Even the wealthiest stars own up to their strongest fear of finishing up as a bag lady. So much hence it is a syndrome!

“Bag lady syndrome is a phobia many women share that their economic security could vanish in a heartbeat, leaving them without a home bankrupt and destitute,” writes MSN money hack Jay McDonald. “Lily Tomlin, Gloria Steinem, Shirley MacLaine and Katie Couric all admit to having a bag lady in their worry closet.”

If you suffer because of this inner worry, you are not alone. Neither is the future desolate. Here are 5 steps you can take to ease those stresses right now:-

1. Figure out if your fears are rational or irrational.

Nobody can actually know what the future holds but attempt to take a good, clear look at where you are and where you have to be. Is your house paid for? How much money do you have stashed away in varied retirement, savings and investment accounts? You could be in better shape than you think that you are.

2. Keep Healthy

Irrespective of where you are right now, a serious and/or long-term debilitating health problem can totally clean you out in extremely short order. While it’s impossible to anticipate and ward off all future health Problems, eating right and staying physically active will go a ways toward keeping you out of the doctor’s office. Hate to exercise? Think of it like cash in the bank of your good future and do it anyway! Ensure you have health and long term care insurance and that your policies are paid up and active.

3. Know precisely where you are financially

Have a clear understanding of where you stand financially. Even if you’re at the moment married, indications are good that you will outlive your husband. Do you know where all your accounts are? Is your name on everything? Do you understand your investments? Distressing though you may find it, sit down and go throughout it all. Keep presenting questions till you know that you can take the reins and do it competently and confidently. I recommend a fee-only certified financial planner are smashing but they don’t acquit you of the Obligation understand and be in a position to make decisions about your own finances.

4. Keep your social network active

Women alone are a lot more inclined to become indigent and homeless than are women with a strong social network. Kinship with friends and family can be complex and, like all relationships, take work. It’s worthwhile. Everyone needs pals we can call on in times of need. Not for money support but support mentally, physically and emotionally. Just like the song says, people need people. Confirm your social network is well and flourishing. Get out there and put the time in; it’s going to be worthwhile in the long term. There’s little more heartrending than a bag lady wondering the street.

5. For a plan

Being proactive is a better way to fight fear. Determine out where you have to be and how you are going to get there (or as near to there as you can). Work while you can, save what you can, don’t attract unnecessary debt. Stay or get healthy. Keep or make friends. You can’t “prognosticate” the future but your present actions can actually shape it.

And while I’m a firm believer in the power of positive thinking, we all need to be realistic. It’s self-defeating to live in fear when you can take the steps now to fix up the holes and begin to live life confidently. If you’d like to know how long your cash will last, I have several free calculators(the 1st will tell you how long your cash will last) on my site on women and money.