I grew up the daughter of a single mom. My mom raised three kids on her own, kept a spotless home and worked 60+hours a week. She used her shopping addiction as her escape. I’m not complaining because we’re the same size but it did leave me with a somewhat skewed view of money.
When I started looking into my money mindset several years ago I realized I had the same views about money. Enjoy it while you have it because there is no guarantee it will be there tomorrow.
A scarcity mindset whether adopted from a parent or experiences will always leave you feeling like you’re coming up short. The belief that there is a limited amount of money available sabotages your financial future and makes you feel like you’ll never have enough.
You may be living in scarcity mode if you are:
- living paycheck to paycheck,
- are afraid to spend the money you have,
- spending the money you have because now is your opportunity,
- stressed about finances,
- constantly thinking more for others means less for you,
- afraid there will never be enough.
A scarcity money mindset is a collection of limiting fear based points of view. In order to change those points of view, you need to ask yourself “what’s the value of having scarcity in my life”. You might be thinking, “why would I value scarcity”?
For many of us, pain is the driver that gives us the motivation to move forward with our lives. It’s what drives us to get our fair share. The fear of scarcity motivates you by making you feel like you’ll miss out or be deprived of something. You’ll eventually get tired of feeling a certain way and use that to drive yourself forward. When you feel like you don’t have enough, you’ll start looking inward and become more open to developing yourself.
But do we really need to use fear and put ourselves in a sink or swim environment to motivate and move forward? Fear is a powerful motivator but it’s not the only way.
In order to make progress in your life, you’ll need to set goals and be aware of your habits. You’ll need to know that somewhere deep inside you’re not willing to settle for less than you know you’re capable of.
How do we transition to an abundant money mindset instead of creating from a place of lack?
- Start by understanding that financial wellness is tied to positive expectations of your future.
- Adopt the belief that there is an abundant amount of resources available to you at any time.
- Focus on what you want to happen not what you’re lacking.
- Know that you will always have more than enough.
- Have gratitude for what is already in your life. If you need a reminder, you can check out my gratitude list.
- Become aware of your money story. Notice if you’re saying things like “I can’t afford that”.
- Think about the possible opportunities of financial abundance available to you.
- Create a plan and set a goal. Develop a budget, automate savings and learn to control frivolous spending.
- Never compare your finances. The world is an abundant place.
Whatever your circumstances are, remember you can control your thoughts. Your thoughts are what lead to how you feel about money. How you feel ultimately drives your actions and your actions are what create the results that show up in your life.
Do you have any tips that help you deal with a scarcity money mindset? Leave them in the comments below. I’d love to hear from you.
Please pin this on Pinterest!