Take Control of Your Financial Fears This Halloween

By April Lewis-Parks

With Halloween less than 48 hours away, what better time to conquer your biggest financial fears head on. One thing to remember is just like any other types of fear, financial fears are only terrifying when you avoid them. The most powerful antidote for any fear is action. Taking action makes you feel more in control of your fear, and allows you the ability to control it.

Here are a few financial fears that you can overcome this Halloween:

Never Getting Out of Debt

When you look at your finances and begin to get overwhelmed with the amount of calls that you get daily from creditors, it can be an intense emotional situation. The scariest part is when you have no idea how to deal with or get out of the amount of debt that you have gotten yourself into. Maybe it’s your student loans? Maybe it’s a car that you can no longer afford? Maybe it’s the large amount of spending that you made on credit cards to cover important bills? Whatever the reason, you must face this head on and figure out just how much total debt you have. The fastest way is pulling a credit report to see who and what you owe. Then create a plan to actively tackle your credit report one lender at a time. Once you have a plan in action you will begin to feel better about your current financial situation.

No Money Set Aside for Possible Emergencies

With medical debt being one of the main causes of bankruptcy cases, it is important to always set a little money aside each month in case of an emergency. Keep in mind that having at least 6 months of living expenses stacked away, you can definitely take control of the fear of not being able to financially take charge in an emergency situation. Instead of eating out or buying a new pair of shoes, put $50 – $100 aside in a savings account each pay period. You will begin to see the account build up and accrue interest quite rapidly.

Become Homeless During Retirement

Don’t worry you are not alone. Many Americans fear that their retirement nest egg will not last throughout their lives. There is no time like now to begin taking the proper steps to insure your retirement funding. Speak to a personal finance agent to find out your various savings options. Also check with your employer to see the details associated with your 401(K) account. Knowing your options and properly preparing is the best way to face this fear.

Unopened and Unpaid Bills Piling Up

Unopened and unpaid bills seem to pile up rapidly and before we know it we are in over our heads in unpaid bills. Take control and set yourself on a budget to get caught up on these bills. The first thing you must do is open them and stack them in importance of paying. Once you get your bills taken care of, set yourself up on an automatic bill pay system. Keep in mind that this payment option is best used on monthly fixed expenses.

When dealing with any type of fear, it is best to remember that fears are what we make them. It is up to each individual person to tackle their fears head on, one fear at a time. Doing this you will begin to see a brighter financial future.

April Lewis-Parks has more than 15 years of experience in the financial sector, she is a certified financial counselor, and a consumer affairs advocate. As the director of education and public relations for Consolidated Credit she is dedicated to generating awareness about personal finance issues and acts as their consumer affairs advocate. As host the of MissMoneyBee.com, she promotes financial education and offers timely and informative personal finance articles to educate the public. April’s promotional efforts can be seen in past issues of the New York Times, Washington Post, Newsday, Consumer Reports, the Business Journals, Money Magazine, Glamour, Cosmopolitan, Family Circle, among others. Connect with April on Google+.