How mindfulness can help with financial wellbeing.
For so many of us, the current financial climate is one of challenge. It’s almost impossible to go through a day without hearing the phrase ‘cost of living crisis’ and wondering/ worrying, how this is impacting us. So how can mindfulness help in making the reality of the current situation easier to navigate?
When people think about mindfulness, they often associate it with meditation, yoga, or breathwork. But these are simply some of the practices - the training tools we can use to facilitate mindfulness. Mindfulness is so much more than the practices themselves and can positively impact how we live our day to day lives, including how we manage our finances and think about money. In fact, incorporating mindfulness into our approach to money can help us find greater balance, feel less stressed and achieve financial wellness.
What is mindfulness?
At its core, mindfulness is being aware of how things really are and being present and fully engaged in the moment. It involves consciously paying attention to our thoughts, feelings, physical sensations and our present moment experiences without judgment or distraction. When it comes to money, mindfulness means being fully aware of our financial situation, as it is, whether that’s good or bad and not getting caught up in worries about the past or fears about the future.
Here are some ways that mindfulness can help you achieve financial wellness:
1. Cultivate Awareness: Mindfulness helps you develop awareness around your financial status including spending habits, incomings, outgoings, credit and debt. Now for some of us that might seem a frightening prospect, but with true awareness comes the ability to make more conscious choices about where you allocate your money and how you spend and save it. For example, you may notice patterns in your spending that reveal areas where you can cut back or identify where you may be overspending. You may also notice that you’re not making the most of the money that you have and that it's possible to find ways of making that money work better for you. Mindfulness allows you to be aware - and awareness provides the possibility to change and improve.
2. Make more conscious choices: Mindfulness can help you avoid making impulsive or problematic financial decisions by creating a space between a situation and how you respond to it. It allows you more time to reflect on your choices and to take a moment to pause and consider your thoughts and emotions before making a purchase. When you’re more mindful you may find that you make more considered, rational and intentional spending decisions.
3. Reduce Stress: Financial stress is a common experience for many of us. Mindfulness can help you manage stress related to money by allowing you to focus on the present moment and not get caught up in worries about the past or the future I.e. what can I do now to help my financial wellbeing in the future. When you practice mindfulness, you may find that you are more able to handle financial challenges with a greater sense of calm and clarity. 4. Cultivate Gratitude: Mindfulness can also help you cultivate gratitude for the money you have, rathe