What is Money Mindfulness?

A picture of Daniella Flores with the text How to Find a Side Hustle and Why You Should Examine Your Spending Habits First I Like to Dabble.
Sometimes, in order to make financial progress, it doesn’t matter how much you earn if you’re not looking at your need to spend. Daniella shares how to find a side hustle and why you should examine your spending habits first in this podcast.

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

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?

The Portrait is a premium feature in the Nav.it Mindset subscription.
Your relationship with money impacts how you save and spend. That’s why the Nav.it money tracking app includes a money portrait, so you can assess 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.

How to practice money mindfulness

Image of a cell phone showing a payment of $91.07 to Dog Gone Holistic Monday, 21 June. The text above the image reads Transaction Swiping. Track what you spend. *Fall in love* with your progress.

1. Start by tracking your spending. Keeping track of where your money goes can be a constructive way to become more mindful of your spending habits.

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.

4. Talk about money with your family and friends. Discussing money can be a helpful way to become more aware of your thoughts and feelings around this topic.

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!

Related Reads:

How Tracking Your Money Can Reduce Stress and Save Money

How to Practice Money Mindfulness with Expense Tracking

Managing Stress and Money

How Stress Impacts Spending, Saving, and Investing Habits and What to Do About It

Defining Your Relationship with Money

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