“I’m always broke.” “I’ll never be able to afford a house like my friends.” “She’s so materialistic.”

Managing money involves so much more than numbers in a bank account. There is a deep psychological component to how you view money and make financial decisions. A number of factors can influence this, such as your upbringing, social comparison with friends or idols, cognitive bias, and desire to maintain a certain image.

From those psychological hurdles stem money blocks, or mental hurdles regarding finances. By identifying and analyzing these obstacles, you can trace their roots, understand how they overlay your thinking and behavior, and establish new patterns that may lead to a healthier financial future.

Procrastination

Financial stability often requires being proactive, such as by creating a budget, investing as early as possible, and paying off debt. Delaying or postponing any of these tasks or decisions can hold you back from thriving, or, even worse, wreak havoc on your financial health. You might even be sitting on a great side hustle or business plan that could bring in additional income—if only you took that first step forward.

How to overcome: Decide that today is the day to take a step forward. Start with something small that feels manageable, like investing a portion of your income each month. Set a deadline alert in your phone to help you stay on task, and let a friend or family member know what you are doing so they can check in and hold you accountable.

Perfectionism

Perfectionists tend to plan, and plan, and plan again rather than take action. But if you are so afraid of making a mistake or not reaching the high standards you have set for yourself, you may never do it at all. Especially when it comes to investing or starting a business, perfection is overrated; in fact, it can prevent you from jumping on opportunities that may lead to success.

How to overcome: Shift your mindset from perfection to progress. It’s OK to do something even if it’s not done flawlessly. Be gentle with yourself, and let go of the urge to be self-critical anytime you make a perceived mistake. If you’re really struggling with this, simplify your budgeting as much as possible so it’s easily achievable and creates a positive feedback loop.

Scarcity mindset

If you have this limiting belief, you may worry that your resources are limited, leading to fear-based behaviors like hoarding money, being excessively frugal, or putting off necessary tasks because they involve money. This mindset can also undermine your self-confidence, making it less likely you’ll invest wisely in yourself.

How to overcome: To challenge the idea that money is scarce, try cultivating a practice of gratitude where you acknowledge the resources you have. Creating and following a budget can further help give you peace of mind and ensure that your finances will be stable.

Guilt

You may experience feelings of guilt if you grew up with limited means and now find yourself out-earning family or friends. This could provoke unnecessary spending, or, on the flip side, lead you to subvert your own opportunities to accumulate wealth.

How to overcome: A helpful first step is to dig up the root of this guilt, whether it’s inherited beliefs, perceived societal expectations, or your own life experiences. Once you face that origin and its resulting ideas of wealth, you can decide if they are rational or not and replace the negative associations with more positive ones, like how your money could better allow you to support charitable causes.

Low self-esteem

When you don’t feel confident about yourself and your abilities or use your net worth as an indicator of self-worth, you risk sabotaging your financial opportunities. If you have a business, this could manifest as undercharging for your services. Low self-esteem may also prompt you to spend money you don’t have in order to convey a certain image of success.

How to overcome: Realize that your value as a person has nothing to do with your bank account. Take some time to remind yourself of the talents, quirks, and personality traits that others appreciate, and shift your ideas of success away from monetary wealth and toward personal growth.

Money blocks can be difficult to overcome because they are often built up over a long period of time on a subconscious level. But there is freedom on the other side. While you are doing this inner work, reach out to a financial professional who can guide you through the best options for future success.