How you can Benefit From Financial Mindfulness*

What is Financial Mindfulness?

Until you can get yourself into a stable financial situation you won’t be able to thrive in your life. This is so important for having that kind of life you enjoy and will remember for years to come.

Financial mindfulness helps you to achieve this. It’s the practice of using meditation, insight, and practical tools to help to improve your financial awareness and better your life situation.

The Benefits of Financial Mindfulness

As with everyday mindfulness there are several life enhancing benefits of concentrating your efforts on your money and finances. There is more mindfulness around what you need and want which reduces your spending, stress, and improves your relationships. It also makes your financial life easier, find out more here.

Better Spending

Financial mindfulness helps you to spend better. We’ve all been in the situation of not knowing how much we have to spend on something and buying it anyway. With financial mindfulness you always have a broad idea about the limits of your budget.

Lower Stress

Our modern world teaches us that to be less stressed in life and about money we need to have more of it. That’s just not true. When you manage your money better through financial mindfulness, you will have more money available and less stress to contend with.

Improved Relationships

Have you ever been in a situation where money is causing an issue to your friendship or partnership? These things happen on both small and large scales. With financial mindfulness you will be free to spend and save whatever is required to maintain the joy of a life situation.

How to Practice Financial Mindfulness

If financial mindfulness sounds like something you could benefit from you will probably want to know how to get started with it. You’ll be pleased to know you can find out by reading the next few sections and putting some of the general advice into practice.

Meditate

Meditating is the first step to any mindfulness practice, whether it is for everyday wellness or financial security. You can meditate formally on a cushion, or informally by bringing your attention into your body or into the present moment. Ask yourself, how does it feel to be me right now.

Stop Impulse Spending

The Internet is not only an information machine, it’s also an impulse spending machine. It’s much too easy to simply hit but when we feel out of sorts. Treating ourselves to products makes us feel better temporarily but it isn’t a good long term practice and it’s bad for our finances. Financial mindfulness inserts some mindful questions before hitting buy.

Set a Budget

Budgeting is very important to having a successful financial mindfulness routine. The aim is to have enough money for what you need and to know how much you have to spend in various areas of life. In your budget you should know how much you have available to spend on household, going out, holidays, and treats. So long as you remain under budget you don’t have to stress about money.