9 Useful Tips To Get Over Your Fear of Spending Money (Possibly Lifechanging) | Wildchildretire

Unfortunately, the fear of spending money is a real problem, but it doesn’t have to be.

Luckily, we’ve created 9 simple tips to help you overcome this irrational fear.

By the end of this read, you will have the tools to no longer feel powerless, fix your spending habits, and maybe even get the courage to invest in long-distance real estate, or open a business of your own.

(Just like I did. 😊)

Now let’s conquer that phobia of spending money. 😊

9 Easy Ways To Get Over Your Fear of Spending Money

1. Journaling

No matter how silly our fear of spending money may seem, it can be paralyzing for those who struggle with it. For some people, the fear may be rooted in negative experiences from their childhood, such as being denied something they really wanted or watching their family fail at the process of reducing debt. Others may have developed the fear as a result of losing their home or possessions in a natural disaster.

Regardless of where your money anxieties come from, journaling can be a powerful tool for getting to the root cause. Writing down your thoughts and feelings can help you better understand what’s driving your fear, and it can also be a great way to release any bottled-up emotions. As you continue to write, you may begin to see patterns in your spending behavior, and you may even find ways to address the root cause of your fear.

Ultimately, journaling can help you get over your rare phobia and start enjoying life to the fullest. So don’t hesitate to give it a try – you may be surprised at just how helpful it can be.

(And, they’re cheap… now you can get started. 😊)

2. Tell Friends and Family Members

Spending your hard-earned cash can be a scary prospect for some people. If you have that feeling, it’s important to talk to your friends and family members about it. They can help you rationalize why you shouldn’t be scared of using your money, and they might even have some prior experience with this. By working through the problem together, you can make progress in overcoming your fear.

3. Meditate

When you think about it, fear of anything is just a state of mind. It’s something that we create in our own heads, and it can be cured with a bit of practice. For example, if you have a fear of spiders, you can use meditation to help cure it by training your mind to like spiders. The same is true for money. If you get anxiety when using your cash, you can try meditation to help cure it by training your mind to like money.

Here, check out some of the awesome benefits:

• Relax and destress
• Improve your focus and concentration
• Reduce anxiety and stress
• Increase your self-awareness
• Improve your sleep quality
• Boost your immune system

So, if you’re looking for a way to improve your mindset when it comes to money, meditation is a great option.

Here are two popular products that may help with your goal:

Headspace: A popular meditation app used by Nike, Amazon, and Google Employees.

Mindplace: Light and sound meditation system used to relieve stress and improve focus.

Give it a try. It might just have a lasting impact on your life. 😊

4. Practice Gratitude

Research has shown that gratitude is a powerful tool to help overcome mental obstacles. When you practice gratitude, you learn to appreciate the small things in life, like your spouse’s smile or a beautiful sunset. This will help you feel more content with what you have and less anxious about your spending.

For example:

You fear buying a new phone because you could lose it, it might get wet, you might drop and break it, OH NO!

But, look around you…

Loving friends, family, beautiful smiles, great weather, you just got good sleep, you have a full fridge…

You then realize you could use one of their phones, or just get another one.

LIFE IS GREAT. 😊

So if your extreme fear is negatively affecting your spending plan, start practicing gratitude today. You will be glad you did. 😊

5. Use Free Gift Cards

If you’re hesitant to use your income, don’t worry – you’re not alone. In fact, studies show that about 77% of all adults have some kind of money anxiety. And while there are plenty of ways to address this issue, one option is to use free gift cards to practice spending.

Think about it – when you get a free gift card, you can use it to buy whatever you want, without having to worry about the consequences. This can be a great way to help you get over your fear of spending and to start building up your confidence.

6. Tax Yourself

This is a great technique for people who have anxiety over their financial situation because it creates automated savings in your bank account.

If you’re afraid you might lose your money or that you won’t be able to afford something, simply tax yourself 20% during your life. This will create a secret reserve and emergency fund that you can always fall back on.

So, if your fears come true, you won’t have to worry – you’ve got a backup plan!

7. Save More Aggressively

It can be tough to get over the physical symptoms that you might be experiencing, but if you want to be able to enjoy life and not worry about every penny, you need to learn to save more aggressively. That way, if you do lose the things you finally buy, you won’t have to worry because you can buy another!

Plus, if you have enough money saved up in your bank accounts, you’ll be able to live a more comfortable life and achieve financial goals, without having to worry about every little expense.

So start saving aggressively today and you’ll be able to reap the benefits in the future!

Oh, if you’re looking for a place to trim the fat, try looking at these frugal living tips with big impact. They could help you save hundreds, or even thousands.

8. Invest More

Income is always important, whether you are just starting out or you have been in the workforce for years. No one can predict the future, so you always want to have some sort of financial cushion in case something happens. One great way to create this cushion is through investing.

If you’re someone who has a fear of spending, then you should definitely invest more. This way, you can create so much wealth and passive income that you never have to worry about money again! And, if you’re already investing, then get more aggressive with your strategy.

The Robinhood investment app is always a good option to help you grow your nest egg. It’s super user-friendly and popular among first-time and experienced investors. It was also voted as the best mobile investor app in 2021.

Boom, there you go, your now an investing master that’s ready to use that cheddar!

9. Have Someone Else Manage Your Money

This may be a difficult decision to make, but if you have someone else manage your money then you don’t have to worry about your fear of spending money. This can be a great motivational tool to help you get your finances in order. You can find someone you trust to help you out, or even use a financial planner to help you stay on track.

FAQ

How Can I Spend More Money Wisely?

There are a few different ways to spend your money wisely. You can save your money by not spending it unnecessarily, investing it in wise choices, or earning more money. By following these tips, you can make the most of your money and enjoy peace of mind knowing that you’re taking care of your finances.

Why Am I Scared To Spend Money?

There can be a lot of reasons why someone might be scared to spend money. Maybe they have been burned by financial failures in the past, or maybe they are afraid of going into too much debt. No matter what the reason, it is important to remember that spending money can be a very positive thing.

Do I Have To Save Money?

You don’t necessarily have to save money, but it’s a good idea to be mindful of your spending and save for emergencies. There are many ways to work towards a savings goal, and it’s up to you to find the best way for you to do so. Whether you want to start a savings account, invest in stocks, or find another way to save, it’s important to take baby steps and be proactive about your finances.

Is It Normal To Not Like Spending Money?

No, it’s not normal to not like spending money. However, there are people who do not enjoy spending money and prefer to save it. This is completely normal and everyone has different preferences. Some people find great enjoyment in buying new clothes, while others find it more fulfilling to save it.

What is Chrematophobia?

Chrematophobia is the fear of money. This phobia can manifest itself in a number of ways, such as an irrational fear of being near money, a fear of having money, or a fear of losing money.

Summary

So there you have it! Nine simple tips to overcome your fear of spending money. Now go be the courageous new you and spend that well earned money wisely! Just remember, having a little bit of fear when spending is normal but don’t let it completely paralyze you. With careful planning and mindful spending, you can make your dollars work for you while enjoying a happier life along the way.

How do you feel about spending money now?

Do you plan on journaling to get to the root cause?

Do you have any methods that have helped you in the past?