With Halloween only a few weeks away, it’s time to be prepared for scary movies on TV, ghosts and ghouls trick-or-treating at your door and listening extra carefully for things that go bump in the night. But whilst these fears might be unfounded, it might be a good time to think about what frightens you in your finances and, more importantly, how to overcome those concerns. Keep reading for our top financial fears and what you can do to banish them this October.

1. Losing big on your investments – It’s all too easy to think that investing your money in stocks and shares or even in a savings account is a huge risk, thanks to the media reporting the times when people have indeed lost huge sums. But it’s important to remember that the people who make sensible investments and successfully grow their money are unlikely to be covered in the news. Big losses happen in the short term to those trying to make money fast. Just remember that buying and holding long term means your money is more likely to remain safe and work for you over time.
2. Having a poor credit score – Whilst having a good credit score is important, unless you’re planning to apply for credit or make a significant purchase then it’s not something you should be losing sleep over. Even then, if your score isn’t as high as you want or need it to be, there are ways to improve it that don’t take too long. The important thing to remember is that credit scores change all the time, so constantly worrying about yours simply isn’t worthwhile.
3. Becoming overwhelmed by debt – If you’ve managed to get yourself into debt through loans, credit cards or a sizeable mortgage, working your way to being debt-free again can feel like an impossible task. But there are always actions you can take to help yourself cope with debt. Speak to your lenders to see if you can negotiate more manageable payments. Work out how much you’d need to pay each month to clear your debt in an achievable amount of time, such as five years. Finally, make sure you don’t take on further debt, otherwise you’ll simply be undermining all of your efforts.