There’s a common misconception that saving money is all about discipline: cutting back, saying no, and adhering to a budget. However, saving is more about your mindset rather than about spreadsheets.
“Your mindset can be your greatest asset or your biggest barrier,” Klontz explains. “If you believe that the system is rigged against you specifically, you’ll self-sabotage. If you believe money is freedom, you’ll find ways to grow it,” says Brad Klontz, PsyD, CFP, financial psychologist, and associate professor at Creighton University’s Heider College of Business.
In other words, when you feel deprived, you’ll eventually rebel against your own financial goals. As such, to save more, you have to change the way you think about money.
Keeping that in mind, these 7 mindset shifts will enable you to build wealth while feeling like you are not missing out on everything.
1. Shift from ‘I Can’t Afford That’ to ‘I’m Choosing Something Better’
By replacing scarcity thinking with choice-based thinking, you can make a powerful change.
When you tell yourself, “I can’t afford that,” it reinforces the idea that money controls you. This triggers a sense of inadequacy and limitation. However, saying, “I don’t want to spend on that right now,” puts you in control again. As a result, you’re reminded that you are making an intentional decision rather than being deprived of something.
To put it another way, you’re not saying no to a delicious latte. Instead, you’re saying yes to something more important, like a fully funded emergency fund or a worry-free retirement.
