The Average person thinks about money 4 times a day
Lately, I’ve been thinking a lot about money. I know you have such seasons too. According to the Daily Press, research suggests that the average American thinks about money roughly four times daily. However, the amount of time spent on financial planning is significantly less, with the average being just 1.8 minutes per day. This discrepancy highlights that while people may worry about money, they don't necessarily spend a lot of time actively managing it
Money isn’t just numbers in a bank account or cash in your wallet. It’s deeply tied to emotions, habits, and mindsets we develop over time, sometimes without realizing it. Your relationship with money can either empower you to achieve your goals or quietly hold you back from living the life you desire. If you’ve ever felt stuck financially despite earning enough or constantly wrestled with feelings of guilt around spending, your money mindset may need a reset.
Common Money Mindset Barriers
1. Scarcity Mentality
This mindset is rooted in the belief that there’s never enough money—no matter how much you earn. People with a scarcity mindset often live in fear of losing what they have, leading to stress, overworking, or reluctance to invest in opportunities.
Example Thought: “If I spend this money, I’ll never get it back.”
How It Holds You Back: A scarcity mentality limits your ability to take calculated risks, pursue career changes, or enjoy your earnings without guilt.
2. Fear of Success or Wealth
Believe it or not, some people subconsciously fear having too much money. They associate wealth with greed, loneliness, or responsibility.
Example Thought: “People will think I’ve changed if I become wealthy.”
How It Holds You Back: This mindset prevents you from fully pursuing financial success or charging your worth in professional settings.
3. Money Avoidance
Some people avoid looking at their bank statements or planning finances because they feel overwhelmed or ashamed.
Example Thought: “If I don’t think about money, the stress will go away.”
How It Holds You Back: Avoiding financial responsibility leads to missed opportunities, debt accumulation, and anxiety about unexpected expenses.
4. Emotional Spending
Emotional spending happens when you buy things to cope with stress, boredom, or unhappiness instead of addressing the root cause.
Example Thought: “I deserve this; I’ve had a rough day.”
How It Holds You Back: While retail therapy may offer short-term relief, it often leads to buyer’s remorse and long-term financial strain.
How to Develop a Healthier Financial Outlook
Instead of just thinking about money, how about starting to think about how to make use of it wisely? Your limited thoughts about money might be historical. Did your family talk openly about finances, or was it a source of stress? Identifying these patterns helps you understand where your current beliefs come from.
Adopt an Abundance Mindset and shift your focus from what you lack to what you have and can create. Practice daily gratitude for financial opportunities, such as steady income or the ability to save. Remind yourself there are countless ways to earn and grow money.
Face Your Finances Head-On
Avoiding facing your finances only breeds more anxiety. Set aside time to regularly review your budget, expenses, and savings. You can consider scheduling a weekly “Money Date” to review your financial situation without judgment. Use this time to track spending, update savings goals, or research investments.
Separate Emotions from Spending
Pause before making impulsive purchases and ask yourself why you’re buying the item. If you’re an impulse buyer, you could implement a 24-hour rule for non-essential purchases, where you pause any purchase for another 24 hours and if you still want the item after a day, it’s likely a thoughtful decision rather than an emotional reaction.
Invest in Financial Education
Building confidence around money requires knowledge. We hardly get taught about money, yet it’s the main reason we all wake up every day and go on with the grind. Actively seek out knowledge in financial education through speaking to like-minded people and advisors. Read personal finance books, listen to podcasts, or take courses to improve your financial literacy. Even small bits of learning can make a big difference. But most importantly, take action.
Create a Value-Based Budget
Spend on what genuinely aligns with your values and brings you joy, while cutting back on meaningless expenses. Identify your top three financial priorities (e.g., travel, education, or health) and allocate your budget accordingly.
Seek Professional Support
Sometimes, overcoming money blocks requires external help. Consider working with a financial advisor or money coach to gain clarity and create a tailored plan for success.
Final Thoughts on Money
Transforming your relationship with money isn’t an overnight process, but small, intentional changes can lead to profound growth. By identifying and challenging limiting beliefs, facing financial fears, and adopting healthier money habits, you can unlock a future where money becomes a tool that supports your goals, not a barrier that holds you back. Start today by taking just one step toward financial empowerment, and watch how it reshapes your year.
