We all have financial fears! Overcoming Your Financial Fears with these simple steps.
This is a compensated campaign in collaboration with Chase and #WeAllGrow Latina Network.
We all have financial fears, right? My parents migrated to the United States when I was 12 years old and I personally saw their struggles. Not only did they have to learn a new language, they also had to learn to navigate through a whole new financial system of credit cards and credit scores. Now that I am an adult and a parent myself, I can’t even fathom what they had to go through in their mid 30’s, thankfully, this experience empowered them to raised financially smart children. Although they were savvy enough to teach us about credit cards and how to care for our credit scores, it doesn’t mean that I don’t have financial fears. Oh, no!
Overcoming Your Financial Fears
My parents always taught us by practicing smart finances themselves. For them, things like spending less than you earn, getting rid of debt as fast as you can, and saving money for rainy days, were just some of the things they instilled in us. You know that credit plays a big role in your future and has a tremendous impact on your ability to achieve life’s milestones. For example, owning a home, buying a car, starting a business or even subscribing to a new mobile phone plan.
Facing new fears!
Two years ago, my husband decided to go back to school full-time. Yes, this meant that our income will be dropping by more than half. This decision caused a huge financial fear in both of us. And trust me, this decision didn’t come lightly and the logical questions immediately jump in our minds, what would happen if one of the kids got sick? Or what about if our house or cars needed major repairs? What would we do if I couldn’t make an income on my own? To conquer these fears, we made the decision to focus our energy on what we could control instead of focusing on what we couldn’t.
We began by building up an emergency fund, our goal was to save as much as we could, as fast as we could. We also reviewed our insurance policies, we just wanted to make sure we could be covered in case of any emergencies. We also made the conscious decision to streamline our spending. If we didn’t need it, we wouldn’t buy it. Lastly, before he left his work, he also moved his 401K portfolio to a more conservative option, this way, his retirement plan wouldn’t be impacted if there was any kind of market correction.
Just like in the video above, life itself is a roller coaster ride! As I mentioned before, the decision of my husband going back to work was two years ago and just when I thought that we were in the clear, it was time to face my own personal financial fears. You see, my car or the family car was getting older and less and less reliable. Having only one income and facing the fact that you will have to rely on your credit and the decision you have made until now for your next big purchase is not an easy. We wanted/needed to get a newer car and there was no better time to check how healthy my credit was. And trust me, I didn’t want to know or do this. But, tackling your credit doesn’t have to be intimidating! It is empowering to know where you stand and take steps to achieve optimal financial health.
Tips to overcome your financial fears
If you are wondering if we finally purchased our car? The answer is yes! Thankfully, all my past efforts and by applying my parent’s teachings my credit was in a very good shape. So, having gone through the past two years, I do have a few tips you can use to overcome and conquer your financial fears.
First of all, remember that tackling your personal finances can be a little nerve-wracking, but this is the time to empower yourself to be financially healthy and give yourself the freedom to feel confident about your money.
Second, knowing your credit score is crucial for your well-being, not only for today but also for the long run. Plus it is essential to have financial knowledge for both you and your children because after all, they learn from us. Knowing your credit score helps you assess where you stand and how close or far you are from creating the life you want. From there, you can make smart financial decisions to keep your score healthy or improve it.
Finally, remembering that when managed wisely, credit can be a tool that open doors for you. From buying a house to getting a cell phone contract, the credit information that a lender requests could mean the difference between paying huge interest fees and potentially securing the deals we want. So, use tools that empower you to make savvy financial decisions and manage your credit with confidence. Don’t wait. This is the time to overcome your hesitation and finally overcome and conquer your credit!
Keep the conversation going, What are your personal tips for overcoming and conquering your credit fears? or How are you Overcoming Your Financial Fears today? Share them with us via the comment section below. If you would like to learn more about how to #ConquerYourCredit visit the Chase Slate Credit Card Webpage here.
Disclosure: This is a compensated campaign in collaboration with Chase and #WeAllGrow Latina Network. I am disclosing this in accordance with the Federal Trade Commission’s 16 CFR, Part 255: “Guides Concerning the Use of Endorsements and Testimonials in Advertising.”
This is a sponsored conversation written by me on behalf of Chase and #WeAllGrow Latina Network. The opinions and text are all mine.