why do people get into financial difficulties? ›
And they may experience such problems because they've had an unexpected change in their personal or financial circ*mstances. For example, they may have lost their job or suffered an illness that has stopped them from working for an extended period.
What is financial anxiety? ›
Financial anxiety is persistent, often intense worry and fear over one's personal money situation.
What is the fear of money called? ›
Chrometophobia is an extreme, irrational and overwhelming fear of money, specifically of spending money. Someone with this phobia may experience intense fear, anxiety or panic at the sight, smell or touch of physical money or at the thought of spending money.
Why am I so financially insecure? ›
So according to the internet, AI, and randos, there are several reasons why I might be feeling broke. Financial stress: The most obvious reason for feeling broke is financial stress. If you're struggling to make ends meet, pay bills, or save money, it can lead to feelings of financial insecurity.
What is the phobia of finance? ›
Chrometophobia is an irrational fear that can make it hard for you to spend money or pay your bills, even if you can afford to do so. Being too scared to spend money can affect your health, relationships, overall well-being, and daily life.
What is the fear of having money called? ›
Spenders value experiences. For savers, reaching goals is more important. But if you have money-related fears—also known as chrometophobia—life can feel downright gloomy.
What is financial OCD? ›
This fear, like many other OCD fears, can become debilitating and significantly impact a person's quality of life. Fear of spending money or excessive frugality is sometimes known as Chrometophobia, a Specific Phobia related to money.
Is there a phobia for fear of spending money? ›
What is it? Chrometophobia – which comes from the Greek word “chermato”, meaning “money” – is an extreme, irrational and overwhelming fear of spending money, and sometimes of money itself. Sufferers can experience intense anxiety or panic at the sight, smell or touch of physical money, or at the thought of spending it.
