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Why You Don’t Need To Be Good At Maths To Manage Your Money

Written By: Arfy Majeed

About the Author:

With two decades of expertise in the finance industry, I've had the privilege of managing portfolios worth over $20 Billion. But my journey didn't end there. In 2022, I retired from the corporate world to follow my passion for financial wellbeing. I became a certified financial coach, driven by the realization that even those in....

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As a financial coach, one of the most common mind-blocks I see, are clients with a fear of math’s struggle to effectively manage their finances. This fear, commonly known as “Mathephobia”, prevents them from checking their bank statements, planning budgets, and keeping track of their spending habits. 

However, I assure you that you don’t need to be a math’s ‘proficient’ to manage your money successfully. Most financial tasks involve basic simple math’s, such as addition and subtraction, which can be easily managed with the help of technology and financial coaching.
In this article, we’ll dive into the impact of math’s anxiety on financial planning and share some tips on overcoming these challenges with the support of financial coaching, modern tools, and a mindset shift.

Math Anxiety in Western Culture

In many Western countries, it’s common to hear people casually admit that they’re not good at math’s. This notion that someone is either inherently good or bad at math’s is widespread, and it’s socially acceptable to be bad at it. Sian Beilock, a cognitive scientist and president of Barnard College in New York, emphasizes the importance of helping those who struggle with math’s anxiety. “If nobody provides support, these individuals will have a hard time realizing their full potential.”

It might surprise you to know that an astonishing 93% of US adults admit to having some level of math’s anxiety. From my experience, math’s anxiety can show up in various ways such as passing on all money management responsibilities to a spouse, avoiding conversations about money and feeling overwhelmed by financial tasks. This fear creates a vicious cycle where the dread of math leads to poor money management, further reinforcing the belief that one is simply not capable of handling finances. 

Anxiety around numbers usually stems from childhood incident(s) where a teacher or a parent shunned the child to the point where studying math’s was traumatic.  By addressing the root causes of math anxiety, individuals can begin to develop a healthier relationship with numbers and feel more confident about their financial decisions. 

Embracing Technology for Money Management

Today, we have calculators and sophisticated spreadsheet formulas to take care of most of the math’s for us. I’ve seen it myself; even professional accountants rely on calculators for basic calculations! 

This means that even the most standard math skills are not a prerequisite for staying on top of your finances.

Financial planning has taken on a new dimension in recent years, becoming a more visual and enjoyable experience. Today, we have access to beautiful and customized financial planners which make engaging with our finances a pleasure rather than a chore.

As a financial coach, I’ve made it my mission to create tailored, aesthetically pleasing spreadsheets for my clients. By adding a personal touch and making the process enjoyable, I help clients feel more connected to their financial journey. This approach not only makes tracking finances more enjoyable but also fosters a sense of empowerment about their financial future. This shift in perspective can help individuals overcome their math’s anxiety and develop a healthier relationship with their finances.

The Benefits of Financial Coaching

Think about how a fitness coach helps you navigate the gym and reach your physical goals. Similarly, a financial coach is there to support and guide you in maintaining your financial health.

Managing your money effectively is more about understanding your emotions and adopting a growth mindset than it is about mathematical skills. This is something that I consistently highlight as a financial coach. Recognizing this can help individuals like you not only prosper but also enjoy the process of managing your finances. 

Visit The Wealth Oasis for financial tips and strategies.


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