Stop Comparing Your Financial Situation To Others
It could be from jealousy or just plain curiosity – I think we can probably all agree that at some point we have each been guilty of comparing our finances to other people. Stop comparing your financial situation to others, right here, right now.
Over the years I’ve compared myself to others plenty of times. I’ve compared my financial situation to others, my looks, what car I drive, even where I live. That’s bad but, admitting is the first step and many of us compare ourselves to others too.
We ask ourselves questions like…
How much money does he make compared to me?
Can she afford to drive that car?
How much debt do you think they have?
Life would be a lot different if you decided to stop comparing your finances to others. Social media doesn’t help in accomplishing this. We see our friends and acquaintance’s taking amazing vacations or buying a house and we want to do that too.
The truth is, you are comparing your financial situation to others but, only what others want or allow you to see. We don’t truly know what anyone’s financial situation is simply from what we see them share.
People compare themselves to others. Then use it as a determining factor of how well they are doing in life. This has an immediate impact on personal value and not in a good way.
Whether you’re comparing your finances to beat yourself up or to make yourself feel better, it has to stop.
Why we should stop comparing our financial situation to others.
Comparison is proven to cause us to become emotional and feel bad about ourselves. Consistently comparing your finances to others causes some downright ugly results:
- Unhappiness – comparing yourself to others is draining and never ends
- Disregarding Your Budget – when you’re trying to keep up with the Joneses and buy the same expensive items other people are buying
- Not Being Grateful – when we stop and look we already have so much to be grateful for. Comparison to others disregards our current blessings
- Defeat – when you feel your finances aren’t as strong as others
Simply put, comparing your finances to others is holding yourself back.
I know telling you to stop comparing yourself to others is easier said than done. I’ve been there.
It takes a conscious effort to break the cycle. Comparing yourself to others is easy yet, it’s not quite as easy to live your life. Run your finances on your own terms, no comparing.
We are all on a different path, a different timeline, and have different dreams. Focus on what you can do each and every day to make your dream and financial goals a reality.
So how do you actually stop comparing your financial situation to others?
Understand why comparing your financial situation to others can hold you back.
The first step to stop comparing your financial situation to others is to realize that comparisons are often negative and do not impact your life in a positive way.
You should think about why you feel the need to compare your finances to others. How does that impact you? By identifying the underlying reasons you’ll be able to move forward and stop wasting your time with comparisons.
Practice being grateful for what you already have. It’s powerful.
Regardless of your financial situation if you have a roof over your head, food on the table, and a pair of shoes on your feet you can consider yourself blessed. Many do not have any of those. When we forget to be grateful for the little things we become envious of others.
Be at peace with your current financial situation. Anyone has the power to change their current financial situation and it is up to you and only you to do so.
My morning routine starts with writing down 3 things I’m grateful for. To become more grateful, practice this simple exercise. Write down 3 things you’re grateful for every day – either in the morning to start your day or before bed to end it. It will become something you look forward to and will be very revealing on just how well off you really are!
Know Your Budget and Honor It
Your budget is unique to your financial situation. Everyone has different values and financial goals. In order to succeed financially, you have to be honest with yourself and what you can afford.
Budgeting isn’t about paying bills and feeling restricted. Your budget is what sets you free. Think of it as your roadmap to your own personal financial success, whatever that means to you.
Save money for the things you personally value and give yourself the power to control your finances instead of letting your finances or others control you. Think of it as you get to save money, not you have to save money.
Let Your Financial Situation Motivate You
Rather than feeling competitive or jealous when comparing your financial situation to others let that emotion evolve into motivation.
Once you know what you truly value and want to accomplish you will find you can use others achievements as inspiration for your life. When I was paying off debt I found reading other success stories extremely motivational.
Whatever your current financial situation is you can change it. Paying off debt, saving more, improving your credit, starting a side hustle – you can achieve any goal. If someone else did it, you best believe you can too!
Get Angry At Your Debt, Not At Others
Instead of focusing on the financial mistakes you’ve made and being angry at the past focus on how to get out of debt. Get angry at your debt and let that energy channel into paying it off as fast as possible.
When you’re comparing your financial situation to others you are wasting time that could be spent confronting your debt head-on. Be honest with yourself and determine what got you into debt in the first place. That’s the very first step in breaking the debt cycle.
When I think about being debt-free it gets me so focused and motivated that I don’t care about comparing myself to others. We all have power over our finances and complete control over our money but, we have to be willing to stay true to ourselves in order to remain in control.
At first, it’s not easy to say you can’t go out to dinner with friends because you’re working on paying off debt or saving money but, it gets really easy when you start to see your finances strengthen.
If it’s not adding to your end goal it’s taking from it.
When my choice is dropping money on dinner or staying home, cooking what we had planned to make, and then spending a little time on my side hustles to actually make money vs. spend it the decision is clear and easy. Comparing your financial situation to others will quickly disappear when you change the way you think.
Take A Social Media Break To Stop Comparing Your Financial Situation To Others
Social media like anything else has pros and cons. It can be fun and a great way to keep in touch with family and friends but, it’s also a filtered version of everyone’s life.
Sure you might see your friend’s gorgeous new home or a fancy new car but, that’s no reason to compare your financial situation to others. You don’t know how much debt they went into to have those things. Heck, they may even buy items because they feel insecure and think material items will bring happiness. Facts – you just don’t know. Social media is surface level and doesn’t show anyone’s financial truth.
If you find yourself feeling jealous or insecure when you’re scrolling through the Gram then just take a break from it all. Until you figure out how to turn your self-doubt into motivation steer clear of social media.
It’s all fun and games when you reach the point that you understand it’s just carefully selected snippets of other’s lives.
Be Confident In Your Financial Journey
Gaining and maintaining self-confidence will rock your world. Many of you may find yourself comparing yourself to others financially because you lack self-confidence. It relates directly to believing in yourself and that impacts every facet of life, including your finances.
Self-confidence comes easier for some than others but, it’s a learned skill and one you can always grow and improve on. When you are committed to your own goals and believe in your own journey you’re too busy working on building a life you love to take the time to compare yourself to others.
Opinions matter less and your financial journey matters more. Get comfortable with who you are and what you want to achieve.
Take Control Of Your Finances
Did you know money is one of the leading causes of comparison?
Not surprising considering we live in a world that worships celebrities and places far too much value on what kind of handbag someone carries.
By taking control of your finances through paying off debt, making more money, saving more money, or just budgeting better you will immediately find you stop comparing your financial situation to others.
You’ll feel free to live a life YOU love because you won’t feel controlled by your finances.
When you compare your financial situation to others it is detrimental to your success. No matter what is currently happening in your life, a positive outlook and being grateful for what you already have can help to improve your situation.
Be happy with who you are, being negative imposes limitations. If you think you can’t do something and tell yourself that you can’t change your financial situation chances are you won’t.
Stay positive and know that you are in control of your finances. When you are positive you are able to do anything, you are in complete control of your life.
No one is perfect and contrary to what you might see on social media there is no such thing as a perfect life. Once you realize that you’ll naturally find comparing yourself to others is a waste of time. Everyone has their own path to take, and that includes you.