Benefits of Practicing Money Mindfulness
- Minimize the stress of saving: Mindful money management requires you to stay present and focused when making key decisions about how you spend money. Becoming clear on your money beliefs and your expectations for your relationship with money will help you achieve your money saving goals a lot quicker with less stress.
- Slow your busy schedule down: Introducing the practice of mindfulness forces you to slow down and reflect on your current state of being. Pausing your busy lifestyle will benefit your mental wellbeing and allow your emotional brain to catch up with your brain of reasoning. Not only will slowing down your routine empower you to make time for meaningful tasks that help you achieve your goals but you can cut out excess noise that will distract you from achieving your goals.
- Improve your mental discipline: Mindfulness practices aren’t just about reducing stress through meditation or yoga. By looking at your behavior introspectively, mindfulness actually teaches you to live more in the moment, be more attentive, and resilient to your external environment. All of these attributes are priceless skills to have when you’re trying to improve yourself so you can reach your personal and professional goals.
- Improve your direction in life: Your spending habits are a reflection of your values and goals in life. In times of crisis, people tend to spend less on entertainment and eating out at restaurants. Practicing mindful money management habits will help you budget and spend with intention when external forces aren’t forcing the responsibility on you every day.
- Understand your relationship with money: How you treat money is said to be a reflection of how you treat yourself and other people. Taking time to sit back and focus on your financial self-reflection without any judgement or criticism will say a lot about your personality. Do you find it easy to spend money without thinking about the consequences? In return do these impulsive actions get you in trouble with other people? Watch how quickly your whole outlook on life can be affected by reflecting on your outlook on money.
- Cut down unnecessary expenses: Taking the time to see where you can save money on regular expenditure is an essential step in mindful money managing habits. Mindfulness and organisation goes hand in hand. For example, planning a weekly grocery list will prevent incurring costs of tempting cravings or other impulse purchases. Practicing efficient energy saving habits at home can also help you decrease the cost of your Ambit Energy bill and makes you a more thoughtful person in terms of how your actions affect the environment.
- Moderation is key to keeping a wise mind: In mindful money management terms, a wise mind refers to making decisions from a place of balanced emotions and reasons. As with anything, moderation is key to prevent you from making a decision so impulsive you may regret it afterwards or too rational, you never get to enjoy the output of your hard work.
- Focus on your goals: Having money enter your account comes with great responsibility. Although it’s important to make sure you reward yourself for your hard work which earned your money in the first place, you must stay disciplined and focused on your money saving goals. Keeping on track with your weekly or monthly budget will minimize your chance of being overwhelmed with debt and spending choices. Start by identifying three short-term financial priorities in order, then three long-term financial priorities, such as saving for a house or paying off your student loan.
Mindful money managing habits can only begin to be incorporated in your routine once you start observing your internal experience with money, including how you feel and view your relationship with money.