Do you bury your head when it comes to your personal finances? Ignore bills and bank statements as too boring or too worrying? Put off pension planning for another day?
Yes? Then it sounds like a case of Financial FOFO – that’s Fear Of Finding Out about your finances.
FOFO is rooted in the fear that if we examine our finances, we might have to make changes that we don’t like or don’t have time to face.
“Psychologists call this ‘the mental bandwidth problem’,” says Sara Williams, a debt advisor and author of the blog Debt Camel.
“When there are tasks that have to be done now, it’s hard to make time for longer-term tasks such as developing good money habits.”
But by tackling Financial FOFO, you can emerge happier and less stressed. Simonne Gnessen, founder of Wise Monkey Financial Coaching and the co-author of Sheconomics, says, “Taking control of your spending isn’t about deprivation, it’s about creating freedom and options for your future.”
Tackle Financial FOFO in seven simple steps…
1) Know your numbers
Open up a savings account, bills and bank statements to finding a better credit work out your incomings and card or comparing outgoings.