Our guide to overcoming the fear of finances

Natasha Lainsbury: CRM Executive

September 30, 2020

October is upon us and in anticipation of Halloween, a time of ghosts and ghouls, we thought we’d discuss a real-life fear for many of us, finances.

If you’ve ever struggled with money, you’ll know that feeling you get in the pit of your stomach at the thought of checking your account balance.

Here at OpenMoney we are all about financial empowerment and our goal is to give you the tools you need to manage your money in the best way and make it almost…fun?

We know that traditionally finances aren’t fun, but the peace of mind knowing you have it all sorted? That’s what we’re striving for here. If you haven’t already, take our financial health check and see what our adviser-led algorithm (we know, so futuristic) suggests for you!

If you’re in a position where you need to build up savings, our app will enable you to see all your finances in one place and help you categorize your spending. It’ll also recommend areas you could be saving, whether that’s by switching energy provider or suggesting fewer ASOS hauls. Of course, if you find yourself in debt that you’re struggling to manage, we recommend you reach out to Citizens Advice Bureau or a charity like StepChange who can help you to develop a plan moving forward – it’s important to remember that you are not alone and you have nothing to be embarrassed or ashamed of.

On the other hand, if you have enough savings, including an emergency buffer, you may feel that investing is something you want to explore!

Investing may feel scary, especially at the moment when so much is going on in the world that has potential to affect the markets. One of the main reasons we started OpenMoney was to ease more people into the world of investment. We don’t want finance or investing to be scary or exclusive, we like to say ‘we are here for millions of you, not just those with millions’.

If investing is right for you, you are able to choose the risk level that you are comfortable with and be safe in the knowledge that we take measures like diversification (which just means not putting all of your eggs in one basket), on all of our portfolios to help protect against market turbulence.

Whatever your situation or goals, you can book an appointment with one of our friendly advisers free of charge to discuss your recommendation and ask any questions you may have. We may have fancy algorithms, but we also understand the security that comes with speaking to a real human from time to time, so our support team and financial advisers are on hand to chat should you need it.

Money is something we all deal with and no one should be afraid or nervous to check their bank account. Take ownership of your finances, flip the narrative and make checking your balance a treat, not a trick.

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