Financial Fears to Forget
No one can predict the future (financial or otherwise), but it’s important to make a solid strategy to move forward with confidence. If you’re facing any of these financial fears, let’s work through them together.
- Fear of not saving enough. Avoid being one financial emergency away from a downward spiral. When you have a budget, you know how much cash you’ll have to sock away in a savings or retirement account after expenses are paid.
- Fear of debt. If you’re drowning in debt, it can be downright scary! Don’t let those fears control you—know where you’re spending. Create a budget and use it as a framework to spend with purpose. Understand your interest rates for credit cards and loans. Set realistic goals to pay down debt, step by step.
- Fear of checking your credit. A best practice is to check your credit every year; however, many are afraid to check it and find out they have a less-than-ideal score. Knowledge is power—it’s important to know your score and responsibly work to improve your credit. A poor credit score can make it challenging to be approved for a good loan or loan rate and impact other aspects of life.
- Fear of outliving your savings in retirement. Planning ahead is the best way to conquer your fear of not having enough money for retirement. If you’re within 10 years or less of retiring, it’s time to shift your financial priorities, if you haven’t already done so. Focus more on your future, rather than immediate wants and needs. Start putting away more money into a retirement fund. Aim to meet contribution limits for your designated retirement account (especially where there are potential tax benefits). If you have a workplace sponsored plan, get the employer match (if available)—that’s free cash waiting for you!
Want to share your financial fears? Please reach out to schedule a time to meet.