How practicing gratitude improves money mindset
The coronavirus pandemic wreaked havoc on our lives in ways that most of us never expected. COVID-19 has had a psychological, emotional, and financial impact on our wellbeing. However, not all of these side effects were negative. We were grateful because of the coronavirus. Practicing gratitude served as a coping tool for some. Others defined appreciation as focusing on what they had rather than what they had lost.
We’ll be relieved to be free of many of the behaviors we picked up during coronavirus lockdowns. But this isn’t only a good habit to have. We can also use it for other aspects of life.
According to research, keeping the attitude of gratitude has a substantial positive impact on our lives. It can help us enhance our physical and mental health, be more productive, make better decisions, control our emotions, form valuable relationships, and implement wealth building strategies. After all, financial success isn’t always about accumulating more money. People who achieve financial independence, on the other hand, usually know how to keep what they have.
All of this has the potential to benefit our financial well-being directly. The fact is that your actions will have a more significant effect on your financial well-being than any product. Keeping an attitude of gratitude can benefit your finances in the long run. Here’s how adopting a grateful mindset might help you improve your financial management:
Gratitude has an impact on your money mindset
It’s easy to dwell on what we don’t have in our lives. Everyone wants more money, expensive cars, a larger home, and a rewarding job.
When we focus on what we don’t have, it’s easy to feel envious. You’re in a scarcity mindset when you’re focused on what you don’t have instead of what you still have. It isn’t easy to notice all the positive things going on around you and attract positive opportunities.
Focusing on what you don’t have can lead to overwhelming depression, fear, or anger, while acting from a position of thankfulness encourages you to intervene and move forward. Being grateful can take a whole mental shift to appreciate what you have.
Here are a few things to be thankful for:
- Good health
- A loving family
- A few caring friends
- A cozy home
- Your job
- Your food
One or more of these things could be adversely affected at any time. No one is immune to adversity, but cultivating an attitude of gratitude can help you be content with what you already have and help you set a proper money mindset
Gratitude can help you avoid overspending
How many of you have been frustrated while scrolling through social media about where you’re at in life?
You’re browsing through your page, feeling sad when you notice an online ad for a fresh set of suit trousers that you don’t need. But, since you’re already depressed, you grab out your money as you navigate to the company’s website.
This is a common pitfall that many individuals slip into, and it’s not just specific to social media advertising. (But social media ads may undoubtedly blow your budget if you’re not careful!) Considering your circumstances aren’t quite right when you go through life, you’re more prone to splurge to make up for it.
Instead, if you focus on all the things in your life that you’re thankful for regularly, you won’t feel the need to “make up” for what isn’t there. Working toward a meaningful life, career, or financial goals does not imply that you are unhappy with your current situation.
Regularly practicing gratitude can help you resist impulse purchases and stay within your budget.
Practicing gratitude boosts generosity
Gratitude encourages giving as well. When you’re appreciative, you’re more eager to offer to others. So, how does this relate to an improved financial situation?
Giving, it turns out, can help you financially.
First, prioritizing charitable giving forces you to re-evaluate your resources to reach your goals. To be grateful and generous, you must first get your financial house in order by tracking your spending and decreasing expenses so that you have money to donate to organizations you care about. This way, you also need to have a proper money mindset to be generous.
Giving can help you increase your profile in your community and generate goodwill toward your company if you’re a business owner. When you want to attract more clients, this is a good thing. Plus, when you gift, you may be eligible for a tax deduction.
Gratitude fosters contentment
You will find contentment in your situation if you are grateful for what you already have.
Finding contentment through gratitude can help you in dissociating feelings of happiness from the need to buy more things or the belief that a better salary will enable you to reach your life satisfaction goals.
Spending more money won’t bring you happiness, and it could jeopardize your financial future. Instead, cultivate a grateful mindset and look for methods to feel good about what you already have.
For example, borrowing a payday loan is easy and satisfactory. It can solve many sudden money problems with a snap! But once you need to pay off the high interest rate, you’ll feel devastated and fall into a never-ending debt trap. To achieve financial independence and get out of payday loan debt, you may choose a payday loan consolidation method.
You’ll also discover that you don’t need to spend a lot of money to be happy if you practice gratitude.
Learn to be content with what you have, and you’ll be more willing to invest money in others, save money for long-term goals that will make you feel more satisfied, and avoid impulse purchases that can blow your short-term budget.
Being grateful at work boosts productivity and improves relationships
Gratitude can also benefit our careers, which can result in a range of financial benefits.
It motivates us to be more productive. According to a study done by psychologists Adam Grant and Francesca Gino, when the CEO of a fund-raising contact center conveyed gratitude to workers for their efforts, the number of calls made by these employees increased by over 50% the next week.
If you’re a director or business owner, this should create a lasting impact.
Gratitude is a two-way path.
Grant and Gino conducted more research and discovered that people who were practicing gratitude, assisted somebody and got a thank-you note were more likely to help more in the future. Showing gratitude to a superior, for example, could be one approach to gain ongoing support in your job and potentially raise your compensation.
How to increase your gratitude
It’s one thing to understand the advantages of gratitude. But it’s entirely different to incorporate gratitude into your daily routine.
How can you make use of these advantages and reap the financial rewards that come with them?
Identify five occurrences or items for which you are grateful at the end of each day.
The goods aren’t crucial in and of themselves. These lists persuade us that life is, as a whole, reasonably lovely.
Allow your emotions to influence your choices. It’s easier to make spending decisions when you’re in a good mood. Make an additional IRA contribution or a charitable donation. Pay off your unsecured debt as fast as possible and take help from professionals to get out of debt problems.
If you’re depressed afterward, you’re less inclined to waste money because you’ve already “spent” it elsewhere.
Finally, concentrate on the good aspects of your day-to-day activities. Negative people and social media messages should be avoided. The pleasant energy generated by these habits makes it simpler to be appreciative.
About the Author
Lyle Solomon has considerable litigation experience as well as substantial hands-on knowledge and expertise in legal analysis and writing. Since 2003, he has been a member of the State Bar of California. In 1998, he graduated from the University of the Pacific’s McGeorge School of Law in Sacramento, California, and now serves as a principal attorney for the Oak View Law Group in California. He has contributed to publications such as Entrepreneur, All Business, US Chamber, Finance Magnates, Next Avenue, and many more.