Using mindfulness to manage your money

Stressed about your savings? Practicing mindfulness can improve your financial fitness.

19 Nov 2019 | Personal finance | Share:
Using mindfulness to manage your money

When your finances are in poor shape, other areas of your life can suffer. However, mindfulness can help.

Mindfulness involves consciously focusing your awareness on the present moment. When practiced regularly, it can decrease stress levels and improve your sense of wellbeing.

When used for money management, mindfulness can help to improve your decision-making abilities and support you to build a better relationship with your finances.

Understand your triggers

Many external factors can contribute to financial stress – so it’s important to understand your triggers and acknowledge areas for improvement.

Are you a sucker for a sale? Do you regularly find yourself experiencing ‘bill shock’? Or perhaps you’re overwhelmed by options?

Practicing mindfulness can help you identify these pain points and put things into perspective.

Cultivate positive habits

Once you have identified your triggers, consider implementing some strategies to help change your behaviour.

You might consider making it a practice to write down everything you spend in a day and create a budget to cover all of your expenses.

Your first step doesn’t need to be a big one, and small changes can lead to significant long-term improvements.

Visualise your success

To make the most of your financial mindfulness practice, it helps to have a clear goal in mind.

Whether you want to put an end to impulse spending or simply improve your money mindset, it’s worth thinking about what that looks like and visualising your success.

To find out more about building strong financial foundations, talk to a Liberty Adviser today.