How to Face Your Scariest Financial Fears this Halloween

Facing Your Financial Fears: Are your debts haunting you?

With Halloween on the horizon, it’s time to be prepared for scary movies on TV, ghosts and ghouls, and trick-or-treating at your door. However, if you think Freddy Kruger and Michael Myers are scary…. they don’t have anything on chrometophobia, or the fear of money.

Instead of running from your financial fears and letting them keep you up at night, why not face them head on? If you let money matters like setting a budget or assessing outstanding payments scare the bejeebers out of you, you could make some truly fearsome financial decisions.

Do I Have Financial Fears?

Financial Fears | man with palms covering his face

We know that everyone has something they’d rather not face – whether it be credit card debt or a missed mortgage payment – and Halloween can sometimes bring out the worst of our financial fears, especially with the holidays just around the corner.

But what if you’re already living your worst fear?

Being scared of debt is understandable, but if you’ve been spending more time lying awake at night and worrying about your bills instead of sleeping, it’s time to overcome your fear of debt.

Overcome Your Financial Fears

Financial Fears | having a problem and finding the solution

Brush the cobwebs off your bills and statements and face your financial fears head on. Set aside some time to have a thorough look at your finances so you can determine how much you owe, and who you owe.

It may be scary, but by confronting your fears now, you’ll be in a better position to make some changes so you can overcome your fears and become debt free.

Here are some common financial phobias and ways you can overcome your fears.

Fear of Budgeting

Financial Fears | budgeting money and calculating it

Budgeting isn’t always easy. For some, it can be downright scary for people of all ages and backgrounds. Many people tend to overthink setting a budget and make it seem more complicated than it ever needs to be.

Facing Your Fear:

The best option to try and overcome this fear is to break down tasks into not-so-scary pieces. So, instead of trying to set a yearly, or even monthly budget, start by setting a budget for tomorrow. Then gradually move to a week or two, once you’re ready.

Fear of Overseeing Bills or Bank Statements

Financial Fears | a credit card wallet with 6 cards inside it

Avoidance – or denial – never helped anyone. If you are fearing opening your bills or bank statements, you’re more than likely in debt. However, by not facing this fear head on, you could be making things worse. Remember… ignoring things doesn’t make them magically disappear.

Facing Your Fear:

Tell yourself that not knowing is worse. After that, get financial support from a financial advisor, family member or even a trusted friend to help you review and access your financial documents.

Fear of Losing Your Job

Financial Fears | job search and spanner in back jeans pocket

Being fired or laid off is a legitimate fear if you work for someone else. But the greater fear, is after being laid off, not being able to find another job to pay your bills. So, you should always be prepared just like for any other disaster.

Facing Your Fear:

Be prepared by having at least 6 months of expenses saved in an emergency fund. Get additional training for your job role to show your employer that you’re a valuable asset. Or if you’re really motivated become self-employed.

Fear of Overspending

Financial Fears | Fear of Overspending on shopping bags

Overspending is one of the biggest money fears that people face. Halloween is a time when it’s easy to overspend. Halloween costumes, parties, decorations, and gifts are of the things that are very difficult to avoid.

Facing Your Fear:

If you can, making a budget will help improve the way you spend your money. Once you have a budget, you’ll be able to make better informed decisions when it comes to spending money on essentials rather than luxuries.

Fear of Dragging Debt to Your Grave

Financial Fears | Grave in a greenery based location

Whether it’s a student loan, a debt consolidation loan or credit card purchases, many people fear that it would be difficult to resolve. Even those who don’t have any debt are afraid of getting trapped by debt in the near future.

Facing Your Fear:

Assess your debts and devise a plan to pay off the smallest first. That way you’ll have a small victory and use the funds after payoff for the next debt. It’s called the snowball method.


We all have financial fears but worrying doesn’t change anything. There are countermeasures for all of these fears. Take action so you can put your fears to rest.

Use these tips to overcome your financial fears this Halloween. Remember, you still have to face the spooky ghosts or goblins knocking at the door!