In Search of Financial Mindfulness

26th March 2021

The road to achieving financial mindfulness is a long journey filled with bumps along the way. Many different ways will help you achieve that kind of mindset from emotional and practical approaches that will improve your financial health. Having an overall understanding of yourself and building your self-esteem, will you only be able to attain the financial mindfulness you hope for yourself to achieve?

Here are some ways to help you in your journey to achieve financial mindfulness.

Objectively assess your income.

Every payday, we often look at our paychecks and sometimes feel a sense of disappointment. We would usually hope that we could get more, maybe cuss a thing or two about the unfair system. You should never let your emotions overrule how you manage your money. If you hope to achieve a level of financial mindfulness, you need to stop thinking of the money you wish you had and focus on what you have. Once you stop worrying about the money you do not possess and start looking at what you do have, you get better results. This kind of attitude will improve your relationship with your overall financial situation.

Look at what you’re avoiding.

You need to confront what you’ve been avoiding. Sometimes we are scared of checking our credit card bills, student loans, or our empty account because we expect the worst-case scenario. However, just like any problem, we need to face it and find solutions.

Perhaps you’re uncertain about peeking at your credit score because you’ve been missing some payments, and you believe that it is beyond repair. With the advancement of technology, credit card companies had offered people ways to check on their credit scores. Knowing your credit card score will help you better assess and interact with this number and consider it as something controllable instead of an unknown entity.

Boost your financial confidence

Most financial goals are set during the New Year, and if you create huge and unattainable goals, there is a huge possibility that you might not be able to achieve the goal you’ve set for yourself. The best way to build financial confidence is to create small and attainable goals. As you progress, you get to see better results, and one day, you may achieve bigger goals for yourself.

Do some inventory

Make it a habit to clean your house. Look into your pantry, closet, and your home. Knowing what you already have, you get to achieve financial mindfulness because it will be easier for you to determine what you need in seeing your belongings. More than that, you get to see how you spend, giving you the chance to be a smart spender.

Give it a day or two.

Credit cards may be a gift, but it also comes with a curse. Before swiping your credit card, give yourself some time to consider what you’re going to buy or be mindful of the things you buy using your credit card. Maybe that first swipe to get coffee before work may seem like a small buck, but over time, once you make it a habit, you might be using money that should have been used for more important miscellaneous.

Financial mindfulness is a long journey. Taking the first few steps is important, but it is also vital that you keep on going towards that path of financial mindfulness.

Corey is an all round tech guru who has worked at some major blue chip companies. He started Poweronemedia to share his views and knowledge with the rest of the blogging world.