Don't Let These Money Fears Spook You

Goblins and poltergeists have got nothing on foreclosure notices and layoff memos when it comes to fright factor. But you needn’t be paralyzed by potential money problems. Instead you should anticipate possible meltdowns and plan coping strategies.

Financial Highway lists seven common money fears, as well as ways to deal with them.

Here’s a sampling of financial hang-ups and how to deal with them:

*Fear you’ll never have enough money — You’re probably right, so focus on living within your current means rather than breaking the bonds of your budget and piling up debt.

*Fear of losing your job and not being able to generate income — Sketch out a plan for what you’d do if you lost your job today. The confidence in knowing all would not be lost if you got canned should reduce your stress level.

*Fear of talking about money — Start by bringing up financial issues to those you trust the most. You might find they have more in common with you than you thought and can offer valuable insight.

What money fear keeps you awake at night?

7 Most Common Money Fears: How To Overcome Them [Financial Highway]


Edit Your Comment

  1. Thyme for an edit button says:

    Fear of not finding work in my field when my student loans enter repayment. Fear I got my degree for nothing.

    • sponica says:

      My first degree was worth it, my second not so much…and boy has it been one expensive lesson. I sure do love being almost 27 and living at home for the first time since high school.

      My advice to you is start gaining whatever practical experience in your field that you can. If it’s a field that requires licensure, make sure that the license requirements are similar enough from state to state that you can get a job in a state where you didn’t go to school.

      • Thyme for an edit button says:

        I’m 30 and back at home so I hear you. I work two volunteer jobs that give me practical experience so that is good and I enjoy the work. If I don’t find a job in my state, I am planning to take another state’s licensing exam next year.

    • Anonymously says:

      Hopefully it’s not a Masters of Library Science, because yeah, your fears may come true.

  2. Big Mama Pain says:

    “Fear of having too much money”

    You have to be kidding me, right? Cursory look at this site, seems like a shitty blog site created to sell ads, from Canada, with soft/lame articles like this one. If you have a fear of having too much money, just go ahead and give it me. Problem solved.

    • whatdoyoucare says:

      Perhaps you need to take a second look. If you notice directly above the “Post a Comment” area you will notice a rectangular notice which reads, “We Don’t Take Ads! Support Independent Blogging.”

      • Big Mama Pain says:

        Perhaps you should go look at the site they are supporting, which is supporting itself quite well with ads (in fact, my whole point was that was the ONLY reason the blog site existed).

      • SecretAgentWoman says:

        She is talking about the site linked (which has plenty of ads), not this site. It’s you who needs to take a second look.

  3. FrugalFreak says:

    fear of capitalistic America eliminating and not bringing back jobs so more minimum wage jobs become necessary. There comes a time when we will have to stand up and say NO and demand more & better jobs with benefits like they eliminated.

  4. jesusofcool says:

    For me, fear of not making enough to be able to save for major life events big things is bi. I’m confident that I can live within my means and get by no matter what and I always have a small savings, but I worry about having big money in the bank for major things or retirement.

  5. JixiLou says:

    Most of my money fears are house-related. I lay awake at night wondering how the hell we are going to save enough to eventually replace the 50-year-old windows falling out of the front of our house, how are we going to get another year out of our failing boiler.

    I’m crazy worried about my husband losing his job, but we’re now aggressively saving for a rainy(er) day.

    • HogwartsProfessor says:

      I hear ya on that one. My whole bathroom needs replacing. Not gonna happen. I need to do it before I can sell the house and get the frack out of this hellhole.

      Oh and afraid I’ll never get the frack out of this hellhole.

  6. Scribblenerd says:

    Fear that the bank will go through with the foreclosure.

  7. Scribblenerd says:

    Fear that the bank will go through with the foreclosure.

  8. humphrmi says:

    Fear that I won’t find a job before my savings runs out.

  9. RavenWarrior says:

    Nice usage of the Pac-Man board game, Consumerist.

  10. asten77 says:

    haha, I had that pacman game. It rocked!

  11. FrankReality says:

    The biggest fears I have are:

    a) losing my job and not being able to find another in my field (IT) because of widespread age discrimination. I’m in my upper 50’s.

    b) the federal government or my employer changing policies such that my retirement is jeopardized (e.g cutting my pension, cutting or means testing social security or taxing investments) and not having sufficient time to make up what I’ve lost.

    c) my 29 year old son not being able to find work. He’s been out of work 7 months. My other son’s crushing education debt.

    d) complete collapse of the US economy due to skyrocketing spending and escalating debt.

    • ParingKnife ("That's a kniwfe.") says:

      The US economy did not collapse due to spending. That makes no sense. The deficit and the economy are two different things. In terms of size alone the economy dwarfs the deficit by magnitudes.

      Debt, now that’s another story.

    • Loias supports harsher punishments against corporations says:

      You might want to check on laws regarding pensions. I believe a company cannot legally eliminate your pension without grandfathering those who would be affected by it. My current company dropped their pension about 5 years ago, but everyone employed at that time kept the pension. They could not legally take it away from you, they could only not offer it to new employees.

  12. Conformist138 says:

    Fear that I will be forever trapped in a near-minimum wage job that will never allow me to have a family without the need for government assistance.

    Fear that having a child someday (normal biological desire) will come with judgments about my character because my perfectly legit full-time job isn’t “good enough”.

  13. peebozi says:

    Fear that the banks and other corporations own our government from behind the scenes, using the crooked politicians to undermine and sellout America by moving jobs overseas to pay wages and provide working conditions that challenge even the most hardened criminal’s sense of right while also transferring corporate income bases to countries with favorable US Tax Evasion customs and/or to countries with an ingrained hatred of America (halliburton).

  14. Keter says:

    Obviously the writer of this article has never been a member of the working poor. As in regularly running out of food, reality-based fear of becoming homeless despite working hard, unable to afford proper clothes for work…dirt freaking poor. I spent more than a decade that poor, am close to it now, and I will ALWAYS be money-fearful.

    1. I know I won’t have enough money to retire because I couldn’t make enough to eat and save for too many years, so I will have to work until I die, or die under a bridge. I wasn’t able to get a credit card until I was 40 because I didn’t make enough money to qualify for a real one, and knew better than to go high-interest/fee. I did have to resort to a couple of rip-off loans when emergencies came up because there’s nothing reasonable out there to help the honest working poor.

    2. I know exactly what I would do if I had plenty of money – I have a plan ready to go if I get a windfall.

    3. I understand money, and I am responsible with it. I almost never get ripped off, and never when I had any other option.

    4. After I caught a long-term SO stealing from me by charging me more for a bill than was actually due and keeping the difference, I pay all of the bills and don’t combine finances with anyone, not even my current husband.

    5. My identity is not money-based except a little bit of shame when people ask me about where I’ve traveled, what I’ve done on vacations, or want to engage in a conversation about investments, because I’ve never had enough money to do any of those things.

    6. I saved up and bought a house, and six months later the dot-bomb burst, and I spent 14 months unemployed and had to use the money I had intended to use to fix up the house to survive, so it’s still a “fixer”. I never regained proper full-time employment after that, and with this recession, ended up having to go into business for myself when I could not find a job that would pay my few bills. So I, and a lot of my highly skilled, very experienced, but older friends lost our jobs when they were sent overseas and now we’re encountering age discrimination – and that’s a very real reason for fear.

    7. I do talk about money, in the right situations.