Money Mindfulness - The Why & The How

6 Feb

Written By Kayleigh Provins

Mindfulness and money are more connected than one might initially think. Mindfulness in the context of finances means being fully present and aware of your financial decisions, habits, and beliefs. It's about understanding the emotions and thoughts that influence your relationship with money.

By practicing mindfulness around money, you gain clarity on your spending patterns, identify any limiting beliefs, and become more intentional with your financial choices. This empowers you to align your spending with your values and long-term goals.

Remember, it's not just about accumulating wealth, but also about using it purposefully to enhance your life and contribute positively to the world. Mindfulness with money is a key element in creating a life of abundance and freedom.

MINDFUL MONEY MANAGEMENT

Mindful money management goes beyond budgeting. It encompasses a holistic approach to how you handle, allocate, and utilise your financial resources. It's about aligning your spending with your values and ensuring that your financial decisions are in harmony with your goals.

The Problem of Not Understanding This:

Without an understanding of your money management style, you may find yourself in a cycle of overspending, neglecting savings, or making impulsive financial choices. This can lead to financial stress, missed opportunities for growth, and a lack of progress towards your goals. The main problem I see today is a complete disconnection from our spending thanks to subscription and ‘pay later’ culture.

How to start creating more Mindful Money Management

We can not begin to create more mindful money management without knowing what it is we are spending our money on.

TASK:

Record every expense for a month. Categorise them into Needs,Wants, and Savings.This will provide a clear picture of your spending habits. Pay special attention to your subscriptions and cancel any you no longer use (BE HONEST). This will highlight what you are spending that no longer aligns with you. As a result you will be able to practice conscious spending. The next step is creating a budget, but tracking our spending honestly must come first!! A budget with no awareness of our spending is as much use as a chocolate tea pot!

MINDFUL FINANCIAL IDENTITY

Embracing a positive financial identity involves cultivating a mindset that supports your financial well-being. It's about recognising your worthiness of financial success and acknowledging your ability to make informed and empowered financial decisions.

The Problem of Not Understanding This:

Without a positive financial identity, you may subconsciously hold onto limiting beliefs about money. This can hinder your confidence in financial decision-making and impede your progress towards your goals.

How to start creating a more Mindful Financial Identity:

Reflect on any negative or limiting beliefs you may hold about money. Acknowledge and celebrate your financial achievements, no matter how small. This reinforces a positive sense of accomplishment and reinforces your financial identity.

TASK:

Write down your negative and limiting beliefs about Money and challenge them with evidence that contradicts them.

Create affirmations that reinforce your positive financial identity. For example, "I am capable of making sound financial decisions" or "I am worthy of financial success."

MINDFUL FINANCIAL GOALS

Setting meaningful financial goals clears the way for you to charting a course for your financial journey. It provides you with direction, focus, and a clear sense of purpose. Without defined goals, its like sailing without a destination - you may be moving, but you're not entirely sure where you're headed.

The Problem of Not Understanding This:

The absence of clear financial goals can lead to aimless financial decisions. It might result in missed opportunities, over-spending, or a lack of motivation to save and invest. This can create a sense of financial stagnation and a feeling of being adrift. Not only that we run the risk of being in conflict with our goals if we don’t set them mindfully inline what what we truly desire.

How to start creating a more Mindful Financial Goals:

Reflect on Your Financial Aspirations by taking time to envision where you want to be financially. Consider which goals align most closely with your values and are most impactful for your overall well-being. Plan for your money before you have it!

TASK:

Be honest with yourself about what you would really do with financial freedom. If it's travelling the world in a campervan with your laptop and good coffee great! If it's creating a charity, or supporting the disadvantaged great! If it's flying round the world in first class great! Its your dream and that's what matters. Set a SMART goal with a difference!!

Remember the sky is the limit, don't create the dream of a life you think others will approve of, or a life you think you should have. Mindful goal setting is all about creating meaningful goals just for YOU! Make sure they align with core values too!!

Create the ultimate dream life so that when you think about it, it brings you so much joy you want to burst!

This is not just a one-time endeavor, but a lifelong commitment to nurturing a healthy relationship with money. Through dedication, determination, and direction, you have the power to shape your financial reality.

As you move forward, keep these key takeaways in mind:

• Clarity in Goals - Meaningful financial goals provide the roadmap to your dreams. Regularly revisit and refine them to ensure they align with your evolving aspirations.
• Holistic Money Management - It's not just about budgeting, but about aligning your financial decisions with your values and aspirations. Mindful money management empowers you to make choices that support your overall well-being.
• Empowered Financial Identity - Embrace a positive financial identity. You are worthy of financial success, and your beliefs about money shape your reality. Challenge limiting beliefs and affirm your financial worth.
• Consistency and Patience - Rome wasn't built in a day, and neither is financial well-being. Be patient with yourself and stay committed to your journey.
• Celebrate Your Progress - Take the time to acknowledge and celebrate your financial milestones, no matter how small. This reinforces your positive financial identity and motivates you to continue