These are challenging times for many of us, and I’ve identified a way that we make it even worse for ourselves: the “Poverty Mentality.” A poverty mentality comes into play in two different ways. I will describe and then illustrate each of them.

This entire philosophy must be scaled to your particular situation. Some of us may agonize over 10 cents while others don’t give it a thought unless the amount is $20 or $50 or even more.

I don’t mean to be insensitive to really serious hardships that some of you may be facing. Maybe 10 cents here and there WILL make a difference for you and if so, I’m sorry you’re going through it and this article won’t apply to you. If you really think about it, though, I’m sure you can identify a threshold below which these ideas do apply.

The first way we do this to ourselves is when we agonize over nickels and dimes when, in the grand scheme of things, those nickels and dimes really have no negative effect on our situation.

Why is this a bad thing? It’s bad because it keeps us feeling deprived and feeling even more broke than we really are, and those feelings lead to depression and poor self-esteem.

Being frugal is one thing, making bad choices is another. I found myself depriving myself of a pack of gum because it was 75 cents.

Seventy-five cents?? I’m not going to lose my home over seventy-five cents, so why am I denying myself this small pleasure?

The other thing we do when we have a poverty mentality is we go out of our way to save money when the cost of doing so is much higher than the money we save.

Why is this a bad thing? It’s bad for the reasons above and also because we end up wasting money instead of saving it.

Classic example: Waiting in line for lower gas prices. I’ve seen gas stations that drop their prices by 50 cents a gallon just for the publicity. The result? Cars are lined up around the block (I’m not making this up) from as early as 5 a.m.!

Think about that for a minute. Let’s say you need 10 gallons, which means you’d save a total of $5 -- 50 cents times 10. That seems like it could be worthwhile, until you consider what it costs you to save that $5.

First is the extra gas you use to get there if it is out of your way. Then there is gas that you use while in line by either idling the engine or starting and stopping the engine as you move forward.

The biggest consideration, though, is the time you spend. Assuming that you wasted 50 cents in gas, is it really worth a couple of HOURS of your time to save $4.50?

Another example: Internet purchases. There was a time when I researched just about everything I needed in order to get the absolute lowest price INCLUDING tax and shipping which varies from site to site.

Finally I realized that I just spent 30 minutes to save 50 cents! Worth it? Not even close.

If this applies to you, try to keep it in mind the next time such a situation comes up. It’s an easy and inexpensive way to feel less stressed about your life.

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Edited by Jody Smith