How to overcome the fear of looking at your bank account…

It’s no secret that checking your bank balance after several weeks (or months) of indulgence is every self-sustaining student’s nightmare. This widespread worry can quite literally take over your student life, and it soon becomes the norm to spend hours a day sweating in your lectures over your bank balance, only to bury your head in the sand as soon as you get home (and get on the sesh). It may be survival in the short-term, but unfortunately, this approach is never any good in the long run. It may be scary, it may be daunting – but regularly looking at your bank account is essential if you want to stay on top of your finances, have peace of mind and avoid as much debt as you can by the time you leave uni!

Be honest with yourself

Why are you so afraid of checking that pesky bank balance? Asking yourself why you’re frightened of looking at those digits (or digit, as the case may be) is a good place to start. Maybe it’s because you’re scared of annoying your parents or the idea of being in the red makes you panic. Being truly honest with yourself is the first step in moving towards conquering your fear. Here’s how to overcome the fear of looking at your bank account…

Chill out

If you consistently get nervous whenever you think about checking your bank balance, the last thing you want to do is get into a panic. Don’t beat yourself up for not being more financially savvy; self-care and relaxation is the way to go. Relax, pour yourself a brew, and take a deep breath. Remember that you’re in this for the long run.

Approach the issue head-on

It’s all too easy to say but try not to put the issue off. Being strict with yourself and checking your balance every month on a certain date is paramount to overcoming your fear. You want to be able to make the most of your student loan when it drops. Make sure that you pencil this date into your diary or calendar so that you don’t forget it! Making it a frequent habit is the only way to go; avoidance just means that everything will be worse.

By relentlessly spending and spending while putting off checking your balance, you’re avoiding reality and evading a problem that will just resurface later. If you get into good habits now, it’ll be easier for you in six months time.

Stay positive

Everything may feel overwhelming before and after checking your bank balance but try and stay upbeat. Telling yourself that you can handle whatever your finances throw at you makes for unbeatable confidence that will see you through debts and beyond. Remember that everything is transitory; just because you have little money in your bank account now, doesn’t mean that it will always be the same.

Putting on a hustling playlist to remind yourself that you’re a resourceful guy or gal who knows how to handle a situation will make you feel more confident and self-assured.

Switch to online banking

Online banking is great; not only is it easy to transfer and receive money, but you can also download a bank app on your phone and check your balance on the move. Additionally, online banking is significantly less scary than printing off a bank statement in town, as you can check it from the comforts of your own bed.

There are also ‘smart bank’ apps like Monzo which send you push notifications every time money goes in, or out of your account, and remind you of your balance, which essentially means you’ll be looking at your bank account on a daily basis.

Don’t be afraid to talk about it

Being fearful about looking at your bank account is nothing to be ashamed of, and you may be surprised to hear that many other people have the same fears! Sharing your money problems with others will help shift the fear a little, give you some people to hold you accountable to your spending, or it can just be helpful to get it off your chest.

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