I think we can all agree it has been a strange year.

I believe more than ever that building a strong financial foundation is important. If this year showed us anything it’s that anything can happen, anytime.

Being home more this year has meant “back to basics” in a lot of ways. And that is a concept we can bring to our money too.

Watch the numbers. Pad the savings. Diversify your income opportunities.

But numbers aside, what I’ve been focused on lately is my mindset. It’s felt easier than ever to slip into panic mode, scarcity, and entitlement. (Remember the toilet paper hoarding season? Classic scarcity)

When you work on your mindset your first job is to become aware.

Being open to the idea that there are different ways to look at something. That your brain might be defaulting to a way that doesn’t serve you best. And if you can gain some insight and look at the same thing from a different perspective you can shift it, which often serves you better, from a mindset and money perspective.

The easiest way to start to untangle a limiting belief is to ask the following questions:

Is it true? What else could be going on here? How can I look at this in a different way?

My hope is you see yourself in one of these beliefs and start to question it, so you can grow and develop a healthy mindset, despite outside circumstances.

Here are 5 limiting beliefs that have been creeping up on me and my clients in 2020:

1. Entitlement Spending – For Myself

It’s been a hard/day/week/year I deserve to_____.

I often think I deserve to order dinner after a long day with the kids. But I’ve learned to catch myself when that word deserve pops up. I know that’s my entitlement belief creeping in. Look, sometimes I order the pizza. But other times when I pause and reflect I realize it’s actually easier to make a simple dinner from what we have.

2. Entitlement Spending – For Others

My (kids, dog, single friend, etc) are so impacted by all of this… I should just buy them a new _____.

This year has really impacted my 5-year-old. And I want to buy him all the legos to make it better. Again, sometimes I buy the thing. But other times after pausing I realize that what he really needs is a change of scenery and a playdate.

3. Scarcity Mindset – Hoarding

The future feels uncertain, I better not spend/invest my money.

I’ve definitely been more focused on maintaining our savings this year. But as our job security seems as certain as it ever can be, I’ve loosened the reigns a little. Taking some money to make minor home improvements since we expect to spend a lot of time home this winter. If your savings aren’t up to par, of course, focus on that. But don’t fall into a “hoarder mentality” from the anxiety you feel. It’s ok to spend right now if it feels ok to you.

4. Scarcity Mindset – For Earning

There is no way to make more money/get a new job right now.

So many people have lost jobs and work opportunities. BUT some businesses are thriving. And it’s not just big business. Some local restaurants who pivoted successfully are having their best years. My Dad, a boat mechanic, is having a great year. Collect examples of people making it in these hard times. They are there if you go looking for them. People are being inventive, thriving, pivoting, and doing it with grace. Find those people, make them your example, and believe in new opportunities for yourself.

5. Spending To Feel Useful

If I give/donate more money I will feel better.

I can’t exactly show up at a protest or go help fight a fire. But I can give money, and I do. But even though giving is an amazing way to use your money, it takes on a different feel if you do it in the heat of the moment and don’t do your research on what you are giving to. You are being disciplined in every other area of your financial life, be disciplined in how you give too.

And just a reminder, when these limiting beliefs pop up, ask yourself:

Is it true? What else could be going on here? How can I look at this in a different way?

This is money mindset work.

It looks a little different this year but is more relevant than ever.

And look, if you need to buy the pizza one night, by alllll means. Do it. Money Coach approved.