Overcome Your Monetary Fear by Giving Money Away
For a long time I was very afraid that I would not have enough money, and this even worsened my finances . There are many ways to change this mindset and overcome your financial fears. Refunds can be one of the simplest options.
In Money Boss, personal finance writer JD Roth talks about the concept of “scarcity mindset.” This is mainly when you let your fear and stress of not having enough take over and make the situation worse. Easier said than done, but one piece of advice that can help you get started: push yourself to give.
Time and money have a lot in common, and Roth cites a study on time constraints from a 2011 study published in the journal Psychological Science . In a series of experiments, researchers found that when people spend time helping other people, they tend to feel like they have more time overall. The document concluded:
In real experiments, we compared hanging out with friends or strangers with wasting time, wasting time on ourselves, and even getting “free” time. We have found that spending time increases the perception of time – both in the present and in the future – by increasing a sense of self-efficacy. While hunger for time usually prompts people to prioritize free hours for themselves, our results show that if people were spending time on others instead, they might feel less time constrained and better able to fulfill their myriad tasks and responsibilities. …
It’s an interesting concept, and Roth says it might work for your finances as well. However, you don’t have to give away money – it’s more about the idea of giving in general, including your time and resources. He’s writing:
Learn to share. Force yourself to give things – time, money, resources – to other people. When you have a surplus of something, spread love … The same applies to other areas of your life in which you feel a sense of lack. When, for example, a few years ago I started distributing and selling my things, I realized how much I had. Earlier, when I was constantly in data collection mode, it seemed to me that I had very little. I was wrong. I had mountains of things!
Giving back makes you feel strong, but it also reminds you of what you have and makes you feel grateful. Gratitude is a great way to get rid of scarcity thinking.
My friend does it. Even when she was broke, she found room in her budget to donate a small amount of money to the organization she supported. This made her feel like she was in control of her money, as if her finances could not interfere with her willingness to give back.
Whether it’s money, time, or help, giving back can be a surprisingly effective way to combat scarcity thinking. To learn more about this, navigate to Roth’s full post at the link below.