A Scarcity Mindset Can Cost You Mentally and Financially

We all saw it at grocery stores in 2020. The shelves, once brimming with toilet paper and hand soap, were bare. We hid in our homes, deep-cleaning every surface, occasionally braving the threat of COVID-19 to hunt down the last remaining bottle of hand sanitizer in a 50-mile radius. We felt out of control, so we controlled what we could: the contents of our kitchens and bathroom cabinets.

Today, this fear of scarcity plays out differently, due to rising prices, a volatile stock market and whispers of a looming recession. We’ve simply rolled one set of worries into another, continuing to assume all our resources are scarce, whether that’s true for us or not.

If the current situation has you avoiding any long-term planning or fearing spending any money, even on things you need, you’re experiencing a scarcity mindset. This basically means you view your resources — like money, food and employment opportunities — as limited. And when you’re concerned about access to these…

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This article was written by Sara Rathner and originally published on www.nerdwallet.com