It’s no fun being broke. It’s less fun being broke and in debt.
But if you’ve ever been either, you’ll know what scarcity feels like.
Scarcity is that feeling of crushing disappointment you get when you realize that t
It’s depressing, frustrating, and infuriating all at the same time.
But it can also be inspiring and motivating.
How Feeling Scarcity Can Improve Your Finances
Scarcity isn’t usually associated with success or abundance. By definition, it means something is in short supply. But coupled with the resolve to live debt-free, scarcity can be a powerful motivator.
If you harness that feeling of scarcity to set priorities, get creative and take control of your money, you can improve your finances.
Scarcity Leads to Prioritization
Payday is one of my favorite days. It doesn’t matter how far along we get in our journey to financial freedom, I always get excited when that deposit hits and I get to play with the budget.
But guess what? No matter how big our buffer gets, I still feel scarcity as I sit there telling those dollars what to do.
For every expense or goal we have, I still only have a set amount to budget.
This is why prioritization is so important.
The best way to achieve your financial goals is to make sure your spending is in alignment with those goals.
It doesn’t matter how much income you have or how high your net worth is. If you’re not prioritizing you’re not likely to reach your goals.
Scarcity helps you refine your priorities.
Just like you have to prioritize how you spend the limited hours in the day, you also need to determine how to spend your limited funds.
Unlike time, however, you can always find ways to increase your income.
Scarcity Leads to Creativity
Whenever you’re feeling the pangs of scarcity, try to focus on creative solutions to reach
The rise of the side-hustle is the perfect example of how scarcity can fuel both creativity and financial growth.
Dog walking, house sitting, Uber driving, and blogging are just a few examples of how people have embraced their feelings of scarcity to motivate them into unique and unconventional ways to increase their incomes.
If you don’t have the time to devote to earning more, you can get creative with your budget and expenses to save more.
What expenses could you potentially eliminate by doing them yourself?
You can learn just about anything on Youtube and recognizing savings on things like home maintenance, changing your own oil, or even cutting your own hair can quickly add up.
You may even develop these newfound skills into future side-hustles to save more and make more.
Scarcity Leads to Control
When you embrace the scarcity you feel regarding your money, you start to live more intentionally.
You cut your expenses and/or increase your income so you can live according to what you value. Once you learn to focus on your priorities and align your goals with your values you’ll be in full control of your finances.
Instead of wondering where the money went and feeling the disappointment and fear of scarcity, you’ll know exactly what every dollar is doing and how it’s working to make your life what you want it to be.
Scarcity is what provides the clarity for you to know what you want from life.
Embrace the Scarcity and Take Control
Whether you’re truly broke or you just feel broke, the feeling of scarcity can help you take control of your finances and live a life that aligns with your goals and values.
So the next time you feel the frustration or disappointment associated with scarcity, try to turn it around and let it motivate you to spend and live more intentionally.