10 of 10

Write now Article Tools

The reason people are afraid of dealing with their finances is because they just don't know where to begin.There are so many things to consider that many people are lost on confusion and conflicting information.
The very first thing to be done is list all of your income and expenses. This is where people have the most trouble. They are afraid that this step will be too time consuming. I am not saying track every last purchase down to the penny. That would indeed be very time consuming. Instead, take a piece of paper and write any income that you have that is regular and predictable. Second, list all of your bills that you pay monthly. If you pay some bills bimonthly, divide that amount by two and mark that number as monthly. The same thing goes with twice a year(divide by six) and yearly(divide by 12). Now subtract your expenses from your income. If you have any money left over after food and gas, you should be putting it into a savings or retirement account. There, that was easy.
The next thing that you need to do is make a list of all your debts(not including mortgage or car loans). These debts may include credit cards and medical bills as well as any other debts that you will not be able to pay by the end of this month. This step is very scary for a lot of people, who are not willing to find out how much they actually owe. If you leave stacks of credit cards unopened each month, go get them and open them slowly...
At the very least, you need to be paying the minimum balance due on each of these cards/debts. If there is just not enough money to cover these balances, then you might want to consider a credit consolidation loan these will allow you to make one payment to them instead of one to each of your creditors. You can find a company that fits your needs at www.debtconsolidationconnection.com.
Next, if it is budgeting you are afraid of, you may want to try home finance software such as Quicken or Money. Another good way to set up a budget is at www.mvelopes.com. This allows you to download your account information right into their website and separate your money into "envelopes" that are reserved for certain expenses(food, clothing, entertainment).
If this does not solve your problems, you may want to consider hiring a financial planner to help you get things under control.
The main thing to remember when it comes to your finances is that ignoring your problems will not make them go away.

Learn more about this author, Paige Lawson.
Click here to send author comments or questions.

Add your voice

Know something about Fear of finances: How to take control of your money?
We want to hear your view. Write now!