|By Sarah Carlson, CFP®, CLU®, ChFC®|
Mindfulness is key to financial freedom. When it comes to our finances, most of us could use a little help staying mindful. Whether we're trying to save up for a big purchase, or we're working on getting out of debt, it's all too easy to get caught up in the moment and make decisions that aren't in our best interests.
In my upcoming book, Facing Financial Fears, we explore how to set your intentions mindfully and follow through with them. In addition, we learn how to embrace our thoughts and emotions without judgment.
Practicing mindfulness can seem daunting, but it doesn't have to be. Keep reading to learn why mindfulness is so important for financial freedom and how it can help you better manage your money.
Be Aware of Your Spending and Saving Habits
If you want to be financially free, it is important to be aware of your spending and saving habits. This means being mindful of where your money is going and making sure that you are not overspending on unnecessary things.
It can be helpful to track your spending so that you can see where your money is going each month. This will allow you to make adjustments to your budget if necessary.
Additionally, try to keep your savings in mind when you are tempted to spend money on something that you do not need. It is important to have a plan for your finances and to stick to it in order to achieve financial freedom.
Be in the Present Moment
Another key to financial freedom is being present in the moment. This means being mindful of your spending and not making impulsive purchase decisions.
When you are present in the moment, you are less likely to overspend on things that you do not need. Being present in the moment can help you to better manage your stress levels, which can have a positive impact on your overall financial health.
Don’t fall into the trap of jealousy and envy by wanting what others have and purchasing items you can’t afford. Try to take a few minutes each day to focus on your breath and be aware of your thoughts and feelings. This will help you to be more present in the moment and make better decisions about your finances.
Managing Your Stress Levels
As mentioned earlier, mindfulness can also help you to better manage your stress levels. This is important because stress can have a negative impact on your financial health.
When you are stressed, you may be more likely to make impulsive purchase decisions or to overspend on things that you do not need. Stress can lead to financial problems if it causes you to miss work or to make poor decisions at work. try to find healthy ways to cope with stress so that it does not have a negative impact on your finances.
This may include exercise, meditation, or talking to a friend or family member about your worries.
As a Spokane Financial Advisor, we remind the people we serve that mindfulness is key to financial freedom–it allows you to be aware of your spending and saving habits. It also helps you to be more present in the moment, which can prevent you from making impulsive purchase decisions.
Lastly, mindfulness can help you to better manage your stress levels, which can have a positive impact on your overall financial health. Try to incorporate some of these tips into your own life so that you can achieve financial freedom.
Facing Financial Fears
Learn how to transform your money-fears into money-loves! Be one of the first to know about my book launch.
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