6 Financial Demons And How To Exorcise Them

If you keep trying to save money and failing, there’s a good chance you’re possessed… by “financial demons,” says Kiplinger. Here’s a list of six common ones and how to exorcise them, before your credit rating goes all Linda Blair on you.


  • Procrastination – No matter how much you learn about how get your finances on track, something makes you hold back, and despite your best intentions you never take action. We’re glad Kiplinger listed this one first, because it’s the sneakiest and consequently hardest to fight. And it’s not a trivial issue that can be fixed with better scheduling; if you’re a procrastinator, read this article and start thinking seriously about how address the problem before it causes you any more harm.
  • Entitlement – It’s easy to confuse needs with wants, so always build in lots of cooling off time before making purchasing decisions.
  • Ignorance – Spend some time learning the basics of finance!
  • Fear – If you’re afraid of losing your money in an investment, you’ll never invest it, which is a guaranteed loss against inflation. Kiplinger advises you take baby steps at first until you grow more comfortable with risk.
  • Exhaustion or Indifference – It can be a lot of work managing your finances, unless you learn to take advantage of things like automatic payments, online services, even spreadsheets. Don’t try to do it all by yourself or you’ll risk burning out.
  • Jealousy – Don’t compare your financial situation to friends. Just don’t. You don’t know every secret about their debt load, income, financial education, etc., and you’ll never get an accurate reading of where you stand if you’re constantly judging yourself against others.

“Exorcise Your Money Demons” [Kiplinger]

RELATED
“Procrastination: Ten Things To Know” [Psychology Today]
(Photo: Getty)

Comments

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  1. gniterobot says:

    If I judged myself by all the geniuses who have made millions and never carried a debt in their life in the comments I’d probably think I was the worst person alive.

  2. kimsama says:

    Speaking on behalf of all procrastinators everywhere, I have to say that the article from Psychology Today on procrastination looks helpful…I think I’ll read it later.

  3. SOhp101 says:

    @gniterobot: Controlling debt is an essential part of life, whether you’re rich or poor.

    Managing finances responsibly is about educating yourself and maintaining some discipline. Get good at these two things and you’ll have no problem controlling your financial demons (easier said than done).

    No one else will make your money grow as well as yourself, because you have complete vested interest.

  4. theblackdog says:

    @SOhp101: It’s like Suze Orman says, you control the money, it does not control you.

  5. gniterobot says:

    @SOhp101: I am in fine standing. But like most college grads I’ve made a lot of mistakes.

    My comments were about those who seem to have never made a financial mistake in their life and always have harsh words for the articles about the kid who owes a couple grand for buying too many burritos.

    Really I am just agreeing with the article. When I was climbing my way out of debt it was hard to listen to everyone go on and on about how well they are doing, it makes you think you’re an idiot since you got yourself into the mess. But it turns out, behind closed doors, most people have made similar or worse mistakes.

    I actually never had much trouble, but mostly because I had a lot of help in school from family, but I could imagine that if I didn’t have that help that things would be really tough for me. So I have a lot of sympathy for grads with big debt.