Mindfulness and money? Yup, mindfulness can help with many aspects of your life, including your finances. Mindfulness is being aware of the present moment. Unlike meditation, mindfulness can be practiced while performing your daily activities. Being mindful of the task at hand improves focus and generally gets the job done.
How does mindfulness help with money matters?
When you are mindful of your money or your management of money it means you are paying attention to it. That is a huge deal. If you don’t pay attention to something what will happen? I don’t mean stressing, worrying or constantly fussing about money. No, I mean to pay attention (be mindful) of how you are earning it, spending, it and saving it.
Below are 5 tips to bring some mindfulness and money together.
1. Set a date to review your money without interruptions
Set a regular date to review your financial situation. The beginning of the month works well for me. Reconcile your accounts, review your budgets and goals, establish new goals, and get a general feeling of how you are doing and feeling. Take about 30-60 minutes of focus and when you are finished you should feel very clear about your financial picture and what your goals and tasks are for the next month.
2. Pay attention to your spending
Try this exercise for a week to bring mindfulness to your money. Track every single penny you spend. You can write it down in a notebook or enter it onto a spreadsheet (you can update it on your phone). The point of the exercise is to be mindful of your spending. If you want to take it a step further write down why you purchased the item and how you felt. This brings awareness as to why you made your choice. Be sure not to judge your spending. Just bring awareness to it.
3. A balanced approach to buying expensive items
When deciding to buy something that is pricey we often have emotional and practical reasons for wanting it.
For example, we wanted to have our bathroom retiled. It is a very small bathroom that just needs some updating. We spent some time in the tile store looking at all of the new more modern ideas, we checked out online photos and even had a few people come over to give us bids. This bathroom was going to look really nice and we were getting a little excited. Then we received the bid which was literally 4 times the amount we were expecting. We had money saved so we could afford it, but was it really what we wanted?
We took the time to be mindful about what we really wanted and why we wanted it before making any impulse decision. In the end, our bathroom has not changed. We decided that it functions fine the way it is and that although it would look nice and new, the novelty for us would probably wear off in a few months time. It was not worth the cost, time and effort to us.
4. Be grateful
Wherever you are on your financial journey find something to be happy about. If you just made a payment to a credit card but you have no extra money in your account, that is okay. Be happy you are that much closer to being debt free.
Take time to look at your current life, what you have, how you feel and find things to be grateful for. Things and feelings that are NOW, not what was or what will be, but now. How does your bank account look now? right now? If that puts you in a depressed mood then find something else. Something has to be good. Keep looking until you find it and if you still cannot find it, then start with being grateful for breathing and then go from there.
5. Focus
One of the many benefits of practicing mindfulness is an increase in focus. If you have particular financial goals you created you will need to focus in order to succeed. Being mindful of your budgeting, spending, earning potential and money management shows you are focused with intent to achieve these goals.
Mindfulness and Money – summary
Mindfulness can be practiced for any task. Washing the dishes, writing an article, brushing your teeth, driving, just about anything. The idea is to be focused on the task at the present moment and not let outside influences distract you.
The same concept is with money management. When you are reviewing your budget or spending, take the time to focus on it without distractions. Spending money? Think about what you are spending money on and don’t let outside influences or impulse distract you. Be present with all of your financial decisions and you will be in control of your money (not the other way around). Just as important, be grateful for every step of the way. Take the time to look at where you are and find something to be happy about.
If you would like to read related articles, please visit the links below:
HOW MEDITATION CAN HELP YOUR FINANCIAL SITUATION
Thanks for reading!
Stay balanced,
Jill