Feel the Fear and Do It Anyway

You may ask yourself what does that have to do with my personal finances? Imagine a bill comes in the mail. What's the first thing you do? What's your first emotion when you see it? Are you calm or fearful? Filled with fear and regret? Does your mood change? Do you open the mail, hide it or tell yourself that you'll get to it "later"? For some people later means never. If you're like some people, they simply cringe when they see a bill or even their bank statement come in their physical or e-mail box.

Sis, open the mail. It's addressed to you. If it's a bill, open the mail and read the paperwork. Make sure everything listed is correct. Check out the due date and any other notifications included. When I first bought my home, I made the mistake of paying a bill that I'd already set up for automatic payments. A few years ago, my utility company gave a credit to customers living in my neighborhood due to a billing error on their part. I can't guarantee that you'll have this unexpected blessing when opening your mail, but you have to face your finances.

Know when to call your creditors. If you had life transitions such as a recent job loss, illness, injury or hospitalization and you have missed a payment, want to make a payment arrangement, need to cancel services or have questions, don't be afraid to call. You may have some fear, but make the call anyway. I've found that communicating with my creditors is better than simply ignoring their calls and postal mail. A few years ago I had to call my mortgage company to let them know that I was unable to make the payment. I asked about what options were available to me. The representative was able to give me an extended grace period to pay my mortgage and the late payment was not reported to the credit bureau.

Don't be afraid to ask for help. If your finances are off track and you need help, get the help that you need. There are several free apps, information, workshops as well as fee based services that can help you get on track. My advice is to start with what's free and go from there. Look at your finances and see where the problem lies. You may find that you've been giving money to family members at the expense of your own household. Or, you may have several subscriptions that you no longer use. Don't let the opinions of others and FOMO (fear of missing out) keep your bank account in a place of desperation. Learn to be honest, remain humble, and say no to requests for loans from family and friends. Also, you may have to say no or cut back on lunches and dinners out with friends in this season to get yourself back on track with your finances. If you've attempted to cancel a subscription in the past but got off the phone keeping the service and adding two more, mobile apps like Truebill, Bobby and Subby can help.

Fear and finances do not have to exist in the same sentence. Once you face the truth about where you are in your finances, have the tough conversations with others, and take action, you will have more confidence and less fear when it comes to your personal finances.