Mind Over Money: Credello Breaks Down the Power of Positive Thinking

Stock photo

Positive action is impossible without positive thinking. This is true in all areas of life, including personal finances. An individual can claim they want to be debt-free, but that’s not going to happen without the proper mindset. Modifying the way that we think can alter our behaviors. That’s the first step toward effecting lasting change in our lives.

Today, we’re going to talk about mind over money. That scenario is reversed far too often. Money, particularly when it’s in short supply, can consume our thoughts. Anxiety, depression, and marital issues are just a few of the common side effects that come from obsessing over money problems. With Positive Thinking Day on the horizon (Sept. 13), here are a few tips to prevent that from happening to you.

Tip #1: Define your motivation

Simply paying down debt because “it’s there” is not a sustainable strategy. You can just make minimum monthly payments if that’s your mindset. Becoming debt-free takes visualization, and that requires motivation. Why do you want to be debt-free? Is there a specific long-term goal attached to it? Define your motivation and revisit it often to keep your mindset positive.

Tip #2: Set reasonable short-term goals

The pot of gold at the end of the rainbow is a long way off. Set some short-term goals for yourself so you can feel a sense of victory multiple times in your journey. Paying off your smallest credit card balance is something to be celebrated. Use that positive feeling as motivation to move on to the next smallest balance.

Tip #3: Detach yourself from your problems

This might be the most difficult suggestion on this list, but also, it’s the most important. The only way to achieve a positive mindset is to eliminate negativity in your thinking. Detach yourself from the problem. Money is simply a medium of exchange, not a living entity that should dominate your dreams. Minimize its importance through detachment.

Tip #4: Overcome irrational fears

Massive credit card debt can be a soul-crushing experience if you allow it to become more than what it truly is. Debt is just a number. Break it down into smaller numbers and make your payments. Eventually it will disappear. Thinking you’ll “never get there” is an irrational fear. Eliminate that and you’ll be able to tap into the power of positive thinking.

Tip #5: Set everything on autopay

This will help alleviate irrational fears and give you some detachment from your obsession about debt. Set all your payments on autopay. Have your paycheck direct deposited and create a budget so you know how much you can afford to spend. Take only that amount out of the bank and let your remaining funds clear your debt. It really is that simple.

Tip #6: Reward yourself frequently

Nothing instills happiness better than doing something for yourself. Remember that goal of paying off your smallest credit card? Reward yourself when you achieve that. It’s not necessary to go out and buy something expensive. Get yourself an ice cream sundae or an expensive latte. You earned it. Do this often enough—within reason—and you’ll stay positive.

Tip #7: Take emotion out of the equation

Money managers are taught early on to never allow emotion to dictate financial decisions. For consumers, emotion normally manifests in impulse buys. There’s a difference between wants and needs. Understand that difference and learn to recognize when emotion is driving your spending. Without impulse buys, you’re unlikely to experience buyer’s remorse.

The bottom line: positive thinking produces positive actions

Training your mind to think positively with these steps will give you the ability to take positive actions in your life. We’re not talking just finances. A positive mindset can benefit you professionally, in relationships, and in competitive situations. Learn to look on the bright side of things, and your life will improve in ways you may never have imagined.