How To Face Your Scariest Financial Fears, This Halloween

It’s Halloween night and you are walking home, high in the spirit of the day. You turn a corner and Boo! Your worst nightmares have come alive to haunt you. While the fight or flight response often signals us to run, this time, we are standing tall to face them all!

As Halloween approaches, let us take a good look at the fear that haunts our every waking hour: Finances. 

5 Ways To Face Financial Fears

We are all victims of scary financial situations that suck our resources dry. However, it is best to leave these nightmares on the street by facing these monsters. 

Here are some tried and tested financial tricks and treats to help you face your worst fears! 

  1. Hocus Pocus the Budget

We have all prayed for that one magical spell to help us save more. While zipping our purses shut seems like a good option, it is wiser to approach saving with a well-thought-out plan.

Address this fear head-on by asking yourself three questions.

• Why: “Why Do I Want To Save More?”

First things first, understand why you are saving more. Is it to lead a better life free of financial worries or to accomplish a goal you have set for yourself? Understanding “Why” can give you the motivation you need to save money.

• Where: “Where Is All My Money Going?” 

With the advent of digital payments, it has become tougher than usual to save money. List out all your expenses to see where you are spending the most. This can help you narrow down the culprit that is eating up your money.

• How: “How Do I Save More?”

Your expenses list will present you with opportunities to save as well. Eliminate the expenses that don’t serve you and tighten those purse strings everywhere else. 

For example, if you are ordering out every day of the week, try to bring it down to only once a week. While this sounds bleak, it will serve you well in the future.

    2. Clean Out the Financial Skeletons from Your Closet

The first rule of financial fears is we don’t talk about those fears.

But, like a wise man once said, “Fear of a name increases the fear of the thing itself”. Whether you are ear deep in debt or spending excessively on unessential items, you must first address the issue. 

Once you decide to face your fears, you can reflect on ways to address them. If you have taken multiple loans from different lenders, you can consolidate your loans to ease the financial burden on you. Talk to an expert on how to manage your expenses and don’t go at it alone. 

    3. Raise Your Credit Score From The Dead

Credit score needs no introduction. 

(However, if you want to understand what credit score is, you can check out this article)

All lending impacts credit score so it is only wise to make sure you practice good borrowing practices. Unfortunately, there are times when our past habits come to haunt us in the form of low credit scores. Fear not, since we have the right weapon to confront it.

And, that is “HEALTHY BORROWING HABITS”. These habits, while exhausting and time-consuming, will save you from facing financial doom.

    4. Face The Ghosts Of Your Splurging Past

To truly understand what went wrong, we have to go back to where it all started. 

Ghosts are scary. Financial ghosts, even more. While some financial ghosts are simple setbacks, others have the power to put your entire financial future in jeopardy. Nonetheless, there is no way forward if you are still dragged down by your past. 

If you have indulged in extravagant shopping splurges or other forms of overspending, there’s a lot to learn from it.

While the past can’t be undone, it can serve as a great financial lesson. Your experience can teach you a thing or two on exactly what not to do.

    5. Don’t Trick, but Treat yourself

Going cold turkey with your finances will only negatively affect your well-being. Instead, take the process step-by-step. 

Reward yourself with small treats when you reach milestones. Celebrate your successes to keep you motivated. Lastly, don’t forget to treat yourself to a break every once in a while.

If you’re unsure how to start taking care of your finances, we have a handy guide for you.

The Witching Hour Of Financial Honesty

There is no better time to face your worst financial fears than Halloween(Or any time of the year, for that matter). 

Be it overspending or overwhelming debt, the first step to financial freedom is understanding where you stand with your finances. Bring them all out in the open and stick to a plan to overcome these fears.

Additionally, it’s important to be kind to yourself and recognize your efforts. This will help you stay on track and motivated to reach your goals.

Six Cents of Financial Wisdom

There is no way around financial fears. While it is a true scary fest, you just have to face them head-on and stay strong till you make it to the other side. Granted, there will be some jumps that will catch you by surprise. 

But once you have stopped screaming, put your best foot forward. If you are skeptical about facing these fears alone, trust the company of a loved one to keep you motivated during the journey.