Money mindfulness is something we all want to achieve, but it can be hard to know where to start. For mental health week we turned our attention to the link between mental health and money worries, finding the nation’s financial concerns play a larger role in mental wellbeing than we may have thought. Now, we want to embrace the theme of kindness by encouraging you to get up close and personal with your money. We’ve all got a bit of extra time on our hands, so why not show yourself some love by taking the first steps towards money mindfulness.
It’s time to get acquainted with your cash. A good place to start is with your bank statements; take a look at your spending over the last few months and ditch any unnecessary subscriptions. Sort through your financial papers and put all the important documents in one place. Having a declutter can help you feel on top of things and get into a more relaxed headspace. You know what they say, like a tidy house – tidy money – tidy mind.
Make It A Habit
The reality is that most of us only check in on our finances when there’s a problem, so money becomes linked to negative thoughts in our mindset. Now you’ve decluttered your finances, try to make it a habit rather than a once-a-year cleanse. Putting time in once a week to check in on your spending, even when you’re feeling relaxed, can tackle this association and help you start feeling more positive about your relationship with money.
While we’re spending less on external costs at the moment, online shopping is on the rise. There’s no denying the feeling of instant gratification that comes with each purchase gives us a rush of dopamine, but this often doesn’t lead to long-term happiness. Try to be more mindful of your impulses and wait a day or two before sealing the deal so you can weigh up whether it’s a cost really worth investing in.
Taking control of your finances is empowering, and it doesn’t have to be all facts and figures. It’s important to reframe our mindset around budgets; visualising how they relate to our long-term goals and dreams can turn a negative feeling into something inspiring. It’s a good idea to use this time to create positive habits by making a budget for your household finances, so you’re well positioned to continue your journey to financial wellness once costs such as travel, entertainment, and eating out return to our lives.
So, while we know financial wellness can seem hard to achieve, we hope you feel ready to take the first step on your journey to money mindfulness.