4 Things Keeping You From Making Money

By Audrey Korir

When you think about money, what is the first thing that comes to mind?

Is it the bills that you are struggling to pay off?

Could it be the dream car that you want to buy?

Or the ideal home you have been steadily saving up to buy over the few years?

Whatever your reasons , money concerns seem to weigh more than we can bear. Whether its anxiety, nervousness, excitement or remorse, money is intensely emotional!

So let’s talk about 4 money mindsets that are keeping you from being practical  in your financial choices, and what you can do to fix them.

ALSO READ >>> 7 Budgeting Mistakes You Might Be Making

Scarcity Mentality:

While growing up, I’m sure that at one point in your life you heard the phrase; “Money does not grow on trees”.  If this  rings a bell, then that could be the reason  behind your scarcity mentality .

What do I mean?  The Scarcity Mentality is the belief that you don’t have enough, inducing a kind of all-consuming stress and anxiety that hinders your ability to work towards long-term financial goals.

Even if you are not living in actual poverty, daily anxiety surrounding common financial stressors like debt pay off or near-term savings goals, could be contributing to a scarcity mindset that affects your ability to make smart financial decisions.

How do you remedy this? Don’t worry.  Push back  on the negativity and foster the belief that you will have enough finances. Take time to self-reflect and cut off bad spending habits .

Invest in the little resources that you have and work your way to building the future you desire.

Your Spending Habits:

“Live within your means!”  Sounds harsh?  Fact is, you will never grow financially if your spending habits go way beyond what you can afford.  You cannot expect to live in a house paying a rent of sh. 60,000 when you are only earning sh. 40,000. Why you ask? It’s simple, the finances don’t balance out which could impoverish you.

To move away from this, look into what is motivating your spending habits to increase.  Are you trying to impress people?  Do you struggle to maintain an inauthentic lifestyle?

If these reasons speak to you, do the hard work to discover who you are and what you value.

Lack of a budget:

We know we should budget, but we often don’t see the need to.  Why so? We have created a negative impression that budgeting creates a  especially because it clearly shows us what we need to cut back on.

How then do you adjust your spending when say you lose or quit your job? Or you choose to go into business?

In fact, the reason why budgeting may not work the first time, is because we are never clear on how we manage our expenses.  In the guessing process, we over and under estimate some costs,  and fail to include others.

This is why you need to monitor your expenses for a while to work towards getting it right.

To fix this, simply change your attitude on what the purpose of your  budget  and focus on the rewards that it will give you.

Fear:

Fear has a paralyzing effect on our creativity and ability to act. If you are living in fear you are less likely to have a clear picture of your next action steps.

If money is the issue then you’ve probably run circles in your mind trying to think of solutions but haven’t acted on any of them.

Is it time for a part time job? This doesn’t mean you are quitting your dream job, just allowing it to become a bit more accessible. Do you have another skill that you can put to work while you build your business? Think outside of the box and act on your solution

READ ALSO >>> How Can I Save Money On A Tight Budget?