Keep on reading to find out the 3 money mindsets that won’t let you save money and have a brighter future.
People can relate money with different feelings, most of the time anxiety and stress, so the first step to creating a better financial future is to change your money mindset right away and ask yourself “What do I think of money? What comes to mind first?” and answer as honestly as possible.
Here are some of the most common money mindset problems – and how you can fix them!
This is the one that is always making you think you don’t have enough money, no matter how much money you have in the bank, it will never be enough. You associate money with security and you want to have more money so you can either hoard it (to feel safe) or spend it (before it’s taken away by bills and debts).
People tend to think things like:
• Money doesn’t grow on trees.
• I can’t afford it.
• I’ll always have debt.
• I’m a victim of society.
• There’s never going to be enough money.
The solution to the scarcity mindset is an abundance mindset, which lets you believe that there will always be enough money, which is true! You need to start thinking like this:
• I’ll always have enough money.
• I can always earn more money.
• I have the power to pay off my debt and achieve financial freedom.
• I like to give money.
2-Confusing Frugality with Deprivation
People want to pay their debts and still have a “normal” lifestyle in a society in which consumerism is the norm. These people tend to complain about their financial situation and can’t see a way out of it. To solve it, you need the gratitude mindset and write down things that you are thankful for.
This mindset is usually part of the lives of many young people which led them to think “I work hard, so I “deserve” this”, where “this” means some expensive clothing item in a mall. Well, life’s not like that. If you start saving now that you are young, you’ll thank yourself later.