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A recent CNBC survey found that 61% of Americans live paycheck to paycheck, while 74% are stressed about their overall financial lives. That kind of financial reality can foster a scarcity money mindset of never having enough, which can affect life at home, at work, as well as a person’s overall health. Thankfully, there are things all of us can do to flip the script and turn a scarcity money mindset into one of abundance.

Do You Have a Scarcity Mindset?
With nearly half of all Americans facing the future with no savings according to a Bankrate survey, it’s easy to understand how many families could be living with a scarcity money mindset. Over time, that sense of not having enough can be so pervasive, it can become a self-fulling prophecy because these beliefs make it difficult to move forward. But what about you? Are you worried about paying the bills, feeling remorse about recent purchases, always saying yes to opportunities that aren’t right for you because you’re afraid another won’t come up or continually fearful of the future? Let’s work on ways to help change that.

Change Your Mindset to Abundance
Here are 5 ways to start the process of changing your money mindset and work toward a positive financial future.

1. Build a Growth Mindset. Whether a person has a lot or a little in savings does not necessarily change their belief about money. A person with thousands in savings may still believe they do not have enough. The first step to building a growth mindset is acceptance of where you are today financially. To know how to move forward, you need a clear financial picture. Take a day to review your overall finances with the mindset of simply gathering information. Regardless of what your financial picture looks like, acknowledge and accept that whatever habits or choices taken are lessons. Give yourself grace. Instead of focusing on “I don’t have enough,” reaffirm to yourself “As long as I know my numbers and have a plan, I can achieve my goals.”
2. Define Abundance. Just because the neighbors come home with a new boat, car, or take long vacations all the time, doesn’t mean you have to keep up. Abundance is unique to every individual. What gets measured, matters. What does abundance look like to you? How do you define “having enough?” What would your life look like? Defining the desired outcome can help define solutions to help get there. Now, instead of waiting to act until you have “more”, you can start taking steps today because the picture of what you want is clear.
3. Enjoy What You Do Have. Take time every day to appreciate what you do have, whether that’s a wonderful family, a pet that loves you, good health, caring friends, a nice smartphone that brings you joy, or a vehicle or home that fits your financial life. The act of being thankful helps prevent an unhealthy fixation on what you don’t have, which can lead to self-defeating actions. Write down two things you are grateful for each day. It can be a tangible reinforcement of your efforts to shift into a growth mindset.
4. Choose Positive People. Your family, close friends, and workmates can impact your money mindset. Surround yourself with people who constantly look for opportunities to learn and grow. To help foster more positive thinking, why not spend some time finding and listening to inspiring or educational podcasts, videos, or webinars.
5. Be Mindful. Taking a moment to be present instead of focusing on the past or worrying about the future can help in avoiding “analysis paralysis” when it comes to finances. Think about one thing you feel is holding you back from moving forward with your financial plans. Now ask yourself what is one small tweak that would help make a difference? Starting small and being consistent with that one change is key to building your growth mindset.  

Stories from the Stacks is Designed for You

The Stories from the Stacks blog is for everyone. From those facing financial challenges to those who simply want tips or a better understanding of their relationship with money, this is designed for anyone interested in advancing their financial life story. Let us know what topics you’d like us to explore next!