During my training as a money coach I came across this concept – a name I really liked because as a financial adviser I have found that many clients of mine struggle with the relationship with their money, which lead me to be fascinated by behavioural economics and then that led me down the path to becoming a certified money coach.
So the practice of money mindfulness is all about taking back your control. As a money coach, I use archetypes to help identify what the dominating behaviours are that cause the dysfunction in your relationship with money –which is often caused by subconscious behaviours formed from childhood that we carry with us through our lives. Breaking these habits are incredibly powerful and can help improve so many areas in our lives.
We spend time improving our health, going to the gym, practising yoga, meditating, improving our work cultures. And when it comes to our money, we can get stuck. We research how to manifest and meditate effectively, we seek financial advice – good advice often, but there is a missing link here….. We are not actually facing the music and dealing with the nitty-gritty details of our own personal finances.
So here it is... A simple step to start in the right direction on your journey to money mindfulness.
- Awareness – It is important, to be honest with yourself. How you behave with money has everything to do with where you are currently at. Being aware is the first step to change. So write down some words that come to mind around money – is it anxious? Careless? Angry? Grateful? Click here to our money type quiz – this quiz will give you some insight on your dominating behaviours that are possibly holding you back.Being aware of your attitudes around money is the first step to change – so if you find yourself avoiding – then you need to set some time aside and have a look at the real picture. You may surprise yourself. Follow my simple steps to taking control of your cash flow here. Overwhelm and even anxiety can pop up when you begin to look at your finances if you have not done so in some time – I promise you the more you take control of your finances the less you will feel this way, however, in my experience anger, resentment and a feeling of scarcity can also arise…
- So to combat this you need to practice gratitude – Yes be grateful for those bills and taxes you pay. I recommend you set up scheduled payments to pay your fixed expenses when you are paid. When you set this up you will be facing the true cost of your fixed living expenses – at that moment and every moment these funds are paid think about the lifestyle you have, how you have the privilege to have these services that you need to pay for – water, electricity, rent, phone and internet… How great it is you have these in your life, imagine life without this?
- Set some clear and focused financial goals. This will be easier if you have taken control of your cash flow. In other words – know what your fixed and variable costs are, what debt you have and a plan on reducing this and how much fund you have left each pay cycle to work with.
- Keep an eye on your bank accounts regularly – especially if you have been one who has their head in the sand about their money. And be happy about bills being paid.
- Visualise your financial goals coming to life – meditation is a great and powerful way to manifest. Make sure when you are clear on what you want you also feel it emotionally. How does it feel to clear that debt? Take the holiday? Get the pay rise? See the positive balance in your savings account? Better still see the increasing balance with positive compounding interest as your money works hard for you… Amazing right?
Money gets such a bad rap – it is not evil (only in the hands of the evil that evil can be done with it) so it is a great and wonderful thing that we get to use and have the power to choose how we spend it. Money feeds us, clothes us, keeps the roof over our heads and allows us to have the lifestyle we desire. So be happy about earning it and spending it, but be aware of how you manage it. Get the right formula happening and you will find yourself with a positive relationship with it.
Disclaimer: The information provided in this article is general in nature only and does not constitute financial advice. The author of this article is a licenced financial adviser and it is recommended you seek advice as suggested in this article.