Don't be fearful of managing your money, you can do it!
Oh no, not another bill !
Flipping through the mail, one letter at a time, oh no, not another bill! Okay, I'll put that aside and pay it later. Several days pass and it's buried under junk mail. A month later another bill comes, but now with late fees and interest charges.
Not wanting to deal with bills is a serious problem and it can stem from negative associations. The key to getting over the fear of dealing with money and debt is to (1) take responsibility and (2) adjust your perspective. Many people think bad things when they think of money, like "I'm going to be in debt forever", "I'll never get to take a vacation", or "I can't handle the stress of these never ending bills, I just want to die!". The point is, no matter how much debt you are in, these negative thoughts can give a person a fear of money.
Associate positive thoughts with money
The key is to change your thinking such that you associate positive things with money. This simple change can help you transform you fear into a love of money.
"If I pay off this bill sooner, I can use the extra money saved from not having to pay for interest charges and put it toward my fund to take my dream vacation to Hawaii."
"If I pay my bills on time, I can relax at night and not have to worry about calls from collection agencies."
"If I can keep my car just a few more months, I won't have to take out another car loan and I can use the extra money each month to save for a house down payment."
Here's a real life example. When I was little I used to return beer bottles for some extra money. The bottles smelled so bad and had mold in them. Over time, I had a negative association with a particular brand of beer that was the majority of my bottle returns. When I got old enough to legally drink a beer, I could drink anything but I'd nearly vomit at even the smell of that one brand of beer, because of the negative associations in my mind from my childhood.
Associate positive things with money
Being debt free begins with associating positive things with money. Here are some tips:
- Don't let money control you.
- You must want to pay your bills on time.
- You must want to check on your bank balance.
- You must want to write down all your financial transactions.
- ...all with the mindset that positive things will happen if you have control over your money.