Does Mindfulness Impact Financial Wellness?

Mindfulness is a term getting thrown around a lot these days, and there’s very good reason for it! While it might not jump out as an immediate benefit, we’re going to explore how mindfulness can impact your financial wellness. Sound a little bit too New Age for you? Don’t worry if it doesn’t immediately sound like your thing, there are plenty of ways to bring mindfulness into your daily life and positively impact your overall wellbeing – including financially!

So, what is financial wellness?

Usually when we think of wellness, we think about aspects of our physical health. What if I told you that the way you perceive your finances is also an important part of your overall wellbeing? Financial wellness is all about feeling in control of your financial situation. Wherever you are right now, a positive attitude will work wonders in taking you towards where you want to be. Taking control of your finances can look different for everyone – cutting down on spending, creating a budget, or consolidating your debts. Some key contributors to financial wellness are:

  • Financial Literacy – expanding your knowledge of how different aspects of finance work will help you feel empowered.
  • Budgeting – whatever you have to work with, a thought out and detailed budget will make everything feel much more manageable.
  • Support – be open to seeking advice when you feel you might need an extra push.

How does mindfulness help?

One of the most important aspects of mindfulness is a sense of awareness and presence. This can be as simple as taking a few deep breaths while the kettle boils, or noticing the smell of fresh air when you go outside. It allows us to slow down, even just for a few moments. This helps to assess emotions, and make more thoughtful decisions. This can help reduce bad financial habits, like eating out for comfort foods or making purchases based on ‘retail therapy’ impulses. Furthermore, it can reduce frustration or stress, and promote feelings of positivity. This contributes to financial wellness by empowering us to budget and plan, and ultimately feel ‘in control’. By appreciating the current moment, we better equip ourselves to consider the future.

 

This is purely an opinion piece and should not be used as a sole source of guidance.