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Mindfulness isn’t often a word associated with money, but being mindful is a skill and practice that holds many benefits when it comes to managing your finances in a more clear, intentional and purposeful way.

A mindful money practice requires you to pay full attention to your money on a moment-by-moment basis. In other words, it’s about being present and aware of what you are thinking, feeling and doing with your money.

What you’re thinking

Creating a vision for your money and setting goals for the future is an important part of money management.

Mindfulness encourages you to stay present and focused on your actions towards these bigger visions, keep on track towards your goals making necessary adjustments along the way.

It also requires you to become clear on your money beliefs, the expectations you have of yourself and others with money, how you define success and ultimately what wealth means to you personally.

It helps you to:

• Clarify what you are aiming for, and what it’s going to take for you to get there.
• Define how much is enough and what are you grateful for.

Being aware of all of these things helps you to better understand the role of money in your life and how you can begin to use it in ways that best supports you.

What you’re feeling

Your emotions are influential when it comes to money and they can influence your money decisions and drive good and bad financial habits.

To be mindful with your money means taking notice of these emotions and stopping to reflect each time you receive, spend or use money and checking to see how you are feeling.

It’s in this pause that you can discover just how much these feelings and emotions are impacting your decisions and behaviour, and ultimately your wealth!

What you’re doing

Your habits, actions and behaviours with money will predict your experience and reality with it.

If you spend without thinking, delay saving or procrastinate managing your finances then your money is more likely to control you and cause stress.

Being mindful is about bringing awareness to these habits and behaviours and choosing to continue those actions that support (rather than detract) from your future wealth.

Aligning thoughts, feelings and actions

One of the simplest ways to introduce mindfulness and awareness to your money practice is to focus on your breath. This simple act of taking a moment to pause can have a dramatic impact on your money!

How? It creates a moment of pause and awareness – and, a chance for your emotional brain to catch up with your thinking brain or logic. It’s in this pause that you have the power to respond (rather than react) with more control and awareness.

Over time, as you practise mindfulness, it becomes second nature.

Bringing your attention to the way you earn, spend and use money in your day to day life is one of the simplest ways to start creating a more conscious and healthy relationship with it.