3 Mindful Habits to Change Your Perspective and Your Spending
by Ande Frazier
July 11, 2019 .3 min read
What is mindfulness?
Well, it seems to be quite the buzzword these days. But what we’re really after is discovering if adopting a mindful mindset with our money can help eliminate some of the extra stress that comes with financial planning.
With its roots in Buddhism and meditation, mindfulness is about being present in our thoughts, body, and surroundings through a nurturing lense. Practicing mindfulness with our money is about changing the lens we view it through.
Mindfulness is about accepting and not judging our thoughts and feelings at any given moment. Our thoughts are neither right nor wrong; we are just trying to accept what we feel in the present instead of worrying about the past or the future.
How can we adopt this mindset to help us take the stress out of our money? We’re scraped together a few of our favorite tips.
Get To The Root
This is the very first thing we need to do to start practicing mindfulness with our money. We must notice where we are with our money right now.
How does money make you feel? Shame, fear, guilt, stress? And if you feel any of the mentioned emotions, you’re not alone.
But with that said, let’s take a moment and get intimate with ourselves and why we feel the way we do about money. Are you spending recklessly because you have a tendency to act out of anxiety?
Many times, our financial beliefs are derived in childhood and getting to the root of why we created these mindsets is will help us move forward from them.
We can’t let our feelings around money keep us stuck. That shame, fear, and stress can keep us in a place of avoidance.
Instead, let’s become aware of where we’re are spending and why.
So, ask yourself: “What motivates me to spend? And to save?"
From there, it’s easier to become intentional with your money.
What that means is taking a moment to asses your budget and seeing if it matches up with your priorities. If it doesn’t, do a bit of digging to see how funds can be allocated differently to meet those priorities. Being able to do this allows you to become more powerful with your money because of sense of control and ability to spend your money on things you care about.
Being intentional with our money keeps us away from spending because of convenience and start spending with because of our values.
Let’s stop judging ourselves and realize there are reasons we make the decisions we do. Becoming present with our thoughts around money will help alleviate a lot of the stress we feel about the past and the future.
Of course, with money, we must consider and plan for our future but being more mindful means accepting that we can only approach so much at once. When we stop worrying about yesterday or tomorrow, we can focus on what’s best for us today.
Aligning priorities and spending habits can help us create more balance.
When our budget is balanced based off of our emotions of spending versus our more rational self, we quickly realize that our money is being spent much more mindfully, allowing us to save and invest more purposely.
Money management is an ongoing practice, not a one-time quick fix. Let’s take it one day at a time.
Ande began her 20+ year career as an adviser and quickly realized that many people weren’t taking into account was how emotions play a huge factor in financial decision making. Leaving behind her practice to focus solely on educating both advisers and consumers alike, she became an expert in behavioral finance. Author, speaker, thought leader, and money educator, Ande is helping women to take control of their money.