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Your financial mindset

By Finbar Garcia LUTCF, FSS, MFA

What is your financial mindset or as some people would refer to it ‘money mindset’? This is defined as how you think about money, how it influences how you save, how you spend, and how you manage debt. It’s your core beliefs about money and your attitude toward it, what it can and cannot do.

To create a positive money mindset, you will want to get rid of all the limiting beliefs preventing you from acting, then start looking at opportunities to achieve abundance in your life.

There are some common types of money mindsets that an individual may want to adopt. These include Scarcity Mindset, which is characterised by a fear of or lack and excessive frugality. The Abundance Mindset embraces opportunities and confidence in economic management. Think abundance!

Attitudes: Attitude is an individual’s perception, emotions and beliefs about money and finances. It encompasses their opinions, confidence, and disposition towards financial matters, and how they deal with setbacks and disappointments when an investment goes south.

Having good financial discipline will give you a positive attitude towards your investment, as you would have set specific financial goals and tracked their achievement.

This positive attitude allows you to set budgets, build savings, even an emergency fund and the ability to hit your money goals and a stable financial future. Proverbs 10:4 says, “A slack hand causes poverty, but the hand of the diligent makes rich.”

Personal changes: Because money is a tricky topic and everyone needs to survive, there are some changes that must be made to achieve maximum results.

  1. Forgive your past financial mistakes. No one’s perfect. Chances are you have made many mistakes, perhaps paid too much rent, shopping sprees, maxed out credit cards. Whatever they are, they are in the past, you may still be suffering from some of those mistakes, but don’t beat yourself up over it – you are not alone. Trial and error are one of the ways one can overcome mistakes. Learn from it and forgive yourself.
  2. Understand your thoughts and emotions. This will take some doing. To fully understand money, you need to take a different perspective that might provide some interesting insights. You can try this for an entire day: after each purchase or financial decision you make, write down your thoughts and emotions. What’s running through your head. Was this the right decision? Did I overpay for the items? Did I really need this, at this time? The feelings you will get will vary. You may even get temporary happiness then never use the items again, or they become ornaments in your home, then there is guilt. Spending on yourself sometimes is a good thing, just don’t let it affect your mental health, thoughts, and emotions.
  3. Don’t compare yourself to others: This is a losing game, and can cause serious financial issues and debts, as comparisons are never accurate and are often skewed. People post things on social media, what they want you to see, not what is happening. This takes a toll on you, causing you to derail your financial plan. Many times, people live beyond their means just to look good and cause others to follow. They never share the negative part of their journey.
  4. Form good habits: Find time each week to list your bills, budget, and spending habits. Highlight areas you need to work on and note your improvements. Avoiding an issue will never make it go away, instead, put your fears aside and deal with the problem head-on.
  5. Create a budget that brings you joy: Many people are nervous about creating a budget but allocating percentages towards expenses will assist you greatly. You need to set aside or use the 50:30:20 rule. Fifty per cent of your income goes towards bills and necessities, this will include savings, 20 per cent towards debts, and 30 per cent towards yourself and other social pleasures. This type of budgeting will bring you some joy.
  6. Remember to be thankful: Be thankful for all that you have. It may not be much, but it’s more than someone who is struggling. Be thankful for the car that you drive, the roof over your head, the meals that you eat, the job and income that you have.

There will come a time when you will make more money, build a better life, but it will never be enough until you learn to focus on what you have with a grateful heart. Money should not control you or your thoughts but work to control your thoughts and emotions around money and in turn get a better grip on your financial spending.

“Provide for your household.” (1 Tim 5:8) and “It is more blessed to give than to receive” (Acts 20:25).


Call me for more information on planning your financial future. Send your questions to or call 620-1185.