Mindful Money Management: 3 Strategies for Financial Success


By Caroline Wetzel


signifi cant concern for many people. A 2017 study by Guardian Life Insurance Company of America entitled “Mind, Body, and Wallet,” found that money is cited as the #1 source of stress for a majority of American workers. The same survey showed that worry about personal fi nances is the leading cause of emotional stress and contributes to lower physical wellness.


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But managing your money does not have to be an upsetting experience that negatively impacts you. Applying mindfulness techniques to your fi nances can help you cultivate a deeper aware- ness of your total fi nancial picture, enabling you to approach your fi nancial decisions with greater conviction and calculated risk.


What is Mindfulness? Mindfulness is an intentional focus on the present moment. It


has evolved over time to become a secular, psychological practice of developing and sustaining attention to thoughts, feelings, body sensations, and environmental stimuli that impact our experience of “now”.


Non-judgmental awareness of each moment is cultivated through mindfulness. Practitioners challenge themselves to attain a heightened sensitivity to the present through a variety of techniques


ow do you feel when you think about your fi nancial situation? If you experience anxiety, uncertainty, or other unpleasant symptoms, you are not alone. Finances are a


including, but not limited to, meditation, pauses, and gentle move- ments. The impact of mindfulness on physical, mental, and social well-being is documented widely through scientifi c and academic studies.


Strategy 1: Create Space


Mindfulness promotes a consistent, ongoing process of using our senses to become more attuned to what is going on inside our bodies and outside us in our surrounding environment. This disciplined activity of “creating space” on a regular basis enables practitioners to experience feelings of groundedness and centered- ness in the midst of racing thoughts and life’s busyness.


Try incorporating this strategy of “creating space” to your ap-


proach to your fi nances. Do you think about your fi nances beyond just paying the next bill that’s due? Do you know what you save and spend and check your statements? Do you review your insur- ance policies and ensure they continue to make sense for your needs?


Consider dedicating time – it can be as brief as a few minutes, or as long as 30 minutes, as long as it’s recurring – to pay your bills and consider questions like this as part of understanding your total fi nancial picture. Formally reserve this time in your calendar and don’t cancel the appointment.


In the same way you go to the gym on a regular basis to take care of your physical health or ensure that you get a certain number of hours of sleep for your mental health, “cre- ate space” in your lifestyle to take care of your fi nancial health.


Strategy 2: Plan with a Purpose Mindfulness emphasizes awareness and


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non-judgment. Through mindfulness, we dis- cover that our thoughts are narratives that we create as a result of our own unique percep- tions and life experiences. Repeated practice of mindfulness empowers us to let go of the constant chatter – especially the negative thoughts – that monopolize our focus, and just be.


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