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Don’t Panic: Overcoming Financial Avoidance

Don’t Panic: Overcoming Financial Avoidance

If you’ve ever logged onto your bank account or checked the receipt from your ATM withdrawal and felt that sick feeling that comes with panic and/or shame, then this podcast is for you. This week I am joined by Adam Koren who is both a friend and financial coach specializing in providing gentle, judgment-free support to help people untangle their unique money challenges.

Money management can be a daunting task for many people, leading to avoidance, stress, and even shame. Adam is here to share some strategies to overcome these challenges and help you gain control of your finances. Managing your finances involves much more than just numbers and game plans; there is a great deal of emotion involved in the landscape of personal finance.

You’re not alone

The first step in arresting the panic and shame is to recognize that in our society and culture, there is an abundant lack of financial education and open dialogue surrounding money matters. Many individuals carry the burden of feeling like they should inherently know how to manage their finances, despite a lack of formal education or familial guidance in this area.

Adding to the lack of education is the taboo our culture places on discussing money matters. Imagine chatting with a friend and casually inquiring about their salary. How about asking how they afford those two luxury cars, just out of curiosity. Cringing yet? What if we were able to speak about these issues openly and learn from each other’s successes and failures? Even if you can’t stomach the thought of inserting personal financial matters into polite conversation, you should be able to talk to someone about them. It is important to address the emotions associated with finances head-on rather than avoiding them.

Checking Balances

Are you one of those people that avoids looking at your bank account balances? Reluctant to review past expenses, knowing you will inevitably encounter a wall of regret from overspending on your last vacation or purchasing an unnecessary indulgence? It’s time to rip off the bandaid. Talking to a trusted friend or professional can alleviate some of the anxiety and shame associated with financial avoidance. By verbalizing fears and uncertainties, you can begin to address them in a supportive environment.

It all starts with making time. By structuring conversations about personal financial matters, you can alleviate anxiety and create a safe space for open communication. Try scheduling a
a monthly or quarterly “financial date night,” to openly discuss finances with your partner. Use the opportunity to examine past behavior without blame or condemnation but rather as a springboard for future success.

Give yourself a break

The importance of self-compassion and gratitude in overcoming financial avoidance can’t be overstated. Instead of dwelling on perceived shortcomings or comparing yourself to others, focus on gratitude for what you do have in order to shift your perspective and foster a sense of empowerment.

While managing finances can be challenging, it’s essential to approach them with empathy, understanding, and self-compassion. By acknowledging and addressing the emotions associated with money, you can take meaningful steps towards financial empowerment and peace of mind. Whether it’s through open dialogue with a trusted individual, structured financial discussions with a partner, or practicing gratitude, there are various strategies available to help navigate the complexities of personal finance

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Don’t Panic: Overcoming Financial Avoidance

Episode 137 •

26th March 2024