COVID-19 season has brought a lot of attention to money, specifically your money. For some of you it was a good time to look this over and for others it was confronted you right smack in the face because of a sudden drop or loss of income. Regardless of which camp you fall in, this season has brought on pressure real or imagined on how we are looking at their finances. I want to talk about the abundance mindset vs scarcity mindset and some things you can do to reframe how you’re thinking about your money. Abundance and scarcity get thrown around a lot these days and while I don’t necessarily love these words they’re out there so let’s talk about them.
Abundance is the ultimate money mindset. When you feel like money is in abundance you feel there’s more than enough to go around for everyone. An example is when other people making money not only doesn’t bother you but you’re happy for them. You move through each day with confidence because you know the lifestyle you want is waiting for you to create it. You look at money challenges as opportunities. You own the fact that you’re responsible for where you go in life.
Viewing money through a scarcity lens makes you believe you never have enough. There are often two main camps within the scarcity mindset. You could spend money as quickly as you get it because if you don’t spend it now it’ll be gone in the future. Or you could hoard it because it makes you feel secure since you’re certain you will run out of money in the future. And people who have scarcity mindsets around money run the gamut. We’re talking people with more money in their accounts than they could ever spend in a lifetime to people with a few dollars in their pockets. There’s a feeling of lack that follows you around but and you constantly are searching for evidence to feed that inside head voice that tells you it’s not enough. Let’s say you have debt, see your inside voice was right. You don’t have enough money. Or let's say your income went up but so did your income taxes see, I need more money.
But seriously, it can be an unhealthy motivator when you consistently think you need more money. Your accomplishments are a box checked off your list but you’re constantly searching for more and more and more. So you go out and work harder to earn more income and boom you have more money! But it’s not enough. You need more. It can also manifest itself in feeling unhappy for friends when they hit their goals and have financial success. And then you feel like crap because you’re a crappy friend. Don’t worry, we’re going to change all of that!
I think many of us, myself included toggle back and forth between the two. We are all unique, we have a variety of backgrounds and different stories we want to write going forward. So don’t judge yourself for whatever you think but practice reframing how you think about money. Because it matters. When you have a story on repeat in your head, you find ways to make it come true.
So if the story you’re telling yourself is, I’ll never have enough money, reframe that to I can afford the lifestyle I want to have. I am in control of my money. There’s more than enough to go around.
Step – 1
Observe what your money story is going on in your head, just observe don’t judge but when you catch yourself thinking about money, just jot down a note in your phone what you’re telling yourself
Say some affirmations, if you’re thinking I’ll never have enough money, reframe that to I can afford the lifestyle I want to have. I’m in control of my money. There’s more than enough money to go around.
Do whatever you have to do, write a post-it on your mirror and one on your refrigerator. And at least now you don’t have to worry about tearing them down when you have friends over because we can’t really have friends over right now. So affirmation the crap out of your house.
Compliment someone. Reach out to a friend that you know has been working on this, maybe they got a promotion recently or they have been able to expand their business right now. Just reach out and tell them you noticed and you’re excited for them. It’ll feel good for both of you.
I hope this helps shed some vibrant light on these seemingly tough times. You’re your biggest critic.
You got this!!!