10 Steps To Change Your Broke Financial Mindset Into An Abundant Financial Mindset

August 24, 2018 Off By Jess

change your financial mindset

This is a collaborative post and may contain affiliate links.

Most people don’t realize that their own mindset is what is holding them back from having everything they want in life. Even when people learn this they often choose to ignore it. They would rather believe that outside circumstances and situations are the things holding them back, rather than their own limitations.

In this guide, you’re going to learn ten steps to changing your broke financial mindset and turning it into an abundant financial mindset. Having an abundant financial mindset can help you to earn more money and have things that you never thought possible. It might sound crazy, but more and more people are waking up to the truth and reaping the benefits because of it.

Keep reading to learn how to change your financial mindset into one of abundance…

1. Pay More Attention To Who You Spend Time With

Start paying more attention to the people you’re spending a lot of your time with. Did you know that the more time you spend with somebody, the more you become like them? In fact, you become the average of the top 5 people you spend time with. If you’re not spending time with the right people, that can be detrimental! You should be spending more time with like minded, positive people who have a growth mindset. If you spend time with people who only see problems and suck all of the energy out of you, you need to change it.

2. Change Your Thought Patterns

Changing your thought patterns can be tough, especially since many of us have had the same thought patterns for years. The first thing to do is notice the thoughts you have frequently. Do you constantly tell yourself the same stories? For example, are you constantly telling yourself that you’re so broke? We literally live out the stories we tell ourselves, so you need to start telling yourself a different story. “Act as if” to get into the mindset of the person you want to be, and soon, you’ll be taking positive action in the right direction. How would the person you want to be think? What actions would they take? You don’t have to go around telling people you’re a millionaire if you’re not, but you definitely need to stop repeating the same negative stories.

3. Start Setting Sensible & Actionable Goals

If you’re going to get into a more abundant mindset, you need to set and start working towards sensible goals. If you don’t have goals, then it’s no wonder you’ve been spending your money on things that bring you short term satisfaction! Savings and investments are a good place to look first. Saving up an emergency fund will give you peace of mind, but don’t plug all of your money into a savings account. Look at smart investments. You don’t need to buy the biggest townhouse, but investing in property and renting it out could be a fantastic way of making money. Setting up a roth IRA early on could skyrocket your financial comfort during retirement. Remember, those with a poverty mindset tend to live in the moment. Ask yourself if you’re thinking about your future when making financial decisions.

4. Live Below Your Means

Living below your means is essential if you’re going to change your mindset and your financial situation. It doesn’t mean depriving yourself, but it does mean being much smarter with your money. It isn’t about how much money you can make, but how much money you can keep. Budget so that you don’t have to think about your bills going out of your account. Give yourself a small amount of money for things like toiletries, clothes, entertainment, etc. and use the rest for investments and savings.

5. Develop Your Growth Mindset

Changing your mindset takes time, and it takes more than a few days of telling yourself that you have all the money in the world. Read books, go to seminars, take courses, even look out for free YouTube videos and TedTalks. Listen to podcasts and audiobooks. If you have to listen to them on the way to work, do it! Maximize your time. 

The only way to grow is to learn, and there are so many free resources for that. I know that I personally use the excuse that I don’t have the time to focus on learning resources. My work around is that I spend two hours a day commuting to work. Those two hours are wasted time that I could be putting to use. I now spend those hours listening to audiobooks, podcasts, and TedTalks that help grow my mindset. Find time for these resources, even if you have to schedule it on the calendar. Listen to a podcast while you’re in the shower if you have to. Find wasted time that you could be filling with invaluable knowledge!

6. Be Grateful For What You Do Have

When you are grateful for the things you have, you will have more to be grateful for. Change your perspective so you can see the good in every situation, even paying bills. You have more than many people have in the world. You are lucky in many ways. Count your blessings day and night and really feel that gratitude! Every day, take a moment to appreciate your abundant life, and abundance will keep coming to you. 

7. Spend Time Visualizing

Visualization is a fantastic tool. Why? Because it further helps you to change your mindset by visualizing yourself as the person you want to be, where you want to be, and what you want to have. It can be a fun creative exercise too, where you train yourself to incorporate all of your senses. It may feel fuzzy at first, but put yourself into the scene as much as you can. Not so that you’re watching yourself, but so that you’re seeing through your own eyes. This works for people every day for a variety of things, including athletes that want to beat their own personal best records!

An easy way to work on visualizing the reality you want is to create a vision board. Put the financial goals you have on the vision board, and have it somewhere where you’ll see it everyday. It will be an easy way to take the necessary time to visualize what you’re goals are and how to achieve them.

8. Get Out of Debt For Good

A little debt that you’re in control of can be good for your credit, but too much can weigh you down and become difficult to manage. Allocate a portion of your budget to paying off your debt, and only use credit cards and loans in absolute emergencies. If you save an emergency fund, hopefully this can be avoided all together.

It’s important to not rely on credit cards for regular expenses or financial emergencies. If you have debt, paying it off should be a top priority. If you don’t know where to start, read about how to take the first step in tackling your debt.

9. Improve Your Cash Flow

Find ways you can increase your cash flow. Can you downsize your house or your car? Can you sell your skills on the side? Can you come up with ideas to make passive income online? You’ll have to put the work in to be successful, but eventually, you should have more money coming in.

If you the reason you’re not bringing in extra cash is because you don’t know how, then I have some news for you… The options are seriously endless! My husband and I both bring in extra income each month, and we do it in totally different ways. I started a blog and use miscellaneous websites (surveys + freelancing) to bring in extra cash, while he puts his natural talent for manual labor to use by cleaning moss off of roofs. It may not be the most fun thing sometimes, but it does bring in the money!

Read Also: How To Start A Blog + How To Make An Easy $50 From Your Couch

10. Trust

Those feelings of desperation and panic won’t get you any closer to the money or lifestyle that you want. They can actually hold you back because they are a sign that you don’t trust that you’re taking the right steps toward financial abundance. Trust is the foundation of this entire process because without trust, you likely won’t feel confident taking the path of changing your financial mindset. When you are truly trusting that money will reliably come in, you’re more likely to follow the other steps that are necessary for a healthy financial picture.

Let Them Work Together

These ten steps are crucial for ditching your broke mindset for good. They each play an important role in transforming your mindset, so let them work together. It’s important in moments of financial worry or panic to take a deep breath, focus on being grateful and visualizing the reality you want, and trust that the reality you want will be achieved.

Have you found something that has helped you change your financial mindset? Share it in the comments!

Disclosure: This is a collaborative post and I may have received compensation in exchange for sharing links within this post. Additionally, this post may contain affiliate links, which means that I may receive a commission if you click a link and purchase something that I have recommended, at no additional cost to you. I value your trust and only recommend brands and products that I truly love! Read my full disclosure policy here.

change your financial mindset