It is important to overcome a deficit mindset so that you can prosper mentally and financially.
You know how some people; well many people struggle with not spending money? Due to my past experiences and mistakes, I made with my finances I became the exact opposite.
As I started my financial fitness journey, I started to feel an immense amount of guilt every time I did something nice for myself or spent a decent amount of money on something I wanted or needed. The thrill from my excitement of having a new pair of shoes, usually resulted in serious regret coupled with desires to return my purchase.
I remember at one point my husband, who was my boyfriend at the time surprised me with a new pair of tennis shoes because I had worn my shoes out so bad that he noticed they had thin and torn soles. Now don’t get me wrong. I wasn’t walking around looking busted (outside of the gym that is), but I suffered from buyer’s regret.
It would have been understandable if I was a super spender and didn’t have the extra money to spend on myself occasionally, but that wasn’t’ the case. I didn’t even realize I had a problem until I was telling our pre-marital counselor about overcoming my money issues and he responded with, “you have trauma related to money.” That hit me hard. I had never thought of it in that light. I never even realized that my actions were triggered by trauma.
My trauma resulted from years of watching my parent’s experiences with money coupled with years of my own failures with money that translated in debt, overage charges, calls from creditors and working multiple jobs in college just to barely make ends meet. Once I finally started making decent money in my career, I started to fear the possibility of relapsing back to where I once was.
My mom worked multiple jobs growing up and although my parents gave us everything we could want and more, I quickly realized the importance of money, and the limitations when it wasn’t available. All of this led to the need to hold on tight to it. I struggled with doing nice things for myself. I never shopped at certain stores because the thought of paying $60 for a shirt made me nauseous.
So, how did I get overcome a deficit mindset? I implemented these three simple things to shift my life.
Shifted my mindset
When it came to buying nice things for myself, I didn’t realize that what I was paying for was quality because my mentality was stuck on broke. Although my situation had elevated, my mind hadn’t caught up.
I was stuck in my past. The same habits I used to get myself to a better place financially, were not the same ones I needed to thrive. I needed to shift my mindset first, before putting new practices in place that allowed me to be at peace. Once you recognize your behaviors, it’s time to reframe your thinking and then put action into place.
I recognized where I stood
The saying, “there’s levels to this” can apply to different aspects of your life. You must operate at your current level and be OK with that. This doesn’t mean that you can’t switch it up, it just means that you understand your current position and move accordingly. For many, this is considered living below your means.
Living below your means will keep you from overexerting and undervaluing yourself. We all have to start somewhere. There is no need to push yourself beyond your limits, nor should you feel an obligation to keep up just to fit in.
Knowing where I stood financially allowed me to operate in a way that made sense for me and my life.
I maintained a budget
Having a budget was truly my saving grace. Having a budget freed me from my guilt and lessened my worries. With the help of a budget, I was able to allocate money to myself, allowing me to spend it however I wanted.
I knew that I had already accounted for my bills, savings, and other goals, so I was able to reward myself with some discretionary funds. Once I implemented this to my strategy, the weight and burden was lifted. It was a simple solution to my trauma.
It finally made it OK to not only spend my money but enjoy it.
What are some of the ways you have overcome a deficit mindset?
RELATED POSTS: How to Set Financial Goals
RELATED POSTS: How to Increase Your Salary
