Mindfulness – the practice of maintaining an awareness of your present thoughts, feelings, and environment. The idea is that maintaining awareness of the present will allow you to live life more fully, enjoying and appreciating the present moment rather than rehashing the past or worrying about the future. How does this relate to your money? Money is the leading cause of stress for most adults today. With the majority of Americans living paycheck to paycheck, most without an emergency fund of any kind, many of us find ourselves working a second job just to make ends meet.
How then can we relax and relieve ourselves of the stress surrounding our finances? Here are some tips to help you become a mindful money manager:
Put your worries into words
For many people, talking about money is taboo, which often only compounds the stress. If you can’t talk to someone about your money concerns, and perhaps get some insight into how to better manage your finances, the worry could just get worse. Don’t be afraid to have a conversation about money; it could help reduce the stress surrounding the subject and help relieve feelings of anxiety and/ or shame, especially when you discover other people often face the same struggles you do!
Establish a routine
Avoiding the subject of your finances does nothing to relieve the anxiety of dealing with them, it just puts off the inevitable. Rather than going through your days wondering when you’re going to sit down and look at your bank balance, work on your budget, or perform other money-related duties, establish a routine so that know when you will deal with your finances. When you are mindful about it and faithful to keep your routine, you will relieve stress. When you’re prepared for them, you’ll be less likely to allow circumstances to get in the way of your money mindfulness.
Understand why money mindfulness is important
Having a reason behind your money mindfulness is the key to sticking to it. Write down your money management goals, what you want to create with your money, and remind yourself why you’re taking steps now to manage your money more effectively. Mindfulness = motivation!
Keep it real
Honesty is key when dealing with your finances. You will never make progress toward improving your finances if you don’t know what your bank account balance is, where you’re spending your money, or what your financial triggers are. What makes you overspend? Are you an impulse buyer? Do you shop when you’re feeling low, lonely, angry, or bored? Take the time to take stock of your situation. No judgement, no anger at yourself, just the facts. It is important to be kind to yourself; the past can’t be changed, but you can decide to have a better future by being more mindful with your money.
Use mindfulness techniques when working with your finances
Deep breathing and meditation aren’t just for yoga class! Stay in tune with your body as you look at your finances. Slow down, breathe, listen to your heartbeat. Manage any emotions you experience when managing your money, and don’t allow guilt or shame to overwhelm you. Each day offers a new opportunity for change.
It may help you to make a list of your goals and spend a little time visualizing them before you tackle money management sessions. If you have a designated area of the house where you do your paperwork, consider making a vision board of the things you’ll do when you become an ace at managing your money. Looking at a picture of that lake house where you’d like to spend a week with your family, or a photo of your home with the words “paid in full” scrawled across it, or a credit card statement with a balance of zero can help you focus and build determination to take on the task of becoming more mindful of your money and stick with it. You can do it!