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How Do I Get Over Anxiety About Checking My Bank Account?

Financial wellness

Financial wellness can be defined as the fact of prioritizing one's spending on whatever brings you joy or investing in retirement.

If possible, make this exercise with an expert's help, as it is extremely important to take the right decision when it comes to the way you choose to spend your income, because it affects not only your present but mostly your future.

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IDEA EXTRACTED FROM:

How Do I Get Over Anxiety About Checking My Bank Account?

How Do I Get Over Anxiety About Checking My Bank Account?

https://www.self.com/story/bank-account-anxiety

self.com

5

Key Ideas

Practicing financial avoidance

Whether it is about your money or a person you are not fond of, avoidance is the key to a life without unpleasant events. 

Every now and then individuals feel the need to avoid checking their accounts, so they could sleep better and feel less stressed.

Keep track of your spending patterns

According to experts in the field, when dealing with anxiety related to checking your bank account, the best solution to manage your anxiety is by checking your bank account. 

While it might hurt you, this remains the only means to help yourself get in control and start managing your money.

Make a new habit

While planning on how to better keep track of your bank account, you might want to consider methods like starting to check your account once a month. 

In order to do that, it could be useful to schedule a meeting in your calendar, devoted solely to this. Other ideas might include using spreadsheets to keep track of expenses or getting an automatic tracker.

'Financial exercises' and their benefits

You might find yourself feeling stressed because of your constant need to check your bank account.

In order to avoid this stress from becoming overwhelming, you might as well practice using only cash for certain weeks or, even better, having some days when you spend no money whatsoever.

Financial wellness

Financial wellness can be defined as the fact of prioritizing one's spending on whatever brings you joy or investing in retirement.

If possible, make this exercise with an expert's help, as it is extremely important to take the right decision when it comes to the way you choose to spend your income, because it affects not only your present but mostly your future.

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From moving up in your career to buying a home. Making smart moves with your money during your 30's can help you achieve future financial success.

Focus on percentage of income saved, not the dollar amount

Over the long term, it's not as much about the dollar amount you save, but the percentage of your income that you dedicate to saving and investing. By focusing on percentages, you can ensure you're always saving more as you earn more. 

Spend time tracking your money

Most people react to their finances. The problem with that is that you rely on chance to have enough money in the bank when you actually need it. Be intentional about your money and spend time reviewing and evaluating it. If you don't, you'll never know if you're moving in the right direction or not.

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Money Hacks

# Writing every transaction down

# Using a spreadsheet to track your spending habits

# Loving credit cards

# Never thinking of purchases in terms of *present* value

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Shopping Addiction

Compulsive shopping is when chronic, repetitive buying habits have serious consequences and become a disorder, similar to drug addiction. Conscious spending is one of ways we can o...

Overspenders

People do not even know that they are addicted to shopping and are unable to understand the problem.

Their confused relationship with money is looked upon by them as a symptom of the other problems of their lives. Many victims feel lost and are unable to control themselves out of the addiction consciously.

Warning Signs Of Shopping Addiction
  • Shopping due to being angry, sad or disappointed.
  • Shopping being the reason for problems or chaos.
  • Having arguments with others regarding spending habits.
  • Not leaving home without the credit card.
  • Buying on credit what cannot be bought by cash.
  • The act of spending causing anxiety and euphoria.
  • Shopping with a gambling mindset.
  • Feeling ashamed, embarrassed or guilty about buying useless stuff.
  • Lying and juggling bills and accounts to be able to spend more.

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3 Financial Basics
  1. Create a Financial Calendar: prevent yourself from forgetting quarterly tax payments and to get credit reports.
  2. Check Your Interest Rate: Pay off loans, open saving accou...
Budgeting Like a Pro
  • Consider an All-Cash Diet, as limiting yourself to physical currency combats overspending.
  • Set aside 1 minute a day to check on your financial transactions, to identify problems, track goal progress and set your spending tone.
  • Allocate at least 20% of your income to financial priorities like emergency funds, debts and retirement fund.
  • Budget about 30% of your income for nonbasic spendings, like entertainment. Abiding by the 30% rule, you can save and splurge at the same time.
How to Get Money Motivated
  • Draft a Financial Vision Board, it motivates and helps you to stay on track with your financial goals.
  • Set specific financial goals stating the reason, the way, numbers and dates.
  • Adopt a spending mantra, a phrase that serves as a rule of thumb for how you spend.
  • Love yourself. Taking control of your finances is part of that.
  • Make bite-size money goals. Make the bigger ones but also small step goals to get there.
  • Don’t be a financial fatalist, and switch to more positive mantras.
  • Get your finances and body in shape. The discipline associated with regular exercising translates to managing your money well.
  • Appreciate what you have now, instead of being a consumerist.
  • Get a Money Buddy. Studies indicate people pick up good habits from friends with similar traits.

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Brand name products

You don’t have to spend money on the big brand names.

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Basic car maintenance

You do not need a professional mechanic to sort out many of the simpler car problems.

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Shopping when you’re hungry

We are more susceptible to buying stuff we don’t need when we are hungry. The same goes for a leisurely grocery trip. 

Make your shopping trip when you have other errands to do and a limited time to do them. You will be less likely to spend time exploring and picking up items that you did not originally plan to purchase.

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Tony Robbins

It’s not about your resources, it’s about your resourcefulness.”

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Be Creative To Afford What You Want

By following the conventional path of "school to loan to university to work" you risk running into serious debt. Being creative is a potential way to lessen or eliminate that.

Maybe finding a different and cheaper way of doing the same thing, doing a yard sale or getting a side job… Put your mind to it and you may find ways to get a financial boost. 

The Problem With Mutual Funds

When you buy mutual funds, you are charged a purchase fee upfront. This is a one-time payment to the fund management institution. Annually, you will be charged with a percentage of management fees, commonly known as “expense ratio”, which can be expensive.

Beware when advisors at your bank recommend mutual funds to buy. They might be earning a sales commission.

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Being Frugal Is Not Cheap

Frugal people do spend money, but want the maximum bang for the buck, without stressing themselves.

Frugality does not mean compromising quality, neglecting your social life, or being a...

Be A Smart Spender
  • Use tools like financial books, podcasts, and online savings groups.
  • Avoid indulging in unnecessary expenses daily, reducing them or finding healthier and more affordable alternatives.
  • Cultivate a healthier attitude and the right mindset towards your finances.
  • Know that small, practical, money-saving actions can compound into better living for you in the long run.
Use Smart Hacks

There are plenty of financial and budgeting tools and apps that can help us manage our funds, keep track of our expenses, and trigger us when we are off-track.

Simple hacks like carrying a debit card or cash instead of a credit card, or deleting our card details from shopping sites can help us avoid spending impulsively.

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Fear of success

It's a very real but often misunderstood struggle. The key thing to realize is that, in most cases, the fear is about the consequences of success, not the success itself. 

This fear like...

What fear of success looks like
  • Fear of success usually doesn’t mean a literal fear of success. People fear the results and consequences of making lots of money, for example, not the money itself.
  • Fear of success is often learned at a young age.
  • Fear of success is maintained (and made worse) by avoidance.
  • Fear of success is painful. It brings a lot of anxiety.
  • Most people who are afraid of success are embarrassed by their fear.
Work through your fear of success
  • Validate your fear of success by understanding its origins.
  • Track your avoidance strategies related to fear of success.
  • Face your fears of success (the smart way).
  • Get professional help from a cognitive behavioral therapist.
Financial Literacy
Financial Literacy

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In And Out

Most of us know how much we make, but we need to pay close attention to how much money is actually coming in post-tax, and how much is going out.

You can start by writing down your Starbucks, Uber, Amazon, and take-out expenses, along with your car insurance, utility bills, subscriptions and memberships. Slowly we can realize that many of these small expenses add up to huge figures.

Review And Analyse

By noting down all your expenses on pen and paper, or on the PC excel sheet, you can start to review and analyse your spendings on a weekly or monthly basis. This will make you find innovative ways to save money, catching hold of ‘runaway spending’ that went unnoticed before.

Example: You could find that the $5 Smoothie that you had every day, could cost much less if you made it at home.

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Zero Waste

It’s a philosophy of creating a more sustainable lifestyle by keeping your waste down to a (pretty hardcore) minimal amount, while helping the Earth and your own happiness in the process. 

The 5 R’s of Zero Waste

The whole Zero Wate movement is built upon the following 5 main R’s of living: Refuse, Reduce, Reuse, Recycle, Rot:

  1. Refuse what you do not need
  2. Reduce what you do need
  3. Reuse what you consume
  4. Recycle what you cannot Refuse, Reduce or Reuse
  5. Rot (compost) the rest.