For many people, money concerns can create significant stress, limit decision-making and delay important life goals. These fears often stem from uncertainty or feeling unprepared to make informed choices.
Fortunately, simple steps—such as establishing clear budgets and working with trusted advisors—can ease that stress and provide a greater sense of control over your personal finances. Below, 20 members of Forbes Finance Council share their top strategies for overcoming financial fears and building a stronger foundation for managing your money.
1. Gain Clarity Through Expense Tracking
Clarity kills fear. Start by knowing exactly where your money goes; awareness is the first step to control. – Amer Al Ahbabi, Vertix Holdings LLC
2. Create A Structured Financial Plan
Having a structure and a plan in place is the first step for someone to overcome any fears and anxieties they might have. Seeing a structured plan helps one see an organized plan of action instead of second-guessing. – Andrew Sukhin, AGS Wealth Management Group of Raymond James
3. Seek Guidance From A Trusted Advisor
Managing finances can seem overwhelming, daunting and endless. Finding a trusted expert to help guide you through tax benefits, investments, debt, budgeting and prioritization will ease fears and anxiety. Building a financial plan and decision framework with a trusted advisor while tracking your progress will lead to better outcomes and keep the anxiety at bay. – Gregory Fortier, CFA, Centinel Financial Group
4. Apply Institutional Finance Principles
One of the most effective ways to overcome anxiety about personal finance is to adopt the principles of institutional financial management. Financial fear is not a function of income but obscurity. Lacking a logical basis to assess liabilities, cash flows and objectives, anxiety continues. A good approach is to treat your finances as you would a lean enterprise. – Asli Erem, Arsal Management Consultancy
5. Use Budgeting To Replace Fear With Clarity
One of the best practices is to replace fear with clarity. Start by creating a simple, honest budget. Knowledge empowers you, and having a structured plan helps to create a sense of calm. Just as sunlight chases away shadows, financial transparency dispels anxiety. This clarity allows confidence to take root and grow. – Pankaj Vasani, Cube Highways InvIT
Forbes Finance Council is an invitation-only organization for executives in successful accounting, financial planning and wealth management firms. Do I qualify?
6. Leverage Financial Education And Wellness Programs
One of the most effective ways to overcome financial anxiety and fear is through structured financial education and wellness programs. Some banks offer programs that provide essential knowledge about budgeting, saving and investing in a supportive environment. Guidance from finance professionals can help build confidence and practical skills to reduce money-related stress. – Monique Johnson, Beneficial State Bank
7. Prepare And Research Before Investing
One way to reduce your fears around investing your money is by giving yourself the advantage of preparation. Before creating your investment plan, research common practices that may serve you in accomplishing your goals, such as the best investments for a long-term retirement strategy. Don’t be afraid to consult a professional. We’re here to ease your worries and provide answers to your questions. – Christopher Steward, Legacy Group Capital
8. Understand Your Goals And Set Boundaries
Overcoming financial anxiety starts with self-awareness and accepting that you are not the expert in everything. Educate yourself sufficiently to understand your goals, risk tolerance and pace, and then hire trusted advisors and let them drive. Step out of the way and set the guardrails, not the GPS. Having clarity and setting boundaries can help reduce fear and restore your sense of control. – Neil Kawashima, McDermott Will & Schulte
9. Take Small, Consistent Steps Forward
Take baby steps, start somewhere and keep making progress. Start recording your expenses and create a budget so you have something to follow and keep you accountable. – Zachary W. Herzog, Wolfgang Capital LLC
10. Build A Structured Budget And Track Progress
A key practice for overcoming fears is to create a structured budget. Track income and expenses for a month to understand spending habits. Use budgeting apps or spreadsheets to categorize expenses. Allocate funds, prioritizing essentials, savings and debt repayment. Set achievable goals, like saving 5% of income. Review monthly to stay on track. – Anatoly Iofe, IceBridge Financial Group, LLC
11. Break Financial Worries Into Manageable Actions
Fear thrives in the unknown, but financial clarity kills it. Break money worries into simple actions: track, plan and adjust. Small wins build lasting confidence. – Sumeet Grover, UFCU
12. Use Tools To Increase Financial Visibility
Start with visibility. Anxiety around money often stems from uncertainty, not reality. Use simple tools—like daily balance alerts or weekly spending summaries—to create a clear picture of your finances. When you replace vague worry with concrete numbers, you shift from emotional avoidance to empowered action. – Alexander Ronzino, Rework Capital LLC
13. Establish A Weekly ‘Money Observation’ Ritual
Set a standing 20-minute weekly “money observation” ritual: sit quietly, log every expense, note the feeling it sparks and choose one micro-action (e.g., trim a subscription or move $10 to debt). Naming fears and pairing them with immediate, bite-sized moves trains the brain to link money with control, turning anxiety into informed momentum. – Terry Chen, Modulate
14. Create A Financial Snapshot And Set Goals Accordingly
Start with a simple financial snapshot—know what you earn, owe and own. Clarity reduces anxiety. Then, set small, achievable goals. Progress builds confidence, and consistency turns fear into control. Financial wellness begins with awareness, not perfection. – Swati Deepak Kumar (Nema), Citigroup
15. Adopt A Strategic Decision-Making Framework
Developing a structured decision-making framework—similar to institutional portfolio governance—shifts personal finance from reactive behavior to strategic command. Implementing periodic reviews, predefined allocation thresholds and scenario modeling introduces discipline, neutralizes emotional volatility and mirrors how capital is managed at scale. The mind calms when the system is intelligent. – Alfonso Cahero, Cahero Family Office
16. Gamify Financial Management
Treat your finances like a game, not a report card. Most people freeze because they see money as a judgment. Flip it: set quests like saving $100 in a week or cutting one monthly charge. Reward yourself. When money becomes a game, you act from curiosity, not shame. Anxiety fades when learning replaces judging. – Karla Dennis, KDA Inc.
17. Align Financial Goals With Personal Values
To overcome personal finance fears, stay rooted in your values and start by identifying your goals. The combination becomes a guiding light—helping turn anxiety into clarity and purpose. From there, don’t hesitate to seek professional advice. A trusted advisor can help align your financial decisions with your goals and build lasting financial confidence. – Sonya Thadhani Mughal, Bailard, Inc.
18. View Budgeting As A Path To Freedom
Budgeting isn’t about restriction—it’s about taking control. Start small: review last month’s spending without guilt. Awareness eases anxiety. You’re not bad with money—you just haven’t been taught yet. Budgeting is your freedom plan, giving you clarity and confidence. Progress, not perfection, is what truly matters. – Trixy Castro, TRX Capital
19. Live Within Your Means And Invest Excess Income
Establish a sustainable lifestyle well within your means by understanding which expenses truly bring you happiness, curbing luxuries and channeling all surplus income into passive, risk-adjusted investments. Let them compound quietly over time—removing emotion and noise from the process. – Achal Singi, WestBridge Capital
20. Track Net Worth With A Personal Balance Sheet
Put together your personal balance sheet and start tracking your net worth. Have a clear understanding of how each of your assets and liabilities is doing, as well as your overall net worth. You will get financial peace of mind by having a clear picture of your holistic portfolio and its performance toward your financial goals. – Andrew Izyumov, 8FIGURES AI Investment Advisor
The information provided here is not investment, tax, or financial advice. You should consult with a licensed professional for advice concerning your specific situation.
