When it comes to finances, what are you afraid of? Everyone has fears that are finance-related; it’s normal. In order to live life a little happier and to develop into a more responsible individual you need to conquer certain financial fears. Part of growing is understanding how much finances play a role in your life and how to position yourself so that you and your money have a good relationship.


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What exactly are financial fears? For the most part, financial fears have to do with difficulties that are money-related. The reason why we are usually afraid of certain financial subjects (like retirement) is because we do not like to think of ourselves as getting older.

Whether or not you are in denial about getting older, time will inevitably go on. So it is important to make educated and mature decisions in order to conquer our financial fears so that we can live life with less fear.

Living on your own

Sometimes you just have to jump out of your nest to see if you can fly. Living on your own is a common fear. This means moving away from home to pay rent or a mortgage. There is nothing wrong with staying at home or with a relative and paying rent, but chances are your parents or family members let you slide payments when you fall behind on your bills.

Ideally, you want to save up to move out and purchase your own home. This is simply not feasible for most young adults, anyone without a lot of money saved, or someone without a very promising career. Consider renting to see if you have what it takes to manage your funds responsibly.

Calculate your spending habits for the past year and figure out where you can make cuts. New shoes and clothes every other paycheck, concert tickets, and other unnecessary spending quickly adds up. Reduce your leisure spending and you should have a clear understanding of the type of place you can afford to rent (or possibly own).

Anyone that cannot afford to move out on their own just yet should make plans to earn enough money to sustain his or herself. You do not want to rely on others for the rest of your life. Plus, moving out on your own provides a certain sense of pride. Once you have lived on your own for over a year and manage to pay your rent on time, it’s safe to say you can handle paying for a mortgage. That should motivate you to work harder, save more, and one day own property.

Open a joint account

There comes a point in every serious relationship when opening a joint account is discussed. There are ways you can approach opening a joint account, since it’s often a delicate subject. The goal is to put trust into someone else while still protecting your own finances.

Joint accounts can be beneficial for two major reasons. The first is because a joint account can help you determine how reliable the other person is when it comes to finances. The second major benefit of a joint account is that it can help build your credit score.

However, joint accounts are a little risky since you are putting your credit on the line. It can either work out to your favor or present you with problems. In a perfect world a joint account proves rewarding in that it helps increase your credit score. When things are not so perfect, a joint account can hurt your finances and credit score. Do not let that scare you. Open an account with someone you trust and follow the tips given to prevent a disaster from occurring.

Speak with your partner when the time is right and discuss the option of opening a joint bank or credit card account. Use the following advice to help you both protect yourselves. (Continued on page 2)

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