There are an infinite number of ways to spend money. I’m not talking about endless options at the grocery store or your ad-filled Instagram feed. But rather, the way we are targeted by new systems designed to make spending even easier. We’re talking retail credit cards, Buy Now Pay Later programs, and one-click checkouts that make spending more frictionless.
Despite this, we’re more stressed about money than ever. Why is that?
Aside from rising inflation and years of crisis, we’re also less mindful of our money. Gone are the days of balancing our checkbooks. Now, we can go a whole month without checking our bank balances. The only hazard? An overdraft fee.
On top of that, we often spend without thinking about it or, as Daniella points out, allow our emotions to dictate our spending habits.
How can you overcome that?
Money mindfulness is a term used to describe the practice of being mindful or attentive about how we save and spend. It also includes an often overlooked aspect of money management: your relationship with money.
What is your relationship with money?
Some people view money as a tool, while others see it as an enemy. Some people might find that they have a love-hate relationship with money. They might feel good when they receive a paycheck but are anxious about paying bills. Others may also worry about their financial future. This relationship is impacted by several factors that influence your money views, including your upbringing, culture, and society.
Sound foreign? You can listen to people share their money stories and reflect on how their relationship with money has evolved with the Nav.it podcast.
Money mindfulness is also about being aware of our thoughts and feelings around money and making mindful decisions based on our values and goals.
Regardless of your relationship with money, you can take steps to improve it. Practicing money mindfulness is one of them.
Benefits of money mindfulness
There is growing evidence that money mindfulness can positively affect our mental health and well-being. One study showed that people who practiced mindful money habits felt happier and more in control of their finances. They were also less likely to experience stress or anxiety around money.
2. Be mindful when making big purchases. When considering a big purchase, take the time to ask yourself whether it’s something you really need or just want. If it’s a want, create a savings goal and try some of these pro tips for saving more.
3. Make a budget. Planning out your spending in advance can help you make mindful choices about how to use your money.
5. Seek professional help if you’re struggling with debt or other financial issues. If you’re finding it difficult to manage your finances, talking to a money coach in the Nav.it app can help.
Finally, it’s essential to have a positive attitude toward money. You don’t have to be wealthy, but you should be comfortable with money and not feel ashamed of having it. Money mindfulness can help you change your relationship with money for the better!