Scarcity vs Abundance Mindset: Powerful Lessons from Covid19

It’s easy to slip into panic mode.

We’ve seen it during the Covid pandemic when masses of people bulk-purchased toilet paper, bought guns to protect themselves from coming chaos, and sold all of their unused items around the house in hopes of storing extra cash.

But why did this happen (and why toilet paper)?

That’s the power of a scarcity mindset: We can change the entire market on a benign household item (like toilet paper) and set the world news on fire (figuratively). 

But what if we shift our scarcity mindset into one of abundance - can we harness the same power to transform our conditions?

And even more importantly, what would the effects be?

That’s what this article is about. Let’s look at how the scarcity mindset is hurting us and how to shift into an abundance mindset.

What Is A Scarcity Mentality?

scarcity mindset empty shelves at the grocery store
[define: scarcity mindset ]

When we are acting from a scarcity mindset, we tend to view the world as if everything is super limited. By letting these feelings of scarcity take over, we allow our minds to go into panic mode. While panic mode may be necessary for survival, it can get in the way of living efficiently and abundantly when things are not so dire.

Like when there is a pandemic - yet all of our basic needs are still met.

Living in a perpetual panic mode shifts our thoughts towards unfulfilled wants and needs. It also robs us of self-control while draining our cognitive resources that are required to make logical and forward-thinking decisions. 

A scarcity mindset associated with financial insecurity actually depletes our cognitive function, which, of course, tends to make us feel like we are unable to succeed at day-to-day tasks. Âč People who see the world through a scarcity lens may even start to waste their energy on things unnecessarily (like hoarding toilet paper) simply because they may perceive there is an issue when really there isn’t one.

You can observe this in the way that some people reacted to the Coronavirus pandemic.

Reactionary purchases, hoarding of nonperishable foods, and even fighting between customers in supermarkets are all good examples of a scarcity mindset. 

The pandemic exerted incredible communal stress that was shared at a distance through news, social media and through the close contacts we sheltered with. We asked daunting questions, like:

As the question spiral, you can begin to understand the mindset of scarcity. As more news spread of shortages, the more we “fear buy” and fight amongst one another.

But before we all start freaking out and prepping for the end of days, perhaps it’s time that we take a step back and see our global circumstance for what it is: A learning opportunity. 

A time to come together as a global society to beat this thing as one.

This is where our abundance mindsets can help out.

How To Develop An Abundant Mentality

[define: abundance mindset ]

The first step to changing the way we view crisis of any kind is to focus on what we have.

Instead of fixating on hoarding toilet paper and wishing there were more canned beans on the shelf, we could instead open our cupboards and see what is right there in front of us. ⁔

You know those dried lentils that you bought 6 months ago and have been meaning to turn into a curry?

Well, now is the perfect time to whack your chef hat on!

Now, focusing on what you have doesn’t mean that you should ignore imminent crisis and pretend like it’ve vacation. In fact, carefully planning for the worst case scenario, e.g. running out of food in the grocery store, can actually help you to make more informed and abundant decisions in the present.

Abundance is our ability to see the possibilities in life. Our brains only have the ability to focus on so much, therefore we must focus our attention on what it is that is really important. More opportunities, more options, and more choices. 

Here are some examples of how you can do this.

1. Make Use Of The Language Of Prosperity

Don’t waste your brainpower on “I don’t have enough” or “why can’t I have that”. Instead, start focusing on what you can have and how you can achieve it.

To reinforce the abundance mentality, you could try using the language of prosperity. 

Use phrases that focus on possibilities and opportunities instead of lack in your dialogue:

  • “I have enough”

  • “I can exercise creativity and patience”

  • “I’m ready to learn a new skill”

2. Allow Yourself To Let Go

Another common trait of a scarcity mindset is the tendency to ruminate. Instead of letting go of thoughts or feelings, we can sometimes dwell upon them.

This can often be the reason why people start to hoard certain items. We may fear that letting go of something will somehow leave us lacking in one way or another. 

To overcome this, try giving during this time. Offer your help to people, or perhaps donate unused or unwanted items to a worthy cause.

In doing this, you will immediately be more wealthy and prosperous. ⁶

3. Avoid Comparisons

Acting from a place of scarcity rather than abundance often leads to overspending. This usually happens as we compete amongst ourselves, trying to prove to others that we are worthy. 

Initially, it may make us feel better if we surround ourselves with more than we need, however, this often isn’t healthy. 

Comparisons come from a place of envy and jealousy. It leads us away from happiness and contentment and towards resentment and spitefulness.

To avoid this, resist the urge to compare yourself to others. 

They are likely to be overspending too, playing a never-ending game of perception. It can be easy to perceive that people have more than us when really this isn’t the case at all. ⁷

Key Takeaways

Maintaining an abundant mindset through times as tough as these allows us to see new opportunities. Think about it like this:

  • Perhaps this is the break from work you were really craving all along 

  • Maybe you’ve finally found the time you always wanted to spend with your partner and children 

  • You can finally start playing your guitar, finishing that painting you’d started a few months back, or taking advantage of the flexible work hours to launch the career you’ve always wanted

No matter how you look at the global circumstances, remember we are all in it together. Being kind not only to ourselves but also to one another will help others AND make you happier for it.

And a sense of abundance is exactly what we need when times get tough.

MindsetFrancisca Robertsmental health, positive psychology, abundance mindset, habits, new normal, how to, stress, simplish staff