If you’re feeling glum about your economic well-being, it’s time to learn how to adopt a better money mindset. One way experts recommend is to reach out to a financial professional. Another is to pivot your thoughts.
Keep reading for some strategies you can employ to improve your attitude — and your finances.
First, Realize You’re Not Alone
A recent Gallup poll found that more than half of Americans aren’t positive about their personal finances: 55% report that their financial situations are “only fair” or “poor,” and about half say their financial situations are worsening.
If you’re feeling down about money, it might help to know you’re not the only one.
What Creates Financial Negativity?
Crushing debt and distrust in financial systems may create financial negativity.
When there isn’t enough incoming cash to make a dent in your debt obligations or you find yourself owing more every month, it’s easy to believe you’ll never pay it all off, which can make you feel hopeless.
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“It’s hard to stay motivated in saving money if one is chronically in debt,” says Dr. Dana Wang, co-founder and psychiatrist at the group practice Rivia Mind.
Liabilities aren’t the only thing that can lead to a sense of negativity. Not being able to count on a safe financial future is also tough.
A 2023 CNBC and Momentive survey found that only 13% of respondents say they’re confident in America’s banking system and 70% report being stressed about their personal finances.
When you’re not making ends meet or hitting your goals and your faith in the larger financial system has been shaken, maintaining a positive attitude can be a tall order.
Negative Money Messages People Send Themselves
Descending into pessimism is normal when progress is slow or nonexistent. You may tell yourself you’ll never get to where you need to go.
“It has to do with discouraging self-talk like, ‘Nothing I do matters that much since I am never gonna get out of debt, so I might as well put more things on that credit card now to enjoy,'” Wang says.
Falling into this trap may lead to more troubles, though, as the bills mount.
Many of the messages are defeating, says Bruce McClary, senior vice president of communications at the National Foundation for Credit Counseling. “Some of the more common messages people tell themselves have to do with how they manage money,” he says.
“It will be, ‘I’m always broke, I can’t seem to make ends meet, I don’t make enough money,’ When things get frustrating because they have an empty bank account and can’t seem to get ahead, they tend to criticize their abilities,” he adds.
McClary stresses that it’s difficult to put yourself in a place where you can improve your financial well-being when you’re fixated on everything that’s gone wrong. When you’re focusing only on your failures or missteps, you’ll have a hard time turning it all around so you are proud of yourself for the strides you’re actually making.
How to Overcome Financial Negativity
If you’re barely making ends meet or see no way to achieve your goals, recognizing clear and reasonable options for resolutions can be hard to do on your own.
In that case, McClary suggests reaching out to a financial professional.
Nonprofit agencies offer free credit and debt counseling services. A counselor can help unravel your personal challenges and put a realistic action plan into place. He or she may help you develop a budget so you feel in control.
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If you need assistance with savings and investments so you can create a secure future, consider engaging a certified financial planner.
“Depending on your needs, either of these professionals can step in to help you change the way you perceive how you can handle money,” McClary says. “They will work with you to help you define your version of success.”
Other strategies can be internal. For example, Wang recommends using a visual aid to help picture the progress you really are making. “Use an empty bucket to remind yourself that you are dropping dollars into it every time you decide to save,” she says.
Focus on Nonfinancial Matters
You can regain positivity about vexing financial issues by pivoting your thoughts, says Dr. Paul Linde, medical director of psychiatry and collaborative care at Ria Health and clinical professor emeritus at UCSF School of Medicine.
“Understand the things in life that are important to you instead of money,” Linde says. “To the best of your ability, compartmentalize so you can focus on what gives you a sense of meaning that isn’t financial.”
For example, turn your attention to your partner, children, community and friends. Pursue meaningful things like faith and spiritual practices, hobbies that give you joy, music, exercise and volunteering.
“Put yourself outside your economic situation — and the bad news about money,” Linde says.
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“I’m following the banking crisis and increasing interest rates, too, so I know how easy it is to get caught up with doom-scrolling online. But commit to telling yourself that there will be a resolution. Stop thinking about money so much,” he adds.
But what if you can’t escape the negativity or think about anything else?
Linde says that may be a sign you need more assistance so you can rewrite negative thoughts that can lead to depression.
In that case, he recommends talking to a qualified therapist. If your insurance doesn’t cover mental health care, find a provider who offers sliding-scale pricing to fit your budget.
How to Maintain Your Newfound Positive Attitude
Once you’ve set yourself up for a more hopeful way to approach your finances, take steps to stay on track.
Wang recommends enlisting a cheerleader, whether it’s a friend or a financial coach. You need someone you can entrust with your fears and dreams who will be in your corner if you need them.
“We love to be seen and get validated by others,” Wang says. “All the same tricks people use to help themselves become more physically fit apply to being financially fit as well.”
Surround yourself with people who encourage and support you on your journey, McClary says.
“Join investing or savings clubs for positive reinforcement. Pursue advanced learning on the subjects that you don’t feel strong in by reading financial books and websites. Use online tools like budgeting apps to continue building on your progress,” he says.
Finally, reward yourself along the way as you’re building a nest egg or paying down debt.
“Forgive yourself for setbacks, too,” says McClary. “They will happen. As you do, step back and give yourself recognition for all that you have done that’s positive. You deserve it.”
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How to Adopt a Better Money Mindset originally appeared on usnews.com
