How to Move From Scarcity to Abundance
- Tamina
- Mar 29, 2020
- 4 min read
Updated: May 6, 2020
In this article, we discuss everything you wanna know about money, mindset, and manifestation!
What Is Money Mindset?
Think of money mindset as the thoughts and beliefs that drive your relationship with money.
These thoughts and beliefs can be created with intention and self-awareness. Many people are unknowingly recycling the same old money beliefs that were formed in childhood and adolescence.
Your money mindset can be based on abundance or scarcity. This distinguishing point really matters.
What is a Scarcity Mindset?
According to Google, scarcity is defined as, the state of being scarce, or short in supply; shortage.
So, when you are in a state of money scarcity, you believe you don’t have enough. Your money mindset is based on fear.
In the example of my own money scarcity experience, I felt I needed to spend it all right away because there was an underlying fear that there wouldn’t be enough. I felt an urgent need to spend it right away.
What is An Abundance Mindset?
Now, contract scarcity with abundance.
When I Googled the definition of abundance, a few options came up. Here is the one that I like the best, “the state or condition of having a copious quantity of something; plentifulness.
Abundance is on the opposite end of the pendulum of scarcity. Instead of being fear-based, like scarcity, an abundant money mindset is driven by thoughts of confidence, trust, appreciation and creation.
You appreciate your money when you are in abundance. You know that there is enough, no matter what the number in your bank account is. You trust that you can create more.
Being in a state of abundance feels good.
Why Does Money Mindset Matter?
We all know that your thoughts don’t actually create the money, so why does money mindset matter?
My friend, your money mindset is EVERYTHING because it is the driving force behind the results with money you have in your life.
Your thoughts and feelings drive your actions. Your actions drive your results.
The results with money you have drive the experiences and options you have in life.
It all starts with the state of your money mindset.
Identifying Where You Are Now
Since money is such a central part of our lives, you probably have somewhat of an idea of what your relationship to money is like.
Maybe you haven’t spent much time (or any) ever thinking about what your money mindset is like.
That’s ok! Unless your family taught you about self-awareness and money mindset, you probably have never even considered it.
The first thing you’ll want to do on your money mindset journey is to become self-aware of your thoughts and feelings about money.
When I began my money mindset journey, my money mindset was based on so much scarcity. That was a good thing to realize though because I knew my starting point and where I needed to grow to from there.
The steps below will show you how to ignite the money mindset self-awareness and intentionality that you need to grow into a money mindset pro.
How to Transform Your Money Mindset From Scarcity to Abundance
The good news is, no matter how much (or how little) money you have at this moment, you can take steps to shift your mindset about money.
Remember, a shift in mindset is going to be the catalyst for creating new results with money. That’s what we want, right?!
Tip 1: Identify Your Current Money Beliefs
In order to improve your money mindset, you first need to know what the current state is. I always recommend self-awareness exercises as the first step for making an improvement to any area in your life.
There are two ways I recommend doing this:
1. Spend 15 minutes doing a complete brain dump about money.
Write down anything and everything that comes to your mind with no judgment.
When you’re finished, read it. What feelings come up? Can you tie them to scarcity or abundance?
2. Start checking your bank account daily.
What is the first thought or feeling you experience when doing this? Appreciation and love? Or, fear and anxiety?
I promise these are eye opening and humbling activities. They will reveal everything. I do this and it brings so much awareness to my money relationship.
Tip 2: Get to Know the Math of Your Money
Next, it’s time to know the math of your current money situation. You are going to calculate your net worth.
You do this by subtracting your liabilities from your assets.
This is really powerful. So many people are walking around and have no clue what their net worth is.
When I (finally!) calculated mine, I felt empowered. Not because my net worth was positive (it used to be very negative), but because I knew exactly how much money I need to create to break even.
This is a fun challenge for me, because I choose to think of it that way.
Once I have a neutral net worth, I’ll create a positive one.
Knowing that math of what it will take to reach your money goals will put the wheels in motion for creating an action plan.
Intentionally choose to think of this as an exciting challenge instead of daunting pressure and stress.
Tip 3: Write Your Past Money Story & Write a Future Money Story
The next thing I recommend doing is to write your past money story. It can be about your childhood, college years, student loans, consumer debt, spending and saving habits and how you’ve always felt about money.
Get it all down on paper.
After you do that, write your future story with money. This story will be created with intentionality. It is probably very different than your past money story.
This is so important because you are identifying a point where your money mindset story changes. You are choosing to move in a new direction and to create an intentional money future.
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