Did you know that everything begins with a thought?
Yes, a mindset is more powerful than you think! It guides an action, which builds a habit, and ultimately decides the events that make up your life!
In the same way, having a positive way of thinking and managing your money can help you reach your money goals quicker.
What is a money mindset?
A money mindset is how you view and manage your finances.
It’s also your beliefs about money. This mindset affects how you make both small and big money decisions daily – earning, saving, spending, and sharing.
How does a money mindset come about?
Everyone has one. Whether it’s a belief that money is meant to be spent because it can be earned again, or that it’s a sin to save less than 50% of your income.
Just like many of the values we hold, our outlook on money stems from various sources – our past experiences, guidelines from our parents since childhood, and possibly financial gurus from YouTube.
Subconsciously, we collate these pieces of knowledge to form our own belief system towards money.
What is a positive money mindset?
A positive money mindset is one that is open, motivated, and excited about challenges and new experiences.
In fact, a positive mindset is extremely powerful. It can help you to budget, invest, clear debt, save better, and even boost your income!
What are some actionable ways you can adopt a positive mindset? Let’s jump in!
1. Believe that things can and will improve
Do you have a loan or mortgage to clear? Or are unsatisfied with your current salary?
Know that the present situation is temporary and that you have the power to make things better! Your current financial status does not define you. With careful planning, you can progress beyond the obstacles you now encounter.
While it may be challenging, try to look beyond the situation on hand. Yes, you’ve overcome previous challenges, and you can do it again! You hold the power to control your behavior and decisions that can slowly and surely change your future.
2. See opportunities in every (especially challenging) situation
Try to see the silver lining of every dark cloud, no matter how faint it seems!
For example, you’re aiming to spend less on dining out. It’s an opportunity to go to the supermarket, pick up your favourite ingredients, and cook together with the family!
Reducing your entertainment expenditure also pushes you to get creative with how you spend your free time. For example, instead of going to the movies, try urban exploration and discover the lesser-known places in Singapore. It can also help you appreciate the simple joys of life that come free, such as a restful day at the beach, or flying a kite in the park.
In the same light, a side hustle may be standing between you and your me-time, but it can also be a terrific networking opportunity! Connect and learn from people you wouldn’t usually meet.
With some practice, you’d be able to see the “drawbacks” of your situation in a fresh light – a challenge and opportunity to think out of the box, to learn new skills, to experiment, and to live life a little differently!
3. Acknowledge and embrace your fears and discomfort
Feeling uncomfortable about the changes you’d have to make, such as tightening your budget or putting more money per month towards clearing the loan? It’s completely normal!
Venturing from your comfort zone to step towards your goals is an achievement in itself. Also, the discomfort you feel will also make your victory at the end more satisfying!
4. Seek growth and knowledge
A positive mindset motivates us to grow and become better. Dive into the wide selection of free resources online. Broaden your perspective with learnings about investing, passive income, and money management.
By simply being open to learning and improving, you’re opening up many more doors of possibilities.
5. Affirm your effort and be grateful
Hit a roadblock, or discovered that you’ve overspent for the month? It’s not the end of the world! Hiccups happen and progressions are rarely linear. Try to reflect on what went wrong and how the issue can be solved so that you can do better next month.
Another common reason that people give up easily? Making comparisons.
With the majority of the world on social media, photos of stunning holiday locations, luxury products, and extravagant lifestyles often fill our feeds. Don’t feel discouraged that your peers have “made it” before you’ve got everything figured out. Everyone’s set of circumstances is unique so focus on your special journey instead.
This is where an abundance mindset comes in too. The success enjoyed by your peers will not take away from your future success. The good news is that it’s not a zero-sum game, there are sufficient opportunities for all, and everyone can be successful together!
At times, remind yourself not to fixate on the small details, but to zoom out and see the larger picture. Give yourself credit for the progress and accomplishments you’ve made since day 1, and believe that you have what it takes to do even better!
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