Mindfulness is a big word for a simple concept: pay attention to the present moment without judgment. And it turns out that mindfulness can significantly impact your money management, habits, and even the anxiety you may feel about money. Let’s breakdown how to identify your money habits and how to practice money mindfulness to improve them.
If you’re like most people, you probably have some good money habits and some bad ones. But do you know which ones are which?
Here’s how to identify your money habits:
- Track your spending for a month. This will give you a good idea of where your money goes each month.
- Make a list of your financial goals. What do you want to achieve with your money? Do you want to save for retirement, buy a new car, or pay off debt?
- Compare your spending to your goals. This will help you see if your money habits are helping or hindering your progress.
- Talk to someone who knows about money. A financial planner or coach can help you understand your money habits and make changes if needed.
If you take the time to track your spending, set financial goals, and compare your progress, you’ll be well on your way to understanding your money habits. With this knowledge, you can start practicing money mindfulness.
Here are three easy ways to start practicing mindfulness and improve your money habits and feel less anxiety about money.
1. Track your spending.
One of the best ways to become more mindful and improve your relationship with money is to track where it goes daily. This doesn’t mean creating a complicated budget; simply write down what you spend each day, or better yet, use a money tracking app like Nav.it (on your right). With Nav.it, you can track your spending and connect it to how you feel through transaction swiping.
2. Invest in yourself.
Another way to be more mindful with your money is to invest in yourself. You might take a class to improve your job skills, invest in a gym membership, or take up a new hobby. Just make sure you align your spending with your values.
3. Give yourself time.
Finally, one of the most important things you can do to be more mindful with your money is to give yourself time. If you’re considering making a large purchase, take some time to think about it first. Sleep on it, do a little research, and confirm it’s something you truly want or need.
Bonus mindfulness tip: Try breathing exercises.
Don’t underestimate the value of taking a breath. Box breathing, also known as square breathing, is a simple but effective relaxation technique that you can employ to help reduce stress and anxiety. The practice involves inhaling slowly for a count of four, holding your breath for a count of four, exhaling slowly for a count of four, and then holding your breath again for a count of four. Repeat this process several times, and the result is a feeling of calmness and relaxation.
Here’s how it works. You’re teaching your body to relax and de-stress by taking slow, deep breaths. This can help you break any negative money patterns you may have developed, such as spending when you’re anxious or stressed.
Plus, the act of focusing on your breath can help you become more aware of your overall relationship with money. Are you constantly worrying about money? Do you spend without thinking about it? Box breathing can help you become more mindful of your money habits to start making changes for the better.
So next time you feel overwhelmed by your finances, try some box breathing. It may not fix everything, but it can help get you on the path to money mindfulness.
Practicing mindfulness doesn’t need to be complicated; even small changes can make a big difference in your money management. So try out these three easy tips and see how mindfulness can help you improve your financial habits!
One of the Most Power Money Habits to Implement Daily: Review Your Spending