Do you frequently stress about your financial situation? What prevents you from buying the things you need or want? A scarcity mindset, in which you constantly worry that you will not have enough, can be devastating to your financial well-being. The good news is that you can train your mind to look at what you have rather than what you need. If you believe you can improve your financial situation, you will be more likely to do what it takes to get there. How to develop a positive attitude toward financial gain and escape the cycle of scarcity.
Heal your previous financial relationship.
Setting aside money each month is, at most, a band-aid approach. Sticking to a budget can be challenging if you have emotional issues at play that are causing you financial stress.
Being “good” or “bad” with money is an oversimplification of the complexity of your relationship with money. Identifying your feelings around monetary matters is a good first step. How did your family deal with money when you were a kid, and how did you feel about it after you started making your own decisions? It is possible that you have been living with a scarcity mentality all your life. If you want to alter the story, you must first have a firm grasp on how it is currently being told.
Allow yourself to splurge on necessities and things that bring you delight. When done with intention, spending money is consistent with a mindset of plenty. Take note of the benefits it brings to your life.
A healthy connection with money can be formed by treating oneself mindfully. Before making a purchase, you should ask yourself, “How do I want to feel?” What kind of impact do I want it to have? When I buy it, what emotions am I trying to avoid? Give in to your desires, especially if doing so helps your financial situation as a whole.
Spending money is inevitable, so you might as well get used to doing it without feeling guilty about it (guilt that serves merely to maintain a scarcity mentality).
Overcome debt anxiety
Sure, “debt” sounds terrible. However, not all loans are the same, and having a general aversion to debt will prevent you from developing an abundant mentality.
Debt is something you will need to get used to if you want to buy a house, a car, or make any other significant purchase. Debt can be very beneficial if it is used to purchase an asset that will generate income in the future, such as a piece of real estate or a startup firm.
Celebrate small victories
Make a note of any monetary success. How well did you keep to your monthly budget this time around? Put money toward a debt? Recognize and reward success instead of trying to downplay it. With enough little victories, you might discover that your financial situation is not as dire as you feared.
Stop making comparisons to others
There is a backstory behind everyone. It is pointless to judge yourself against a wealthy friend’s family or a brother with a better-paying job. You can only do what is within your control. That, in a nutshell, involves making and keeping to a budget. In a more profound sense, though, it means not taking your focus off your own paper and making the mental transition from scarcity to abundance.
If you are feeling down because of how you handle money, it is time to make some adjustments. Think about seeing a financial counselor. The combination of psychoanalysis and financial counseling in financial therapy can help you overcome the mental and behavioral obstacles to your financial success.
In the end, these suggestions for shifting from scarcity to abundance are not meant to make you feel good. Making money work for you is all about mindset. It is much easier to make sound financial decisions when you know you are not squandering money on things you do not care about.