👋 Hey Reader, happy Money Monday!

If you grew up in a household where money was tight or maybe not even talked about, you likely don't feel confident and knowledgeable about handling money and maybe even have a scarcity mindset when it comes to money - I know I used to. Today's newsletter is all about how to go from scarcity to abundance - both in mindset and reality! Let's break it down.

How do you know if you have a scarcity mindset?

A scarcity mindset is a belief that resources are limited and that there's never enough to go around. This mentality can lead to fear, anxiety, and a sense of helplessness about financial situations. If you have a scarcity mindset, you may find yourself worrying about spending money, hoarding money, avoiding investing, or avoiding any form of long-term planning when it comes to money.

Here's how I changed my money mindset:

1. I grew an emergency fund.

Giving myself some financial security with 3-6 months' worth of living expenses greatly relieved my anxiety around money. BUT the key here was to STOP myself from hoarding money after this point unless I was saving for a specific purpose, like a vacation or wedding.

2. I focused on increasing financial literacy.

Growing up in a household where money wasn't talked about or was a point of stress leaves a lot of people lacking confidence when it comes to money. Learning the basics, like how credit cards work, what a 401(k) is, and how to invest will give you new-found confidence that will translate to your mindset.

3. I actually spent less time budgeting.

Most people with a scarcity mindset either avoid managing their spending at all (leading to overspending) or overly manage their budget and restrict themselves. I did the latter and counted every single penny that came in and out. Part of changing my mindset from scarcity to abundance was learning to spend without fear and guilt. This meant budgeting for my needs, my goals (like saving for a vacation), and then allowing myself to spend the rest guilt-free without having to count every cent and analyze every purchase. The easiest way to do this is with a budgeting calculator (like our free, automated budgeting worksheet), to calculate how much free spending money you have after covering your needs and goals.

Financial abundance isn't only for people who grew up wealthy and it definitely isn't only for men - check out our resources, our informational tiktoks, and our upcoming newsletters to learn, grow, and achieve your financial goals.

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With love and empowerment,

Lora at She's a Lot

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