The fear of the lack of money is something that we all have in common. Without money, your life will be surrounded by the cloud of fear. Where will you get your next food? How are you going to survive?
It’s also possible that fearlessness can be rooted from lack of money. You’ve discarded your fear to gain the income that you deserve. If you want to become financially independent, then you have to let go your fear of money. Based on the laws of nature, risks contain some fantastic rewards.
Check out these habits that can shatter your fear of money:
Effective Financial Assessment
It’s important to make a detailed financial assessment every now and then. We usually tackle budgets on a monthly or annual basis, but in reality we’re constantly rolling over from previous time periods. In order to understand your fear of running out of money, it’s a good idea to start fresh.
For one month, from the 1st to the 31st, track every dollar that came in and every dollar that went out. At the end of the month, examine the numbers. Have you ended up in a better financial position or not? If not, don’t worry – you can still apply the best strategies to keep your finances back on track.
If you’re worried about making ends meet, you have a common financial issue. It’s clear that you have a monthly deficit. You spent more than you made. The month might have been an anomaly (one unexpected expense can do that), but generally ending the month in the red is a sign that your spending isn’t aligned with your earning.
So either your income needs to increase, or you need to find a way to reduce your expenses. It might be a single big picture change (you’re spending too much on rent), or it might be a series of little tweaks. A deficit can be hard to deal with, but as long as you know what the problem is you can at least start working on a solution.
Massive Strategic Action
Fear can cripple you into hopeless indecision. When you’re afraid it’s difficult to take action and conquer that fear, but that’s exactly what you need to do. If you’re afraid that you don’t have enough money to make ends meet, stop being afraid and start doing something about it.
One of the great strategies to test your fear of money is to take out a personal loan. If you can manage to pay the loan on time, then you are few steps closer towards financial maturity. Remember, a good payer will always gain leverage and privileges from the licensed money lender in Singapore.