5 Traps To Avoid When Changing Your Money Mindset

Image by Katt Yukawa

The way we think about money has a powerful effect on our financial situation, so if you have tried, unsuccessfully, to change your money mindset, you could be falling into one of these common traps.

Like any habit, developing a positive money mindset takes time and persistence. You will slip up along the way, it’s natural. However, if you find yourself slipping up frequently, it’s important to look at the mistakes you could be making.

Here, you’ll discover some of the most common traps you could be falling into that are compromising your money mindset.

Playing it safe

When you’re worried about money, it’s easy to play it safe. What if you invest in something and it doesn’t pay off? For example, you want to grow your business, but you’re worried putting more money into it will be a waste in case it goes wrong.

Playing it safe may allow you to hold onto the money you have. However, it’s not going to help you grow your income. The most successful people out there are those who know when to take risks. So, if you want to have a healthier bank balance, you’re going to need to have more confidence in your decisions and stop playing it safe.

Forgetting to track your returns

Whenever you spend money, you’re making an investment. If you buy a winter coat, your return is warmth. If you’re paying for an online learning course, your return is knowledge. Absolutely everything you spend money on is giving you some form of return. The key is to ensure you’re getting the right returns.

Failing to track your returns is going to interfere with your money mindset. You need to know exactly what you’re spending and the benefits it delivers. That way, you can make sound judgements on what you’re spending and cut out any spending which isn’t delivering good returns.

Giving in to negative thinking

Contrary to what some people say, it’s impossible to think positively all the time. However, if you find you frequently give in to negative thinking, that’s something you’ll want to address.

Like attracts like so the more negatively you view your money situation, the more negative experiences you’re going to have. Pay attention to your thoughts and when you notice a negative thought pop into your head, switch it for a more positive one.

“Once your mindset changes, everything on the outside will change along with it.” – Steve Maraboli

Relying on good karma

A very common mistake which could be damaging your money mindset is relying on karma. That is, expecting the universe to provide for you.

Yes, you do need to see your money vision and have faith that the universe will deliver, but you also need to ensure you’re putting in the work, rather than just depending upon positive thoughts alone. In order to create the financial situation you aspire to, you need to be willing to work and to take inspired action.

There may be times where you think you’ll never change your mindset and feel like giving up. Developing a positive money mindset doesn’t happen overnight. It takes training, dedication and commitment. It’s about believing in yourself even when you do feel like giving up. If you want something in the universe, you need to be willing to work for it.

Attaching money to emotions

Finally, another money mindset trap you could be falling into is having an emotional attachment to money.

If you spend money in order to satisfy certain emotions, you’re never going to achieve financial freedom. Money isn’t an emotion, it’s a tool. The less you tie your finances to your emotions, the less power it’s going to have over you.

There’s a lot of mistakes you can make and traps you can fall into when developing a healthy money mindset. The above are just some of the most common mistakes to avoid.

If you find that you are struggling to turn your money mindset around, you’re not alone.  Thousands of people have sought help to create a healthy money mindset. If you would like to know how I can help you flip your money mindset switch, apply for a free Money Mindset Breakthrough Session here.