Did you know that there’s a connection between mindfulness and financial wellbeing?
Mindfulness can help us pay closer attention to the present moment and acknowledge its beauty through focused awareness. By paying attention to our personal finances, we can spend our money more intentionally and thoughtfully, rather than spending impulsively on unnecessary things. Improving our self-awareness can help us become savvier shoppers.
That’s not to say we need to think about the present moment all the time; being financially responsible involves planning for the future and understanding how our spending habits will impact it. Bringing a mindful awareness to our shopping habits will not only help us make better decisions in the present, but set us up for long-term financial health.
Before making your next purchase, try applying this simple Pause, Notice, Take Action practice:
When you discover something you want to buy, pause and take a mindful breath. Take a moment to reduce the distractions and stimulations around you.
Check in with yourself and consider: How am I feeling? Will this item bring me joy? Is it within my budget? Listen to your intuition and give yourself time to decide. You can always step away and come back later.
After making your decision, take action mindfully. Notice your behaviour. Whether you purchase the item or not, be proud that you made a conscious decision rather than an impulse buy.
You should absolutely treat yourself with your hard-earned money. However, by being more mindful, you can avoid impulse purchases and savour the moments and things that bring you joy and satisfaction.
Take action now by signing up for UBC’s 30-Day Online Mindfulness Challenge cohort, starting April 15.