Let’s talk about fear.
It’s a big word, and it can stop you in your tracks—especially when it comes to something as personal and important as your finances. After working so hard to pay off debt, it’s easy to feel overwhelmed by the idea of creating a financial plan for the future. You might be afraid of making mistakes, not knowing where to start, or failing to build the life you’ve worked so hard to achieve.
I get it. I’ve been there.
After I paid off my debt, I felt like I had hit a major milestone—but then the fear kicked in. I felt this nagging worry: What if I screw up? What if I make the wrong financial decisions now that I’m debt-free?
It’s a real fear, and for a long time, I felt paralyzed by it. The idea of diving into saving, investing, and planning for the future seemed like an insurmountable task. After years of being focused solely on paying down debt, I didn’t know where to begin.
But here’s what I learned: Fear isn’t the problem. Not facing that fear and taking action anyway? That’s the real issue.
If you’re feeling anxious about what’s next after paying off your debt, I want you to know that you’re not alone. It’s completely normal to feel intimidated by the idea of financial planning, especially when you’ve just climbed the mountain of debt. But I promise you—once you start, things get clearer. It’s all about breaking it down and not letting the fear control your next steps.
Here’s how I overcame my fear of financial planning and began building the future I’d always wanted.
- Start with Small Steps.
When I first thought about financial planning, I imagined this huge, complicated process. I thought I needed to have it all figured out before I even started. But I quickly realized that the best way to begin was with small, manageable steps.
I didn’t have to build a perfect financial plan overnight. In fact, I couldn’t have even if I tried. So, I broke it down. First, I worked on building an emergency fund. That felt achievable and gave me the confidence to move forward. After that, I took the time to review my budget and make sure I was saving for future goals.
The idea is not to do everything at once. Start with one simple goal, achieve it, and then build from there. The more you do this, the less overwhelming the process becomes.
- Focus on What You Can Control.
For a long time, I focused on everything that was outside my control. I worried about things like market crashes, future tax changes, or the potential for an economic downturn. Those things are important, but they’re not things I can directly control right now.
Instead, I shifted my focus to what I could control: my spending, my savings, and my ability to invest in my future. By creating a budget that fit my new reality and being consistent with my savings, I could take control of my financial future, one step at a time. The more I focused on the areas I could control, the less fear I had about what was outside of my hands.
- Educate Yourself, But Don’t Wait for Perfection.
Fear often comes from a lack of knowledge. And while it’s important to educate yourself about personal finance, I learned that there’s no such thing as perfect knowledge. I didn’t need to have everything figured out before taking action.
I started reading books, listening to podcasts, and watching videos on personal finance. But I didn’t let the learning process stop me from actually taking action. It’s easy to fall into the trap of analysis paralysis—feeling like you need to know everything before doing anything. The reality is, you learn by doing. So, as I learned more about investing, budgeting, and saving, I started putting those lessons into practice, even when I wasn’t 100% sure.
- Set Realistic Expectations.
Another fear I had was that I wasn’t going to reach my financial goals fast enough. I wanted to be rich and financially independent yesterday. But the truth is, building wealth is a long-term game. There are no get-rich-quick schemes when it comes to money.
By setting realistic expectations for myself, I stopped comparing my progress to others. I stopped expecting overnight success and started focusing on consistent, incremental progress. Whether it was saving a little more each month or putting a small percentage of my income into investments, those small steps added up over time. The key was patience—and that took the pressure off.
- Embrace Flexibility and Adjust as You Go.
When you’re coming out of debt, you might have this idea that once you’re debt-free, you have to stick to a perfect financial plan. But life isn’t perfect, and neither is financial planning. Goals change, income fluctuates, and unexpected events happen. That’s why I learned to embrace flexibility in my financial plan.
If I had to adjust my budget or savings goals, I didn’t see it as a failure. I saw it as a necessary part of life. I gave myself permission to revise my financial plan as my circumstances changed. This took a lot of pressure off me and made it easier to stay on track, even when things didn’t go as planned.
- Build a Support System.
Facing financial fear alone can be overwhelming. But having a support system can make all the difference. I reached out to friends who were also working on their finances and shared my goals with them. We encouraged each other, shared tips, and celebrated milestones together.
If you don’t have someone in your personal life who’s financially-minded, there are online communities, forums, and social media groups full of people who are on the same journey. Having people to talk to, ask questions, and get advice from can make tackling your finances less scary. Plus, it’s always motivating to hear other people’s success stories and challenges.
- Trust in the Process.
I think the biggest fear I faced after paying off my debt was trusting that everything would work out. It’s easy to get caught up in the idea that I have to do everything perfectly in order to be successful. But the truth is, I had to trust the process. I had to trust that if I kept showing up, making progress, and staying consistent, things would fall into place over time.
No, it’s not going to be a perfect journey. But if you stay committed to your goals, your financial plan will work. And when you look back, you’ll be amazed at how far you’ve come.