Earlier this summer, I started an eight-week mindfulness course. I wanted to add to my positive coping mechanism toolbox, so thought it would be a good fit. The course made me more aware and present, as well as less anxious and more joyful. I also believe that mindfulness is good for your money too.
What is mindfulness?
Mindfulness is taking ‘paying attention’ to the next level and being hyper-aware. You say ‘pay attention’ because attention is a form of currency, especially in today’s world. Social media, email, and apps are all vying for your precious attention. Attention is a finite resource, so it’s important to know where we are putting our attention.
Mindfulness is all about being in the present moment and being mindful of what’s happening now. We often ruminate about the past or worry about the future, ignoring the present moment. Through mindfulness, you embrace the now, whatever that may be.
How mindfulness can create wealth
Through the power of mindfulness, it’s possible to reduce anxiety and enjoy the present moment even more. It can shift your perspective on life and bring more awareness. All of these benefits are good for building wealth too and here’s why.
FEWER IMPULSE PURCHASES
Many of us live life on auto-pilot, doing what we always do without thinking much about it. When you practice mindfulness, you live in the now and are aware of the present moment. Living in the present makes it easier to curb impulse purchases. Impulse purchases typically are made without really thinking, it’s just feeding an impulse.
Being mindful of your desires can help you pause and question them. Why do I want to buy that right now? Is that in alignment with my goals? Mindfulness puts impulses on pause so you can really be aware of what you’re doing and not just feeding your impulses. Having that pause between thought and action can make a world of difference when trying to limit unwanted purchases.
SPENDING ON VALUES
Money is a tool and a currency that you can use to “vote” and spend on your values. Mindfulness can help you get clear on what your values really are and what you want to spend money on.
For example, maybe you always just purchased things on Amazon because it’s convenient. But then you realize that you’d rather support local small businesses. You can then make the changes required to spend in alignment with your value system. Mindfulness makes you aware of where your money is going and you can decide if you’re really spending on your values.
Have you ever wondered, “Where did all my money go?!”. It’s a common thought that can lead you down a rabbit hole, trying to figure out where all of your money went. When you practice mindfulness, you’re more aware of what you’re spending day-to-day. You may be better at tracking expenses and paying attention to where your money actually goes.
ACCEPT THE PAST, EMBRACE THE FUTURE
Your money mindset affects your ability to build wealth. You may have a scarcity mindset or other issues that prevent you from reaching your full potential. These might be rooted in the past or based on fears about the future. Mindfulness helps you accept the present moment. By doing that, we accept what has already happened and embrace the future because we are creating it every day.
Tips for mindful money management to build wealth
Building wealth is a process and mindfulness can help. You can enjoy the journey now and make decisions with more awareness.
To start becoming more mindful with your money, you can take the following steps:
PAY ATTENTION TO WHERE YOUR MONEY GOES
Every time you open your wallet and take out your credit card, be aware of the transaction that is about to happen. You are exchanging your money that you earned by trading your time in order to purchase something. Is that purchase worth your time and money? Will it add value to your life? Start paying attention to where your money goes and how you feel about your spending. You can use a notebook and start writing your expenses down for 30 days. It will be an eye-opener.
ENJOY WHAT YOU HAVE
Mindfulness helps you cultivate gratitude for the present moment. When you have gratitude and enjoy what you already have, your desire for more may lessen. Being in the moment and enjoying that you have food, shelter, and entertainment can help you realize you have all you need. Mindfulness put things in perspective, which can help curb unnecessary purchases.
MAKE BETTER DECISIONS IN THE NOW
Whether we like it or not, our finances are a result of our behavior and actions. If you want different results, you need to try something different. Through mindfulness, you can work to show up as your best self that supports you in the present and the future.
For example, saving at least 10 percent automatically can help you build a rainy day fund. You can look at your subscriptions critically and cancel any of them that aren’t being used or providing value. Being mindful also helps you look deeply at terms and conditions for any loans or credit cards, which can help avoid future surprises.
Mindfulness isn’t some new-age prescription for a certain type of person, it’s available to anyone. You can pay attention and start living in the moment and be more intentional with your decisions. The best part? It’s free. Through mindfulness, you can make better money decisions and become more aware of your patterns. When you’re aware, you have the power to make better decisions so you can get the results you want.