There’s an infinite number of ways to spend money. I’m not talking options at the grocery store or your Instagram feed filled with ads. I’m talking about 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 check outs that make spending more frictionless.
Despite this, we’re more stressed than ever about money. Why is that?
Aside from rising inflation and years of crisis, we’re also just 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 when it comes to how we save and spend. It also includes an often over-looked 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 pay check, but anxious about paying bills. Others may also worry about their financial future. This relationship is impacted by a number of factors including your upbringing, culture, and society have influenced your views on money.
(Sound foreign? You can listen to people share their money stories and reflect on how their relationship with money has evolved in 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.
No matter what your relationship with money is, there are steps you can take to improve it and practicing money mindfulness is one of them.
Benefits of money mindfulness
There is growing evidence that money mindfulness can have positive effects on our mental health and wellbeing. 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 you’re 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 to 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 inside
Finally, it’s important to have a positive attitude towards money. This doesn’t mean that you have to be wealthy, but it does mean that 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!