When you think about embracing the year with a positive attitude towards your finances, it’s natural to assume that it’s only a matter of managing your budget. In reality, plenty of people manage their day-to-day or month-to-month saving and spending habits without checking their bank account.
Indeed, too many income-earners experience high stress when it comes to reviewing their financial situation, and some even avoid using their credit card to prevent any debt issue from building up. Chrometophobia, or financial fear, can be handicapping in many ways. But here are 3 reasons why you need to deal with money matters.
You Can Negotiate Better Deals
If you are a homeowner, it’s likely that you can renegotiate your mortgage plan at the end of your fixed repayment term. In other words, your credit score might have changed a lot since you first signed the mortgage contract with a broker or directly with your bank. As it is often the case, first-time buyers can struggle with a poor credit history, especially if you buy at the beginning of your professional career when you’re still paying off your students debts.
It’s essential to get in touch with your financial institution every few years to evaluate the possibility of renegotiating your financial plan at a better interest rate. You could save a lot of money!
You Can Plan For Future Needs
You might think that you’ve got everything under control once you have secured a home and a car, but there’s more to life than that! As a parent, you should be saving to support your child’s education _ as university fees are not planned to go down anytime soon. Additionally, you can already look at funeral comparison and take disposition to organise your end of life. It might sound like a morbid plan to make, but it can save a lot of time and troubles to your family in the long term.
You Can Avoid Scams And Traps
If you’ve never heard of phishing before, you need to keep your eyes open for frauds when dealing with online banking. Ultimately your bank would never ask for your password or any other personal account access details. Fraudsters try to fish victims through emails, social media or SMS, so you need to become familiar with your bank communication strategy to spot suspicious activities before it’s too late. In doubt, you can also call your bank and ask whether they try to contact you.
How Often Should You Review Your Finances?
Finally, if you’re not keen on checking your finances and have survived so far by glancing over your bank statement once in a month, then it’s fair to ask how often you should proceed to a review. The best answer is as often as possible, as it helps you to take better financial decisions. However, if your finance-related operations are limited, it’s evident that you won’t have much to decide on.
Nevertheless, plan a weekly financial check in your bullet journal to get over your fear and learn to spot errors, such as purchases you haven’t made or a recurring membership you don’t need anymore.
Chrometophobia is the result of a negative experience, either because you saw your parents arguing over money as a child or because responsibilities make you nervous. Getting more familiar with the world of finances can not only help you to overcome your fear but also to improve your financial health significantly.