As bills come into your mailbox week after week, do you feel a sense of dread and panic? Author Patricia Pearson says she's struggled with bouts of anxiety over bills and finances for years, but she's now found a way to cope. Patricia talks with Jean about a few tips designed to help you get over your fear of finances:
- Learn financial literacy. If your parents didn't teach you how to handle your money or if you don't like math, dealing with bills can be difficult, Patricia says. Hiring a financial adviser is a great first step in learning how to get control of your finances. Hire someone you trust and who shares your values and understands your priorities, Patricia says.
- Get a grip on your bottom line. Instead of withdrawing money from an ATM and crumpling up the receipt, look at your balance and figure how much money you are spending and how much money you have, Patricia says. Also, pay attention to how much debt you have and take control of paying it down, she says.
- Create good financial habits. Pay your bills on the same day every week—that way they don't pile up, Patricia says. When filing your bills, make the system fun by using bright colors and fun labels that put a smile on your face when you pull out your files, she says.
- Start a money group. It's likely there are other women you know who want to get over their fear of finances too, Patricia says. Meet with them once a month and talk about money strategies, from paying down credit card debt to developing budgets and spending plans, she says. Not only will you learn new things about money and develop better habits, but you'll also remove any shame you may feel about your ability to control your money, Patricia says.
The information provided here is general advice and you should always consult your own financial adviser before making major financial decisions, including investments or changes to your portfolio. The opinions expressed by the hosts, guests and callers to Oprah Radio are strictly their own.