The Benefits of Practicing Money Mindfulness

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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.

The mindfulness process begins with observing your inner experience with money: your thoughts and feelings about it.

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, and make necessary adjustments along the way. It also requires you to become clear on what your money beliefs are, 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 support you.

What you’re doing

Your habits, actions and behaviours with money will predict your experience and reality with it. If you spend without thinking, leave bills unopened, ignore your bank or credit card statements, delay saving, or procrastinate managing your finances then your money is more likely to control you and cause stress.

Adopting a mindfulness practice 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

Over time, as you practise mindfulness, it becomes second nature. Bringing your attention to the way you earn money, spend money 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.

If you would like more information, please call 1300 ELSTON or email info@elston.com.au and an adviser will be in touch.

WARNINGS AND DISCLOSURES: This material has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained in this material is General Advice and does not take into account any person’s individual investment objectives, financial situation or needs. Before making an investment decision based on this advice you should consider whether it is appropriate to your particular circumstances, alternatively seek professional advice. Where the General Advice relates to the acquisition or possible acquisition of a financial product, you should obtain a Product Disclosure Statement (“PDS”) relating to the product and consider the PDS before making any decision about whether to acquire the product. You will find further details of the service we provide and any cost to you within the Financial Services Guide. Any references to past investment performance are not an indication of future investment returns. Prepared by EP Financial Service Pty Ltd ABN 52 130 772 495 AFSL 325 252 (“Elston”). Although every effort has been made to verify the accuracy of the information contained in this material, Elston, its officers, representatives, employees and agents disclaim all liability (except for any liability which by law cannot be excluded), for any error, inaccuracy in, or omission from the information contained in this material or any loss or damage suffered by any person directly or indirectly through relying on this information.

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