3 Financial Fears And The Tips To Overcome Them


My parents didn't talk about money growing up.

It was taboo. It was awkward. It was scary.

I became fascinated to learn more about money because of it.

I won't lie to you... I was overwhelmed with where even to start. So today I'll show you.

Here's 3 Financial Fears: (And the Tips to Overcome Them)

1. Fear Of Losing Money

TIP 1: Understand Risks

Learn about the different types of financial risks.

Understand how to mitigate these risks through informed decisions.

Educate yourself about safe financial practices.

TIP 2: Savings Techniques

Set aside a portion of your income regularly.

Use high-yield savings accounts for better returns.

Maintain a savings cushion for emergencies.

TIP 3: Money Management

Create a detailed budget to manage your income and expenses.

Track your spending to identify areas where you can save.

Adjust your budget as needed to stay on track.

2. Fear Of Debt

TIP 1: Credit Card Debt Management

Pay off high-interest credit card debt first.

Avoid accumulating new debt by sticking to your budget.

Consider balance transfer offers wisely to reduce interest payments.

TIP 2: Loan Consolidations

Consider consolidating loans to simplify payments.

Understand the terms and conditions before consolidating.

Monitor the impact of consolidation on your overall financial health.

TIP 3: Impact of Interest Rates on Loans

Learn how interest rates affect your loan payments.

Consider refinancing loans to take advantage of lower interest rates.

Keep track of interest rate changes and adjust your finances accordingly.

3. Fear Of Financial Emergencies

TIP 1: Savings Techniques

Build an emergency fund to cover unexpected expenses.

Aim for 3-6 months' worth of living expenses in your emergency fund.

Regularly contribute to your savings to maintain a safety net.

TIP 2: The Value of Budgeting

Create and maintain a budget to manage your finances.

Identify and eliminate unnecessary expenses.

Allocate funds for emergencies within your budget.

TIP 3: Health Savings Accounts (HSA) and Flexible Spending Accounts (FSA):

Use these accounts to manage healthcare expenses.

Save on taxes while preparing for medical emergencies.

Review and adjust contributions annually.

Money doesn't need to be scary.

Take back control for yourself.

Armando Sallavanti is a registered representative of and offers securities and investment advisory services through MML Investors Services, LLC. Member SIPC. Supervisory Office: 2 Bala Plaza, Ste 901, Bala Cynwyd, PA 19004. Tel: 610.766.3000. 

This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.

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