The theme this week on the One Minute Retirement Tip podcast is: Are You A Money Hoarder? 

Yesterday, I talked about why most of us hoard money, which is driven primarily by fear and insecurity about the future. That fear and insecurity can drive some of us to accumulate much more than what we need, and cross the line from saving into hoarding.

Today, I’m talking about the fix for money hoarding tendencies. Now, let me clarify first that when I talk about money hoarding, I’m talking about it from the standpoint of someone who does not require a medical diagnosis and treatment. Money hoarding can be a disorder, but for many of us who suffer from money hoarding tendencies and not a diagnosable medical condition, there are some important steps you can take to work through your money hoarding tendencies. 

Many times, all you might need is a little more clarity about the future. Going through the process of a retirement projection to see if you’re on the right path and you have enough for retirement is enough to ease your mind, and slow your money hoarding train. If you want to access my retirement success forecaster to find out if you’re on the right path to a comfortable retirement, you can access the tool and find out if you’re saving enough by going to www.truenorthra.com/retirementsuccess. You’ll fill out a 2 page questionnaire, then submit it for your personalized results. 

If hoarding cash is a problem, then you can overcome hoarding tendencies by picking a prudent amount to leave in cash that you would be comfortable with for emergencies and earmarked savings, and make a plan to invest the rest over the next 6-12 months. Set up an auto-investment so you don’t have to think about it again. 

A number of other adjustments can fix hoarding tendencies - if you have issues with parting with funds, set up a mad money account where you earmark funds for carefree spending each month, and set up a regular, monthly donation to a charity. If you struggle to spend money on vacations or eating out even though you have enough, practice ordering the more expensive entree or the Airbnb that seems too expensive. 

Money hoarders often have problems making decisions with money, so if this applies to you, then consider applying a timeline for making a decision about the next important financial decision that comes your way. Maybe you’ll decide within a day or a week of facing your next financial decision, forcing you to move forward out of the paralysis of indecision. 

That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the One Minute Retirement Tip. 

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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance