How to Get Over the Fear of Managing Money — A Guide for Women
Do you have the fear of managing money? A guide for women with money avoidant behaviour.
Do you have the fear of managing money?
When handling personal financial matters, do you approach them calmly and promptly or do you tend to procrastinate and avoid them at all cost?
Do you often delegate all major financial decisions to be made for the family, to your spouse?
For the longest time, it did not occur to me that I had the fear of managing money.
It would even sound ridiculous since I used to work in a bank for many years. In fact, there was a period when I was at the front desk, as a relationship officer, where I had to serve high net-worth individuals from foreign countries. A number of them would come to town carrying physical cash and I had to help them with information on currency conversions for their funds.
Later on, I realised that while I was able to provide information on how best to manage their portfolio, it was different when it came to handling my own money.
It is as if different rules apply when it’s personal.
For the most part, I had no sound plan. Foolishly, I would give tons of excuses on why “now is not a good time” to get serious with prudent measures. In fact, I would often put attending to money related matters low in my priority list.
By not prioritising them, it meant that I almost rarely had to deal with them! If I should ever get to them, I would feel anxious, edgy and low in energy. These were obvious signs of fear that I failed to recognise. The result was that I neglected managing my funds properly and wisely.
Luckily, all these have since changed for the better. I no longer have a bad brain fog that prevents me from addressing personal money matters. Nor do I allow any emotional discomfort to stop me from getting calculations done. What has improved is an increased ability to make difficult financial decisions with greater ease and calm.
Women Who Worked on Overcoming the Fear of Managing Money
I have been finding out that I am not alone. Many women (more so than men, perhaps) tend to have money avoidant behaviour. They would find excuses or ways to dodge financial discussions.
Having overcome the fear of managing money, I believe that releasing emotional fears is key in a better way forward. Since then, I have had the privilege of helping other women similarly too. I have noticed that once they have worked on releasing the fear, they would report to experiencing fewer headaches and stress-related symptoms when handling money matters.
They were able to work on a plan and to eventually pay off their loans in their credit card statements. Some also found it easier to muster courage to look at their spending habits. Others proved that “clarity is power”! They were able to achieve amazing financial breakthrough results for their business, right after releasing their fears.
Look Out for 10 Signs to the Fear of Managing Money
Hence, the first step to overcome any fear is to recognise that you have it. That I have the fear of managing money escaped me for the longest time. Here are 10 tell-tale signs…
1. Procrastinate filing tax because you can’t bear to look at your personal financial statements.
2. Find taking any form of financial planning or action a bore.
3. View any mention of large sums of money as unreal.
4. Actively divert any serious talk about money and finances to shoes and shopping.
5. Skipping the finance section of the newspaper entirely even though some knowledge of these can be beneficial for you.
6. Experience anxiety whenever your credit card statement arrives.
7. Do not know exactly how much you earn.
8. Can’t keep a close watch on spending and a refusal to budget.
9. Leaves your spouse or partner to handle every financial aspect that affects you and turning a blind eye.
10. Experience a brain fog every time money matters are being discussed.
A Wake-Up Call From the Universe
You may find yourself suddenly challenged by an event that forces you to undertake financial responsibility.
The event may be a divorce, death, loss of a job and so on.
For instance, a few friends I know went into despair after their marriages broke down. Prior to the relationship breakdown, they had entrusted their spouses on financial matters for the family. However, when their marriage failed, they had to learn money management — especially if there are kids involved — and to understand all legal financial implications.
It was when they began to realise that avoidance had been the worst thing to do. One girlfriend managed to unearth secrets about money amounts that were siphoned away by her ex-husband. A sure wake up call!
Perhaps, this article could serve as a wake-up call for anyone to address fears quickly. It is best not to procrastinate before money avoidant behaviour cost you dearly! There is nothing to lose. On the contrary, there is everything to gain.
“Taking care of ‘you’ doesn’t mean to award yourself with a new pair of shoes or spending beyond measure on a trip to Tahiti. It actually means to take care of your financial future.”
— Kim Kiyosaki, entrepreneur and author of Rich Woman
If You Have the Fear of Managing Money
Based on the above-mentioned indicative signs on the fear of managing money, ask yourself what it is about.
Did your fear come from a childhood event or belief? Do you have limiting beliefs that you are “too slow” or “stupid” to take charge of finances? Have you ever lost huge sums of money or gone bankrupt previously?
With these answers, work on releasing any unresolved past trauma or emotional issues that could have led you to develop the fear of managing money. Where needed, seek appropriate assistance from coaches or therapists who specialise in clearing money blocks. Once fear is out of the way, no longer avoid the important task of managing your money and instead, look forward to greater calm and ease while handling personal finance.
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