94% of employees in the UK have money worries and 25 million UK employees are affected by such worries whilst at work. Having a negative money mindset around personal finance can put a huge strain on people’s mental and physical wellbeing. So, establishing a positive money mindset can help them feel more confident and get on track for a better future.
However, changing your feelings towards money and finances can take time and guidance. Here at Maji, we specialise in financial wellbeing and helping people build wealth for their future. Read on for more on how you can transform your money mindset.
What's in this blog?
What is a money mindset?
Your money mindset is all of the beliefs and emotions that you hold towards money. This can be broken down into a scarcity mindset or an abundance mindset.
Those with a scarcity mindset believe there is not enough money and feel that they will never meet their financial goals. They perceive there to be a finite amount of money, which can leave people feeling negatively towards money, and even negatively towards those who have more wealth. As such, a scarcity mindset can be very limiting!
Contrastingly, those with an abundance mindset believe there is lots of money and that even if they spend money, more will come around. An abundance money mindset can allow you to take the pressure off your finances and helps you avoid placing blame on yourself for any financial mistakes or struggles that you may have. Having an abundance mindset allows you to see the world as full of opportunity, with plenty of money and resources for everyone, that is constantly expanding. As such, an abundance mindset can help you to build wealth as you focus on having more than enough money.
We have compiled a useful list of steps you can take to move from a scarcity mindset to an abundance mindset.
1. Forgive your financial mistakes
We are always telling children to learn from their mistakes and failures, and the same applies to your finances. Developing your personal finances is a learning process; rather than placing blame on yourself, look for the positives and learn from your mistakes. In this way you will also be able to become grateful for what you have and increasingly learn to focus on the positives.
2. Stop comparing yourself to others
You do not need to compare your finances with anyone else’s. Rather than comparing yourself to friends or colleagues and developing jealousy or envious tendencies, start being curious. Talk to those around you, be open to learning from them and their money habits and share your own advice too.
3. Create goals
Here at Maji we are always telling you to set goals, but that is because they can truly help you! Set yourself smaller, short-term goals and also set yourself big, long-term goals so that you can see where you want to be in the future. This gives you something to work towards and helps you to ensure that you stay on track. Setting these goals will also help you to see what it is that you really want in life, and will help you to spend money on the things that you really care about.
4. Think about your spending
You can alter your spending and money activities to help you on your path to an abundance money mindset. By cutting emotional spending, setting long term goals and making an effort to not waste your money on things that you don’t really want, you will see your wealth grow. Take the time to learn about your finances and where your money is going. Our Maji calculator and spending tracker is a great tool to help you keep on the path.
5. Keep practising!
The key to truly develop a positive money mindset is consistency! If you keep training in these positive thoughts towards money and personal finances you will likely find yourself being more open to financial opportunities. Everyone will have financial concerns during their lives but a positive money mindset can really help to manage these struggles.
Photo by Sam Dan Truong on Unsplash.
