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Facing the top FIVE most frightening financial fears this Halloween

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Brenda EcheverriaLet’s face it, we all have fears when it comes to finances.Maybe your heart skips a beat when bills and bank statements arrive. Perhaps you fear your identity will be stolen or you will lose your job.  Or it’s facing the looming questions: Have I saved enough? How do I create a budget and make it work? Here are several common fears and how to face them this Halloween:

  1. I fear I may never get out of debt.
    How to face your fear: The scariest part is identifying exactly how much debt you have and why. Once you’ve assessed your debt, devise a plan to pay off the smallest debt first. If you need some help, contact our financial planner. We’ll help you come up with a plan to get you back on track.

  2. I fear bills and bank statements.
    How to face your fear: Bills and bank statements are unavoidable. But, don’t live in denial, if you’ve gotten to the point of fearing bills and bank statements, you’re probably overspending. Cut back, don’t spend more than you make. Then, build a budget and stick to it. We have tools and calculators to help you.

  3. I fear my identity will be stolen.
    How to face your fear: Be diligent. Monitor your credit reports,bank statements, and transactions. Sign up to receive text or email alerts from your bank or credit union if your financial institution offers this service. Our Identity Theft Infographic has some great tips.  

  4. I fear I haven’t saved enough for my future
    How to face your fear: It’s never too late to start. Contribute more. Pay yourself first, and stick to your budget.

  5. I fear I will lose my job someday
    How to face your fear: Prepare in advance. Establish an emergency fund, and stash away at least six months of living expenses.
Remember,facing your financial fears doesn’t have to be scary. The key is to identify the cause of your fears, and face them by taking action, making a plan, and being realistic about your situation. 

Brenda Echeverria, Financial Planner