I’m afraid to look at my bank balance...

I’m afraid to look at my bank account/credit card bill/other bills — what should I do?

One hesitation I hear often in financial coaching is “Sometimes I’m afraid to look at my balance…” The first thing I want you to know about that is this: you are more than your bank account balance or your credit card bill.

You are more than just a number, than that number.

Feel confident enough for a moment to consider why you’re afraid. Think about it — why are you nervous to look at it? 

Maybe you’re not sure if you have enough money to pay rent or to get groceries this week? Maybe you’re nervous to face the “damage” from the weekend’s shopping spree? Maybe you’re just frustrated that your score is just so much lower than you would like it to be? Whatever the reason, identify your own. Come to terms with it. All humans have some regrets, face some uncertainty, have some changes they would like to make with themselves.

If this is yours, take heart that there is something you can do about it.

And it’s easy: the first step is just looking at it. (Maybe with a deep breath first.)

You are more than that number, and knowledge is power. The known is always less scary than the unknown. Knowing the number is you taking the power into your own hands.  It’s you taking accountability for your choices, and empowering yourself to make good choices in the future. It’s empowering to see what you have, ascertain the damage, and know how much money you have available to you.

You. Have. The. Power. 

“That’s encouraging. How to get over my fear though?”

Looking at your bank balance is the first step to taking control over your money decisions and planning ahead.

Know that you always have choices. If you need $100 more to pay rent, you can choose to not go out for two dinners with friends or you can earn an extra $100 on the side by driving for a ridesharing company like Lyft or Uber.

Especially when you’re just getting started or if this is the first time you’re trying to take action, don’t be afraid to take measures like eating Ramen or sleeping on a friend’s couch for a week. It won’t kill you (I promise). 

When you do look at your account balance or your credit card bill, the first thing is to not judge yourself for past decisions — just look at the facts and move on to making a plan. It’s easy to let regret stand in the way of the future, but really, don’t dwell on it.

The same goes for any endeavor. One of my clients just moved into a new apartment and was nervous because she knew she spent a lot of money on moving, but wasn’t sure exactly how much. She was very nervous that it was a crazy amount of money and way more than we had planned for together. She then tallied it all up and found that while the number was larger than she had wanted, it was not nearly as bad as the built-up-worst scenario she had been playing out in her head.

We all do that (including myself). We build up scenarios out to be the worst-case-possible in our heads, and that paralyzes us from taking action, from learning, or from finding out the truth. Taking ownership over a credit card bill, a bank account balance, or tomorrow’s speech is no different. It’s just following the four steps below!

Sarah’s Steps for Success (in taking that first look):

1. Don’t judge yourself.

2. Recognize that the number could be anything - including the worst-case scenario (and also take heart that it’s probably better than what you’re imagining).

3. Be open to all possibilities and actions to improve from here.

4. Take a deep breath, a sip of wine, and go for it.

So, now it’s time.

Whether it’s the first time, the thirtieth, or the three-hundredth, own up to your past and take control of your own future. Take a look. 

Did you do it? 

Yes?

Way to go! Woohoo! You did it! You took the first step!

And now on to your bright and shining future…

Need help with what comes next? Schedule a free 15-minute intro call for one-on-one guidance to ensure you’re on the right financial track to build financial momentum and work to achieve your life goals, one step and one look at a time.

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