How often do you feel calm about your finances?
I’m guessing for some, that’s the furthest thing from the truth on how you really feel about money.
According to the Cambridge dictionary, mindful means to be ‘deliberately aware of your body, mind, and feelings in the present moment, in order to create a feeling of calm’1 .
That can be easier said than done with sales and shopping deals triggering responses of scarcity and lack, leading to impulse buys rather than rational and considered purchases.
You see, money evokes a range of emotions from happiness, excitement and appreciation to stress, shame and guilt and everything in between. The reason for this is that 90% of our decisions around money have been found to be made with emotion versus logical reasoning.
As children we’re often exposed to money through what we hear, see, witness and are taught. Both positive and challenging insights. These are passed down generationally, with parents bringing their own generational views which at times can be conflicting e.g. one parent may have a scarcity approach to money whereas the other may have an abundant approach. As we age, will either act in a similar way or we’ll rebel.
Our minds, made up of the neocortex which is the thinking and rational brain absorbs everything through the 5 senses of sight, sound, smell, touch and taste. We absorb life through pictures and symbols. As the brain processes this information it moves down into the Limbic brain which is the feeling part of the brain, it’s here we attach positive or challenging emotions which will either move through the body or become trapped. This emotion impacts the behaviour (actions) we take and in turn determines the results we achieve. The more heightened the emotion, the more impact it will have on our behaviour. This is referred to as the mind, body and emotion (feeling) connection.
By bringing a more mindful approach to money, it allows you to be conscious of the thoughts and feelings that are driving the decision.
TIPS TO BECOMING MORE MINDFUL
Identify your values and explore if your spending aligns to your values.
Bring awareness to what’s driving the need to spend money and how this is impacting your financial wellbeing.
Reflect on your spending behaviours and habits, do you find yourself shopping when you’re bored; after a long day at work, when you’re in a heightened emotional state, (stressed, anxious, sad, depressed, excited, happy) or perhaps you spend on others more than yourself.
Getting clear on what you want to achieve. No different to plugging in the address to get to your destination, having a clear focus on where you want to go will help to bring focus and alignment to your spending.
Suzanne X
Live your abundant life
Reference 1: Cambridge Dictionary, Mindful, viewed 02/09/2024, https://dictionary.cambridge.org/dictionary/english/mindful
The information above is general in nature and is to be used for education purposes only. Before acting on any information, you should consider the appropriateness of the information provided and how this may impact your personal needs, objectives, and financial situation which have not been taken into account. It is recommended that you seek guidance from a qualified financial specialist such as a financial adviser, accountant or tax agent before implementing.
The Money Mindset Reprogram can help you transform your relationship with money. Working with a financial coach can help you to gain clarity around creating money and managing money. If you would like to explore this further, please book in for a free 15 minute chat.