Do you have an abundance mindset when it comes to your financial life?
Having an abundance mindset means that, in general, you believe that:
- You have enough.
- There is plenty of both wealth and opportunity out there for everyone.
At the end of the year, when so many people are focusing on tax strategy, holiday travel (and associated spending), and other year-end tasks, it can start to feel like both time and money are finite. There’s so much rushing around, it’s easy to have what should be the “glow” of the season slide into feelings of overwhelm and anxiety.
That’s why it’s critical to refocus at the end of the year on actionable to-do’s that lend themselves to an abundant mindset. As we’ve reviewed previously, your mind is a powerful tool when it comes to your financial well-being. Let’s dig into why having an abundance mindset in your finances is helpful, and what steps you can take to get there.
Why Focus on Abundance?
Focusing on abundance when it comes to your money can translate to you feeling more content and confident in your day-to-day life. Some studies have even indicated that, when you focus on abundance in your life, you may even extend your lifespan (by up to 7.5 years!). However, if that’s not reason enough, there are tangible financial benefits to focusing on abundance, as well.
When you don’t subscribe to the idea that wealth is finite, you can begin to reprogram yourself to see possibilities and opportunities more frequently in your life. The truth is that wealth and financial opportunity are infinite. If one person gets a “slice of the pie” it doesn’t mean that there is any less available to you. For example, instead of feeling bitter that a coworker got a promotion, you may see similar opportunities for yourself with your current employer or a competitor – because the fact that it happened to someone you know and work closely with could mean that the same is possible for you.
Now, let’s go through a few actionable ways you can start to refocus on abundance in your own financial life – even during the hectic end-of-year season.
#1: Focus On What You Have
When you practice gratitude for what you have, you’re focusing on what’s working for you, not against you. Sometimes it can even be helpful to sit down, either by yourself or with your family, and make a list of everything you have that you’re grateful for. These items can be purely financial (the ability to make 401k contributions, or a fully-funded emergency savings account), or they can just be people, places, or things in your life you’re thankful for. For example, you may be grateful for:
- A fully funded emergency savings account.
- The ability to invest in a way that aligns with your values and moves you toward your retirement goals.
- A comfortable home that holds family memories.
- Flexible work schedules that allow you to travel to see family and friends over the holidays.
- This year’s annual family vacation.
- The ability to contribute to your child’s (or grandchild’s) college savings account.
- The coffee maker you’ve had forever that makes the perfect morning brew.
You can be as detailed or high-level as you’d like.
The purpose of this exercise isn’t necessarily to list out every single thing you have (although feel free if that fills your cup!), but to focus on the financial wins and the items you have/experiences you’ve been able to invest in. This can help you to exit the spending craze that often comes with the heavy advertising that goes on during the holiday season. It’s a reminder that while amazing sales on the latest and greatest “thing” might be nice, you have everything you need to live a comfortable and happy life right now.
#2: Celebrate Your Wins
It’s easy to forget the “wins” you’ve had when you’re feeling particularly down about the state of your finances. You might see the holiday spending bills racking up, or be knee-deep in year-end tax strategy, and forget about a financial windfall you had six months ago altogether. Taking a moment at the end of the year to celebrate your wins – financial and otherwise – can go a long way to feeling confident going into the new year. A few examples might be:
- A promotion or pay increase.
- Stock options that vested.
- A portfolio that continued to grow in spite of market fluctuations.
- Paying off debt.
- Hitting a goal – a big vacation, investing a certain amount, etc.
#3: Reframe Negative Experiences
Let’s face it – not every single thing that happens in your financial life is going to feel great. Market downturns happen. Layoffs happen. Sometimes it can be easy to focus on the negative. In fact, our brains are hardwired to focus on negative experiences. It’s a defense mechanism that helps us to take action to prevent future negative experiences from happening. Instead of fighting that instinct, lean into it by reframing.
If you have a few negative experiences or feelings about your finances that happened this year that you just can’t stop thinking about, reframe them. For example, many people have applied to different jobs this year as work environments shifted in a post-pandemic world. If you’re in that camp but didn’t get the job you were pursuing, you may be kicking yourself that the position you wanted would have come with better pay, more benefits, etc.
Here are a few options for reframing this scenario:
- Your current job is a known value. You can make confident financial decisions knowing exactly what to expect as far as your compensation and benefits go.
- You can lean in where you currently work for similar financial outcomes. Whether it’s a future promotion or a performance bonus, you know what is available to you and how to pursue those opportunities.
- Maybe there are non-financial benefits to your current role that you aren’t fully appreciating. It could be a flexible work schedule, specific holidays off, equity compensation, or even a boss or coworkers you respect and enjoy spending time with. Whatever the benefits are, you can’t know for sure that a new role would have those same upsides.
#4: Set Goals – Financial and Otherwise
One way to build and maintain an abundance mindset is to set goals and work toward them. As soon as you feel as though you’re investing in yourself – financially or otherwise – you’re more likely to see other opportunities and feel a general sense of accomplishment.
Working with a financial planning team can help you to set financial goals that are in alignment with what you value most. At FPC, we believe that your money should be tied to your unique goals and values. If you have questions about how to refocus on abundance in your finances, we’re here to help. Schedule a call with us today by clicking here.