Your mindset towards money can determine whether you live in lack or abundance. Our life experiences go a long way in shaping our money mindset. With a scarcity mindset, you find yourself afraid to spend money, with a fixation on your lack of money. This is common if you live from paycheck to paycheck.
Having an abundance mindset is a better path to tread because it focuses more on the positive outcomes for your financial situation. Consider this as a way of shifting from a ‘half glass empty’ to a ‘half glass full’ money mindset. Let’s look at some of the ways to change your money mindset for the better.
1. Don’t spend emotionally
Emotional spending is a huge issue for many people because we are often driven by our emotions depending on what’s happening in our lives. When life doesn’t go according to plan we can feel helpless and sometimes turn to buy things that we don’t actually need, just to fill the void. Money makes you feel powerful, so it’s no surprise that many people use it to ease their pain and regain a sense of control when things get tough. Spending money this way will have a negative effect on your finances.
2. Don’t Compare Yourself to other People
Comparing your financial condition with that of your family, friends or colleagues is a negative mindset you must let go of. This can produce feelings finances of lack, envy and despair about the state of your finance. You must set financial targets based on what you earn and ignore this kind of distraction.
3. Forgive Yourself for Past Money Mistakes
Maybe you have a terrible decision that has totally wrecked your finances. Truth is, things happen and we learn every day. You need to forgive yourself and start changing your money mindset today. This will prevent mishaps in the future.
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