Benefits of money mindfulness
If you’re like most people you’ve probably gone for periods of time without really thinking about how you are spending your money. But what if we could help you become more “money mindful” by coloring in?
“Seems crazy right. I mean how can coloring in help with money mindfulness? Well mostly it is about awareness. Awareness of when money flows in and out of your business, and why.”
Nowadays we can spend our money so easily without handing over cash (damn you tap and go!). If you have ever looked at your bank account and wondered where all your money went, or if you ever went to clean out your closet and wondered where all the clothes came from, you probably weren’t being mindful.
Money mindfulness means being intentional and present with how you spend your money. It means not mindlessly handing over your bank card without paying attention to the cost of items or shopping online with little thought to whether you can afford to do so. Mindfulness can lead to considering whether you need to spend money or if there are ways you could spend a little less and get the same result.
Here are two main benefits of money mindfulness.
1. You will be more in control of your spending
Money mindfulness doesn’t mean you have to change your spending habits, however that is a likely to be a positive side effect. It means knowing why you are spending and what you are spending your money on.
“It is about being honest – do you need it, can you do without it, or is this an impulse buy and you should step away now .”
Let’s say you always start your day buying a cup of coffee. Over time, the cost of that cup of coffee adds up even if it isn’t expensive. You’re used to buying that cup of coffee, so it becomes ingrained and you don’t even think about the cost.
If you’re mindful of your money, you’ll become more aware of spending that money. You’ll ask yourself if you need that cup of coffee, it if makes you happy and if it’s worth the expense. If the answers to those questions are yes (and sometimes it most certainly will be), then great. If the answers are a resounding no, you might want to consider purchasing a coffee maker for your home to save yourself money.
Either way, you’re not just making a purchase because you’re used to doing so, you’re making it after asking yourself if it’s something you need and that you feel good about.
2. You will likely save money
When you become more mindful about your money you will likely save more. That’s because there will be times when you will ask yourself if a purchase is something you need or will bring you joy (but let’s not get all Marie Kondo on you) and the answer will be no. By being more mindful, you will start to happily walk away from those purchases and over time may find you have more money in your savings account.
You may also find that money mindfulness means you create a budget for yourself. You may limit yourself to only buying groceries you know you’ll eat. You don’t have to make these choices, but once you become intentional about how you spend your money, you might find these other steps become important to you.
You might also restrict your spending to purchases that align with your goals and values. Or you may discover patterns in your spending, such as that you tend to go on shopping sprees when you’re feeling sad, bored or under stress. This may lead you to find more productive ways to deal with sadness, stress or boredom or other emotions, further saving you money.
Want help with money mindfulness? We have a free money mandala on our website. You can download it, and each time you hit a goal, color a section in. Each time you are making small changes, color a section in. Put it somewhere you can see it, so it can inspire you to continue on your money mindfulness journey.
Money mindfulness provides you with a way of making sure you are comfortable with how and where you spend your money. It gives you control over your spending rather than letting the habit of buying things control you.
Although money mindfulness doesn’t mean you have to change your spending habits, understanding how and why you spend might result in a change in how you think about money and could result in greater savings. Savings that can be invested in your or your business to help you reach more goals.