Afraid to Open Your Bank Statement? Here's How to Overcome That Fear

If you're someone who hides from their bank statement each month, you've taken a big step just by opening this article. Facing your fears isn't easy, especially when it comes to money. Read on for five no-shame, no-lecturing steps you can take right now.

How to overcome your financial fears

The first step in overcoming emotional blocks is to banish that horrible word, "should." You almost certainly know that checking your balance could help make you financially more secure, but there may be practical or emotional factors holding you back. There's way too much shame attached to money management, and it doesn't help anything. Remind yourself that it's OK if you're not perfect at dealing with cash -- most people aren't. 

Not only that, but Vee Weir, Founder and CEO of Vee Frugal Fox, stresses that you are not alone. "77% of Americans experience financial anxiety, and checking your transaction history can contribute to those negative feelings and emotions," she told us.

1. Try to understand what you are scared of

Think about what is stopping you from opening your bank statement -- it might be fear, worry, a lack of confidence, or something else. It will be easier to face whatever's driving your avoidance if you understand it. Perhaps you are struggling right now and don't want to face your financial situation. Or maybe you've grown up with an idea that money is stressful or difficult to manage. 

Be as honest as you can with yourself about those drivers. The process of naming them will make a difference, even more so if you're able to reflect on how realistic they are. I still carry the instinctual financial worries I had as a student, even though my bank balance is relatively healthy these days. It has taken a conscious effort to shake them off. 

2. Take away some of the pressure

One reason that opening your bank statement can be scary is that it comes with a lot of baggage. It is all too easy to squish all of your financial chores into one big lump and shut it away in a mental cabinet. The trouble is that when you open that cabinet, you start to feel like you have to tackle everything at once.

Opening your bank statement doesn't mean you immediately have to change your spending habits or make a budget or become a financial guru overnight. It isn't about making any changes just yet, it is about knowing where you stand and (hopefully) starting to feel more in control. 

3. See if you can switch the chip

I have had periods in my life when I avoided my finances. In fact, I wound up paying fees because I didn't want to open my bank statements. Top banks have significantly reduced their overdraft fees in recent years, but the Consumer Financial Protection Bureau (CFPB) says some still charge as much as $37. I probably paid over $100 in overdraft fees when I was in my 20s -- and more in credit card interest and a fine for paying my taxes late. 

An even bigger driver? I changed the narrative. I told myself that it is empowering to open my  bank statements and manage my money. When I felt the desire to run away and hide, I told myself I'd feel happier and less anxious if I put myself in the driver's seat and took action. And I started a list of all the ways that managing my money made me feel good. It worked. These days, I feel much more anxious if I don't know exactly how much money I have in my checking account. 

4. Give yourself a reward

Mary Poppins had it right when she said a spoonful of sugar helps the medicine go down. See if you can connect financial chores with something fun. For example, you might have a glass of wine or watch an episode of your favorite TV series when you look at your bank balance. 

If you have a friend you trust, ask if they'll sit with you while you look at your statement and then do something fun together afterwards. If you're a couple, perhaps this is something you can do together. It doesn't have to be expensive -- it's more about recognizing your achievements and finding ways to celebrate them.

5. Make it a habit

When you've overcome that anxiety once, the trick is to keep it going. Weir says, "Making this a daily habit, like putting on deodorant, will allow you to know what's going on with your money and you'll have one less thing to ruminate about."

She points out that you can make it manageable by checking in every day. "I find that setting aside five minutes a day to check over my bank accounts resolves this anxiety," she said. "You can do anything for five minutes each day. Five minutes is just 8% of one hour."

Take a deep breath and open that statement

Many of us may have financial fears, and the right way to address them depends on your personality. If you can't bring yourself to open your bank statement right now, set a time and date in your calendar. If you get paid regularly, you might opt to look online the day after payday when your balance will likely be at its healthiest. 

The fact that you've read to the end of this article shows you're serious about conquering your fears. The next step is to take action.