How a Positive Money Mindset Can Help You in Times of Crisis

How a Positive Money Mindset Can Help You in Times of Crisis

“Abundance mindset”, “Scarcity mindset”, “Be sure to keep a positive mindset”, “Everything starts with your mindset”…

You keep hearing all that mindset mumbo jumbo everywhere you turn and it’s making your head spin.

Mindset and its power seem to be all the hype these days. 

But what exactly does having a positive mindset mean and how does it affect you as a person and your business, especially in trying times like the pandemic we’re going through?

My friend and money coach, Nicole Cooley, believes in a holistic approach to money and teaches women how to spend from a positive money mindset perspective in ways that bring value back to them instead of mindlessly throwing their money around.

She joined me in the exclusive Facebook group for our Master Your Finances students and gave me some pretty helpful insights on how a positive money mindset can help you in times of crisis.

Abundance mindset vs. Scarcity mindset, say what?

This may sound like woo woo to you at first but Nicole puts a practical spin on the distinction between the two mindset types.

The scarcity mindset is fear-based. In reality, it’s your ego talking, trying to convince you that you’ll only be safe if you stay in your comfort zone.

The abundance mindset is rooted in opportunity, possibility, and the belief that there will always be more than enough for everybody. The result is that you embrace what comes your way with an open heart. 

The key here is the different filters through which you see and understand things.

To go from a scarcity mindset to an abundance one, you’ll need to do some work, persevere and be receptive to the thoughts that come into your mind.

Develop an abundance mindset in your business

OK,  you may be wondering now, “I have the abundance mindset down but how do I make it work for my business?

The trick is to bring awareness to where your mindset is. Now that you recognize the abundance mindset and how it affects you, pay close attention to your thoughts as they pop up in your head. 

In these unprecedented times, it’s easy to slide back into the scarcity pattern when it comes to our businesses because of the fear and the insecurity around us. 

Once you realize the scarcity mentality is about to creep in, you need to consciously stop the negative spiral of thoughts because the prospect sitting across from you will get that negative vibe. On the contrary, if you talk to your prospect in an abundance mindset they will recognize the vibe of possibility and opportunity. Sold!

Be gentle with yourself and practice self-compassion. 
  • Keep proof of your accomplishments, such as testimonials from your clients, handy
  • Think about your why
  • Start a gratitude practice by focusing on what you’re grateful for in your life
  • Take small breaks and go outside in nature
  • Move your body or meditate
  • Notice how your energy shifts and gently push yourself back into the abundance mindset.

I’m not saying it’s easy to do – the truth is, you’ll probably struggle at first as the negativity spiral can swallow you whole. But stick with it, take baby steps and you’ll eventually make that transition much more easily

Find ways to spend mindfully

If you’re a person who has a hard time creating a budget and is prone to overindulging in credit card spending, a positive money mindset will help you change your bad habits and reassess your way of spending your money.

Learn to recognize these behavioral signs and instead of maxing your credit cards out, pay in cash or use a debit card.

Prioritize putting away money for your emergency fund and your taxes and then create your budget with what money is left. 

Traditional budgeting – just spend less! – isn’t easy to follow because it tells you exactly what to do, with no room for your personal values. Intentional spending, on the other hand, is way harder but more sustainable down the line. It helps you identify your values, evaluate your priorities and spend accordingly.

Learn your lessons and build a healthier financial future

Every cloud has a silver lining and so do crises.

The pandemic and the financial stress it has caused helped many people realize the importance of saving and having an emergency fund

Another pandemic epiphany for many people was the need for diversity of income as it gives a sense of stability during uncertain times like these. 

Of course, these changes cannot happen overnight and that’s why setting up a system goes a long way. For example, having your tax and emergency fund amount automatically transferred every month to a separate account is important to build that new saving habit and make that shift to a positive money mindset.

You can also create various budget categories that match your values and behaviors. If you love eating out, there’s no need to feel guilty every time you spend money on a nice dinner with your friends or your significant other.  

Prioritize this amount in your budget after saving for your taxes and your emergency fund or take it from one of the other areas that don’t matter as much. Do the same for all your remaining needs and you’ll create a sustainable, crisis-proof budgeting system for yourself and your business.

Always think of WHY you’re developing these new habits to really help fuel your motivation to keep going. You’ll notice that you’ll soon start cutting back on things of less value for you and spend your money better. 

Ready to become the master of your finances through a positive money mindset lens?

My course Master Your Finances will teach you, among other things, how to build a sustainable budget in accordance with your needs. 

Still on the fence?

Enrolling will also give you access to the amazing Facebook group, where you’ll learn even more tips from guest experts like Nicole.

Go grab your spot HERE and I’ll see you on the other side!

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