Since graduating vet school, with each job I’ve had, I’ve increased my salary. I started on £25k, and for the interests of transparency, increased that over 4 years to £38.5k by either changing jobs or receiving pay-rises.
With increased earnings, I’ve also taken on more expenses, I now I have a dog (who I insure, feed, buy preventative treatment for), utility bills have increased dramatically (don’t we all know it), and I now pay for income protection insurance and spend a lot more on petrol with a longer commute.
Overall, my standard of living has stayed very similar. I am also lucky enough to have a job that pays well above the national average. It all seems to be pretty cushy right?
Yet throughout this period of change, one thing has stayed very much as a constant. And that’s the feeling that my money is very limited. The feeling that I need to be as frugal as possible, and I can’t afford to do expensive things… that I never have enough.
It turns out this feeling has a name: Scarcity Mindset.
What is a money scarcity mindset?
The thought that wealth and opportunities are limited, and the fear that one will never have enough. People with a scarcity mindset are trapped in the cycle of feeling like they are facing impossible challenges that they have no way out, and their money goals are almost never going to be realised. It comes from a very negative place. They are less generous on others or are afraid to spend their money even on themselves.
Scarcity vs Abundance
The opposite is abundance mindset where you feel like you have enough. Rather than focusing on what you don’t have, you think about the things you already have in front of you. People with an abundance mindset might be more generous with their money and not fixate on money quite so frequently.
Could scarcity mindset be more common in vets?
Conversations around money is an every-day, multiple times a day occurrence in vet practice. And as is the way of the world, it’s often in the light of scarcity. What is the cheapest way we can treat someone’s animal, can we do a payment plan, are there cheaper alternatives online? We’re juggling an animal’s life, welfare, and finances while standing on a tight-rope of client expectations.
Surely this has an effect on our own attitude towards money?
Additionally, the profession has a tradition of ‘not doing it for the money’. And it’s true! Vet’s are horrifically underpaid compared to their human medical and dentist counterparts. Late finishes, missed lunch breaks and out of hours are just part of the job, because we do it for the animals right? But how does this sift through into our mindset after years on the job?
I argue that vets might be more likely to develop a scarcity mindset for themselves after being constantly submerged in a money scarce workplace from the moment they start their careers, and with the added pressure that they shouldn’t be aspire towards earning better.
How to flip it?
So if you’ve been reading this and you think you might also have a money scarcity mindset like me, the good news is that mindsets can change! Let’s take a look at a few things that we can do to flip it around.
1. Give yourself financial direction
Instead of always thinking about what you don’t have, take time to acknowledge what you do have and what you’re doing right. Taking yourself on a money date and creating a financial plan is a great way to feel in control and that you can make change with your finances. When you set yourself money goals, make sure you also write down your step-by-step plan to get your started.
2. Spend time with others who have an abundance mindset
And they might just rub off on you. Mirroring the behaviours of friends and family is a well researched trait in humans. The more you talk money and see money handling with people of an abundance mindset, the easier it can be to adopt their thoughts and behaviours.
3. Stop comparing yourself to others
When you compare yourself to friends and family who have achieved financial goals at certain stages of their life, a scarcity mindset person feels resentment or jealousy. When you stop comparing yourself or can turn it around completely and learn to celebrate other peoples’ wins, you begin to make space for your own timeline with money and take off the pressure.
4. Know your worth
Your happiness is worth more than anything in the world. So if travel is going to make you happy, that also means that spending money on that holiday will make you happy. Even as someone who is a massive advocate for saving for retirement, I know that my happiness is something I should and can invest in right now without guilt. Be that via coaching, via brunch with friends, via exercise classes, or via a getaway weekend.
The bottom line
If any of these thoughts or behaviours around money resonate with you, just know that you’re not the only one out there. Also remember that a mindset is just that, it can change, grow and evolve! You don’t have to have a scarcity mindset forever and I certainly plan on working on myself to make sure it doesn’t happen for me!
Is there anything you’d add to the list that helps? Let me know on Instagram @thisvetcan_blog 🙂
ThisVetCan 