Money Mindfulness: Practical Techniques to add to your daily routine.

Mindfulness has become a buzzword in recent years. But what does it have to do with money management? Surprisingly, quite a lot. Mindfulness can help people make better financial decisions and reduce stress related to money.

Understanding Mindfulness

Mindfulness is the practice of being present in the moment. It involves paying attention to your thoughts, feelings, and surroundings without judgment. This practice can help you become more aware of your financial habits and decisions.

When you are mindful, you can notice the triggers that lead to impulsive spending. You can also recognize the emotions that drive your financial choices. This awareness can help you make more deliberate and thoughtful decisions.

The Connection Between Mindfulness & Money Management

Mindfulness can lead to better financial health in several ways. First, it can help you reduce stress. When you are mindful, you are more likely to feel in control of your finances. This can reduce anxiety and improve your overall well-being.

Second, mindfulness can help you build better financial habits. By being aware of your spending triggers and emotions, you can make more intentional choices. This can lead to better spending habits and saving practices.

Third, mindfulness can help you reconnect with what is important to you and what you value to help you get more financial clarity on your goals.

Steps to Incorporate Mindfulness in Money Management

Here are some steps to bring mindfulness into your financial life:

1. Set aside time each day to practice mindfulness. This can be as short as five minutes. I enjoy going on long walks in the morning without distractions and thinking about my wealth & wellness goals during this uninterrupted time. Yoga, reading, meditating, stretching are all other great options. 
2. Journaling- write down your financial decisions and the emotions behind them. Practice gratitude by acknowledging the things you already have. Set financial goals for the week, month and year.
3. Before making a purchase, take a moment to breathe and consider if it aligns with your financial goals. I like to go as far as the 24 hour sleep on it rule, where I wait 24 hours before making a purchase. If I am still thinking about it after having time to ground myself, it typically means it aligns with my values.
4. Review your spending habits regularly to identify patterns and areas for improvement. You can't change what you don't measure!
   
   

   

Journal Prompts to help you stay mindful in your relationship with money:

Here are some practical prompts to help you stay mindful in your financial life:

1. What are your earliest memories of money/how was money handled as you grew up? Did you learn any lessons or do you see any similar patterns?

2. Do you practice impulse buying/make unplanned purchases? What typically triggers this: sales, stress, emotional states, excitement?

3.  What are the core values that guide your life (e.g., wellness, family, education, adventure etc)? Are you spending money in ways that support these values?

4. What is your motivation and your “why” to earn and have money?

In conclusion, mindfulness can be a powerful tool in managing your money. By staying present and aware, you can make better financial decisions and reduce stress. Start incorporating mindfulness into your daily routine today and see the positive changes it can bring!