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Finance

How do I Overcome a Fear of Money?

By Luke Arthur
Updated May 17, 2024
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Overcoming a fear of money can be difficult, but if you want to do so, you should face the fear. Instead of avoiding bills and other money issues, you should deal with them immediately and the fear will eventually subside. Educating yourself about money and how it works can also go a long way toward eliminating fear of money. Using affirmations and visualization techniques can also help some people overcome the fear of money.

Many people suffer from a fear of money. This fear typically comes from dealing with a lack of money and not be able to afford certain things. If you want to be able to eliminate this fear, you will have to deal with it head on. Instead of trying to put it out of your mind or avoid the situation, you should face your fear.

Many times, when people force themselves to face this fear, they find there is not much to it. By taking on the fear and dealing with it, the individual can eliminate many of the feelings present. Instead of avoiding the bills and debt, determine exactly how much you owe and put a plan into place to attack them.

Many times, fear is a product of ignorance. People tend to fear things they do not understand. This applies to a fear of money as well. If you are afraid of money, it is most likely because you do not understand how it works. In order to fix this problem, you should dedicate yourself to becoming educated about money.

Reading books on money and financial planning can be a good first step toward educating yourself. You might even decide to take a financial planning class or seminar. There are many resources you can access online to help yourself learn about money and how to accumulate it.

In addition to educating yourself and facing the problem, you could also utilize affirmations and visualization techniques to lessen the fear. Many people use the power of affirmations to help them overcome certain habits and fears. By repeating a mantra about money, you can change the paradigm currently present in your subconscious. Through repetition, the ideas you have about money will change and you will no longer be afraid. You can also visualize yourself with money repeatedly and the feelings of fear associated with money will soon leave.

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Discussion Comments

By RocketLanch8 — On Nov 01, 2014

@Reminiscence- I had sort of the opposite problem. I grew up in an upper middle class family, and I also had some wealthy relatives who made sure we never suffered. They paid for my college education, and I got a good job in a law firm right after graduation. But the job didn't last long, and I found myself having to support myself with a retail job that only paid a few dollars an hour over the minimum wage.

I developed a real fear of losing money. I knew I could just make a phone call to a relative and get an instant influx of cash, but I was too embarrassed to make that call. I became obsessed with making my next car payment and paying the utility bill and keeping my landlord happy. Every thing I was doing was strictly for the money, and I started to resent the whole idea of money and what it could make people do. I hated feeling so anxious every day.

I finally got over my fear by talking to a financial adviser my dad recommended. He helped rework my budget, and I learned how to stay within my means. I later found a better job with solid benefits, but now I can appreciate what other people face every day.

By Reminiscence — On Oct 31, 2014

I suffered from a fear of money for years, but I could never explain what that meant. I came from a fairly poor family, and I worked a lot of minimum wage jobs that never quite paid all of my bills. I knew what it was like to live paycheck to paycheck, and also spend a lot of time worrying about bill collectors calling on the phone or knocking on the door. That was my life for a long time.

When I finally found a decent job that paid a generous salary, I spent the first few years with a fear of spending money. I just assumed that every dime I earned would have to go straight into someone else's pocket, and I would be punished somehow if it didn't. I wasn't supposed to spend my money on supposedly frivolous things like entertainment or designer clothes or expensive food. I felt like someone would criticize me for every purchase I made with my own money.

I finally got over that fear with the help of a therapist and the support of my wife and children. I can now take the family out to dinner and not feel bad about spending the money I earned.

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