Money Mindfulness: How to be More Mindful of Your Money.
Susan Diamond, MSW, CFSW
Financial Coach /Medicare Specialist/ CEO & Founder Herfinance Club | Speaker | Author | Money Mindset | Money Story | Personal Finance | Financial Freedom | Financial Wellbeing | Health & Wealth | Medicare Mastery.
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When I worked in the finance industry, I first noticed the emotional consequences of how money relationships can wreak havoc on women's lives. Not only were few people discussing this issue, but many women also felt uncomfortable discussing finances openly with one another out of fear or embarrassment. As a result, they frequently avoided taking additional steps to improve their financial situations.
It's crucial to be in tune with our emotions because money causes a great deal of fear and stress. It's also wrapped up in how we see ourselves and our self-worth, among other things. Our relationship with money is one of the most intimate relationships we have. It's something we think about every day, even if we don't realize it.
For instance;
When it comes to money, we often operate on autopilot, spending without thinking or letting our emotions guide our decisions. This can lead to financial stress and difficulty reaching our financial goals.
Mindfulness can help us break this cycle by teaching us to be more aware of our thoughts, feelings, and behaviors around money. It allows us to become more present at the moment and make choices based on our values rather than our impulses.
For these reasons, I'm a strong advocate for financial mindfulness – being aware of our thoughts and feelings around money so we can make more informed decisions about it.
Financial mindfulness is about understanding our emotions and learning to control them.
5 Steps on how to be more mindful of your money:
1. Be aware of your relationship with money.
How do you feel about money? Do you view it as a source of stress or anxiety, or do you see it as a tool to help you achieve your goals?
Your upbringing, experiences, and beliefs shape your relationship with money. If you grew up in a household where money was tight, you may have developed a negative association with money.
On the other hand, if you come from a family comfortable with money, you may have a more positive relationship with it.
It's important to be aware of your own emotions and beliefs around money so that you can start to change any negative patterns.
2. Track your spending.
One of the best ways to become more mindful of your money is to track your spending. This can be done using a budget, apps such as YNAB, or a simple spreadsheet.
When you track your spending, you'll be able to see where your money is going and whether or not your spending aligns with your values. This information can help you make adjustments to your spending habits.
3. Set financial goals.
Mindful spending starts with knowing what you want to achieve with your money. Do you want to save for a down payment on a house, pay off debt, or build up your emergency fund?
When you have a clear goal in mind, it's easier to make spending decisions that align with your goal. For example, if you're trying to save for a down payment on a house, you may decide to cut back on eating out to save more money each month.
4. Make a plan.
Once you've set your financial goals, it's time to make a plan to achieve them. This may include creating a budget, automating your savings, and changing your spending habits.
A plan gives you a roadmap to follow and helps to keep you accountable. It can also make it easier to stick to your goals when things get tough.
5. Be patient.
Mindfulness is a journey, not a destination. It takes time and practice to become more mindful of your money. Be patient with yourself, and don't expect to make major changes overnight.
Start small and focus on one area at a time. As you become more comfortable with the process, you can start to make bigger changes.
Mindfulness is a helpful tool that can assist you in reaching your financial goals. It takes time and practice to master, but it's worth the effort.
Here are some suggestions to start practicing mindfulness:
The first step is simply becoming aware of your thoughts and feelings about money. This can be done by taking a few minutes daily to check in with yourself. Ask yourself how you're feeling about money and your financial situation.
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The next step is, to be honest with yourself about your thoughts and feelings. It's important to be truthful to identify any patterns or areas that need to be addressed.
After you've checked in with yourself and been honest about your thoughts and feelings, it's time to acknowledge your emotions. This step is key in learning to control them.
Once you've acknowledged your emotions, it's time to start reframing your thinking. This means changing the way you think about money and your relationship with it.
Shift your focus from your emotions to practical steps (as noted above) you can take to improve your financial situation. According to Psychology Today, if you set goals for yourself, it will help motivate you to work harder, as when you complete a step in your goals, it will give you the satisfaction that encourages you to go further. It will give you a positive mindset to reach your goals.
I commend you for your financial accomplishments and bravery in head-on confrontations with any difficult emotions.
Why does it have to be such a lonesome task to educate oneself about money matters, heal one's strained relationship with it, and arrive at a level-headed outlook on the subject? What if it were as normal to talk about our financial struggles with our friends as it is to talk about other challenges and interests in our lives?
Think about how much better off we'd all be if we assisted one another on the path of life the way sherpas assist one another on the path of the mountain. Friends like that, who are understanding, and strong, may support us tremendously in times of need.
If you find it challenging to manage your money and feel yourself getting overwhelmed, know that there's nothing wrong with admitting you need help.
We tend to hold back when we should be reaching out more often. Whether we're looking for guidance or want someone there to listen while we figure things out, do not go at this alone!
Join a support group.
A good place to start is women's money groups such as the Herfinance Club, a private Facebook group
Find a mentor.
Let your support system know what you are doing and how they can help if things get tough for you or when you need an additional shot of motivation or inspiration. Having someone in your corner who can help keep you accountable and move forward when times get tough.
Hire a coach.
Consider finding a coach who can provide support as you work through this difficult process. Just like physical injuries require medical attention and emotional distress requires therapy--financial well-being is no different. There are people qualified to assist you in creating financial well-being; all you have to do is reach out for help.
Please don't hesitate to contact me, I'd be happy to help you in any way I can. Book a FREE Discovery Call.
I hope this article helps get you started on your journey to financial mindfulness.
What are your thoughts on financial mindfulness? Share in the comments below!
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WEEKLY MONEY TOOL _______________________________________________________
As the holiday season approaches, Financial Planning Month reminds us to keep our spending under control and our budgets in order.
YNAB is a money management tool that will help you stay organized and improve your financial well-being. It is an excellent tool for developing long-term budgets and shifting your financial mindset.
It's worth noting that YNAB is an affiliate link, which means Herfinance Club may earn a commission if you purchase anything at no additional cost to you; this does not have any bearing on our evaluations or suggestions.
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