We've all had moments in our lives where we feel like we don't have enough or there will never be enough. It's what leads us to feel ashamed while eating a $20 salad—even though we love them—or buy cheap clothes that disintegrate in the washing machine.
When the idea of scarcity takes its hold, we can behave in ways that don't align with our values or goals. That's NBD if it means skipping lattes for drip coffee more days than not. But when it fuels money anxiety, that can change how we live on a grand scale.
What we're talking about is known as the scarcity mindset. Whether you came across the term in a social post or a self-help book, you might already know that this way of thinking can make you feel like there's a limited amount of money to go around.
While this could theoretically push you to work harder and budget tighter, financial therapists say it's more likely to be the cause of your complicated feelings about money.
Here, they explain what a scarcity mindset looks like, the ways it can influence you, and how to break free.
What is a scarcity mindset?
"A scarcity mindset is a belief system in which a person consistently feels there is never enough of a key resource," explains Megan McCoy, PhD, LMFT, a certified financial therapist and assistant professor of personal financial planning at Kansas State University. Most of the time, that resource is money. But it could also make you feel like there's not enough time, opportunity, or even romantic partners.
In the context of money, a scarcity mindset doesn't only happen to people going through a financial crisis or trying to make ends meet. It can happen to pretty much anyone. "It is not something that is necessarily reflective of the reality of the situation," says financial therapist Stephanie Zepeda, PhD, LMFT. Still, "you feel a sense of deprivation or fear, and a focus on what could go wrong."
For example, you could have a 12-month emergency fund stashed and max out your retirement accounts every year, but still feel anxious about an $8 coffee.
Other people's money or success can also trigger your scarcity mindset tendencies, says Dr. McCoy. Say you see someone get a promotion, find a high-paying job, or inherit some money. You might instinctually interpret their win as your loss, making you feel jealous and disappointed in yourself, Dr. McCoy adds.
Keep reading for 6 expert tips on dealing with a scarcity mindset.
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