3 Ways To Change Your Money Scarcity Mindset – Financial Friday

3 Ways To Change Your Money Scarcity Mindset – Financial Friday

Neale Sheila Godfrey is an American author, acknowledged expert on family and children’s finances and creator of the topic of kids and money in the United States, with over 26 books on financial literacy, intended for both children and adults.

We are so excited to have her here with us today for another Financial Friday blog series!

Tips To Break Free From A Scarcity Mindset

“Most people are deeply scripted in what I call the Scarcity Mentality. They see life as having only so much, as though there were only one pie out there. And if someone were to get a big piece of the pie, it would mean less for everyone else.” – Stephen Covey

Do you feel your money mindset is rooted in a feeling of scarcity? Here are some signs that you may be struggling with this:

  • You believe situations are permanent (i.e. “…that’s just the way it is”)
  • Your thoughts and words are full of scarcity vocabulary (i.e. “I don’t have enough money”, “I can’t do this”, “there’s never enough”)
  • You are constantly in a state of envy
  • You are rarely generous
  • You have a hard time controlling your spending


Money scarcity is a fear that came from when you were a small child. For some reason when you were little, you picked up the mindset or the energy of there not being enough, of having to scrimp and save, of never being able to have what you wanted, etc. Or maybe there was a heavy layer of guilt around money you DID spend or you were made to feel like a burden on your family for costing them money.

Whatever the situation was, your interpretation was this: money is scarce. I can’t have what I want. There is never enough. I am not enough. Money is hard to come by. Being rich is selfish.

If your finances are not in order this may also be a symptom that your emotional/mental/physical state is not where it needs to be either.

So, what can we do about a scarcity mindset? Is it really possible to shift from a deep seated feeling of scarcity into a mindset and life of abundance?

Yes. Absolutely. Here are a few tips to get you started down the right path.

#1 Give Up The Comfort Zone and Get Into The Growth Zone

In order to experience growth in any area of your life you’ve got to be ready to step outside of your comfort zone. There’s simply no way around it! Growth requires stretching, sweat, maybe even some blood and tears. But remember, on the other side of every breakdown is a breakthrough! And that breakthrough is exactly what you want in order to make some long-term shifts in how you think and live your life.

What does growth look like for you? It depends on your money personality (extreme spender or extreme saver?) but some examples might include trying some new financial strategies, pulling out your paychecks in cash and putting in envelopes that determine how the money is spent, saving more than you think is possible, investing some of your money, learning how to spend healthfully on yourself, tipping the waiter 30%, etc.

#2 Put Yourself First

…and don’t feel guilty about it!

When you wake up in the morning and focus on eating right, exercising and taking care of your needs, you are putting yourself first. You are taking care of your basic needs so that you can function at your best at work or for your kids or in school.

This is the same mindset you need to have with your money!

Yes you will take care of the needs of your family and those who financially depend on you, but you will also make sure to take care of yourself. This might even mean spending a little money on YOU! Regular doctor, dentist and medical visits, buying good food that will properly fuel your body, buying clothes you like to wear that make you feel empowered, pampering yourself every once in awhile and showing self love, investing and saving for your future. Remember, you count too.

#3 Balance Your Money Personality

There are two types of money personality extremes…the extreme saver and the extreme spender. I bet you already know which one you are!

First I want you to let go of any guilt you have surrounding your money personality. It’s just money. You’re okay. You’re enough. Yes we are going to work to balance your habits because it will lead you to a healthier, more balanced life, but you can let go of the guilt you feel surrounding money because…it’s just money!

Too many people look at the number in their bank account and use it to gauge their self worth. If that’s something you do, it gets to stop right now! The number in your bank account is purely feedback that is telling you what areas you can work on growing in your life. It’s not a grade on your life. So take a deep breath!

On the spectrum of extreme saving or extreme spending, your goal should be to land right in the middle. Able to spend and save according to your own personal goals and needs.

Believe it or not, being an extreme saver is often rooted in fear! It is easier to get the spender to save than the saver to spend.

Some tips to help you balance your money personality:

For the extreme spender:

  • Declare your vision (get out of debt, save for something you really want, financial freedom, etc)
  • Set up a firm, clear and simple budget with your vision as the end goal
  • Use different methods for sticking to your budget until you find one that really lands for you.
  • Leave a little unassigned spending money in your budget for fun money
  • Cut up any credit cards
  • Focus on positive money mindset mantras
  • Focus on nurturing your self worth


For the extreme saver:

  • Declare your vision (travel, save for something you really want, financial freedom, etc)
  • Set up a clear and simple budget with your vision as the end goal
  • Decide on a reasonable amount you can use every month on YOU, and spend it!
  • Be generous with your money, always tip 20% or more
  • Focus on nurturing your self worth


You CAN change your financial personality so that you are balanced right in the middle between saver and spender. All it takes is a change of mindset and some elbow grease. Consciously decide you are going to improve your scarcity mindset and make sure your vision is big enough to keep you focused when the road gets bumpy!

If you don’t live with intention in your finances you become a victim. When your vision is strong enough, scarcity cannot exist.

Give us a big thumbs up if you liked this post! Be sure to check out Neale’s bio below and invest in some of her incredible books.

Remember, we’re in this together.

Drew and Neale

Neale S. Godfrey

Neale Sheila Godfrey is an American author, acknowledged expert on family and children’s finances and creator of the topic of kids and money in the United States, with over 26 books on financial literacy, intended for both children and adults.

Early in her career, Neale became one of the first female executives at The Chase Manhattan Bank. Later, she became the president of The First Women’s Bank and founder of The First Children’s Bank.[7]

In 1989, Neale formed her own company, Children’s Financial Network, Inc., whose mission is to educate children and their parents about money. Neale is the author of 27 books that deal with money, life skills and value issues and has been honored with a #1 New York Times Bestseller, Money Doesn’t Grow on Trees: A Parent’s Guide to Raising Financially Responsible Children.

Neale was recognized as one of New Jersey’s “50 Best Women in Business” and she was National Winner of w2wlink’s Ascendancy Awards for Business Women.

Drew Canole

Drew Canole

CEO at Fitlife.tv
Drew Canole is a rockstar in the world of fitness, nutrition and mindset, with a huge heart for others and doing his part to transform the world, one person at a time.

As the founder and CEO of Fitlife.TV, he is committed to sharing educational, inspirational and entertaining videos and articles about health, fitness, healing and longevity. He is also a best selling author and the founder of Organifi, an organic, incredibly delicious greens powder, chock-full of superfoods to make juicing easy no matter your busy schedule.
Drew Canole


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