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5 Steps to Financial Mindfulness

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financial mindfulness

5Financial mindfulness might sound like some vague abstraction, but it’s really a simple concept. The idea is that when you increase your awareness of not just your spending habits but your thoughts and feelings about money itself, you can have a better relationship with your finances.

Achieving financial mindfulness isn’t linear. It’s a mix of both practical and emotional approaches — building up your financial health with tangible tips, but also decluttering your mind and building up your self-esteem. Essentially, by taking ownership of your actions and thoughts, you can achieve true financial mindfulness.

Here, you’ll find just a handful of tips to get you started on the path of financial mindfulness:

1. Look at your income objectively

We often look at our paychecks disapprovingly. Maybe we wish we had made more; maybe we’re cursing Uncle Sam for taking a bigger chunk than we expected. But when it comes to financial mindfulness, you can’t get caught up in the emotion of your paycheck. When you stop worrying about how much money you don’t have and start focusing on what you do have, you can have a clearer outlook and a better relationship with your financial situation overall.

“You must gain control over your money or the lack of it will forever control you.” – Dave Ramsey

2. Assess what you’ve been avoiding

Whether it’s that credit card bill, student loan or empty savings account, look at it, and I guarantee you’ll feel less stressed about it. How so? Well, whether it’s finances or a fight with your partner, problems seem to get bigger when you avoid acting. So, when it comes to your financial health, be mindful of the things you’ve been avoiding.

For example, maybe you’ve been afraid to look at your credit score because you missed a few payments and think it’s gone down. Today, many credit card companies offer a dashboard to access your credit score and interact with it so it feels less like an arbitrary number and more like something you can control.

Many times, you can even play with metrics to see how making changes to your habits or payments can affect your score. So, whether it’s your credit score or your savings account, by confronting what you’ve been afraid to know or deal with, you put the power to take control back in your own hands.

3. Build up your financial self-esteem

Setting large financial goals are like setting New Year’s resolutions — if they’re too big, you’re never going to get around to doing them. So, if you want to start saving money, start by making the effort to put away just 5% every month. While this might seem like a small amount, the mindful act of doing so is going to kick-start your goal and build up your self-esteem. Once that happens, you’ll be able to set bigger goals, too.

4. Clean house

Literally, clean your house. Make it a seasonal habit of going through your closet, your pantry and your home and taking an assessment of what you already have. When you can see all of your possessions, it’s easier to be mindful of what you actually need and helps eliminate frivolous spending.

“All money is a matter of belief.” – Adam Smith

5. Think before you swipe

A lot of experts will tell you to carry around cash so you can be more mindful of spending. But the fact of the matter is, that’s not always practical. What you can do however, is make a mental note every time you swipe. The action of being more conscious and less distracted while swiping can really help you feel more in control.

Think about it like this — you start buying $4 cappuccinos on your way to work while commuting with a coworker. For the first few swipes, it might seem like just a few bucks. But if you start taking the time to mentally check in while swiping, you’ll start to realize what that money can add up to in the long run.

Either that’s money you could be saving and allocating towards bills, or simply be putting to use on things you’d enjoy more. When you’re mindful, you have more choices.

Nabeel Ahmad is the founder and CEO of Vertabyte, a full-service digital media agency that partners with clients to drive their growth and achieve all their business goals. At Vertabyte, his special focus is on leveraging the power of social media to boost businesses exponentially. A marketing expert, Nabeel has a deep understanding of what it takes for a business to completely crush it on the social media landscape. His expertise in marketing has allowed him to help a number of businesses increase their revenue by tremendous amounts. Apart from that, due to his PR expertise, he has been able to get many companies and influencers featured on major publications like Forbes, Huffington Post, Entrepreneur, Inc Magazine, Business Insider, and more.

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Success Advice

20 Ways You Can Become a Powerful Communicator

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Emile Steenveld Speaker and Coach

Some people seem to naturally know how to effectively communicate in a group setting. They can express themselves clearly and listen attentively without dominating the conversation.

Being a powerful communicator is important for several reasons, including building and maintaining relationships, achieving goals, resolving conflicts, improving productivity, leading and influencing others, advancing in your career, expressing yourself more confidently and authentically, and improving your mental and emotional well-being. Effective communication is an essential life skill that can benefit you in all aspects of your life.

But, don’t worry if you don’t naturally possess this skill, as effective communication is something that can be developed with practice, planning and preparation.
 

1.  Listen actively: Practice active listening by giving your full attention to the speaker and responding to what they are saying.

 

2. Use “I” statements: Speak from your own perspective and avoid placing blame or making accusations.

 

3. Avoid assumptions: Don’t make assumptions about what the other person is thinking or feeling.

 

4. Be clear: Express your thoughts and feelings clearly and concisely by getting to the point and avoid using jargon or overly complex language.

 

5. Show empathy: Show that you understand and care about the other person’s feelings.

 

6. Offer valuable insights: When speaking in a group, provide a valuable takeaway or actionable item that people can walk away with.

 

7. Be an active listener: Listen attentively and respond accordingly, incorporating your points into the conversation.

 

8. Choose the right time: Pick the most opportune time to speak to ensure that you have the group’s attention and can deliver your message without interruption.

 

9. Be the unifying voice: Step in and unify the group’s thoughts to calm down the discussion and insert your point effectively.

 

10. Keep responses concise: Keep responses short and to the point to show respect for others’ time.

 

11. Avoid unnecessary comments: Avoid commenting on everything and only speak when you have something important to say.

 

12. Cut the fluff: Avoid being long-winded and get straight to the point.

 

13. Prepare ahead of time: Sort out your points and practice them before speaking in a group.

 

14. Smile and be positive: Smile and nod along as others speak, to build a positive relationship and be respected when it’s your turn to speak.

 

15. Take responsibility: Take responsibility for your own actions and feelings.

 

16. Ask questions: Ask questions to clarify any confusion or misunderstandings.

 

17. Avoid interrupting: Allow the other person to finish speaking without interruption.

 

18. Practice active listening: Repeat what the other person said to ensure you have understood correctly.

 

19. Use your body language too: Use nonverbal cues such as eye contact, facial expressions, and body language to convey your message and build rapport.

 

20. Be aware of the tone of your voice: it should be calm and assertive, not aggressive or passive.

 

By keeping these tips in mind, you can improve your communication skills and become a more powerful communicator, which can help you build better relationships, achieve your goals, and lead a more fulfilling life.

I you want to learn how to become more confident in life then you can join my weekly mentorship calls and 40+ online workshops at AweBliss.com so you can master your life with more success.

 
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Dead Men Tell No Tales: How to Navigate a Mutiny as a Leader in 10 Steps

You’re the manager. You’re the supervisor. You’re the leader. But maybe your people don’t see it that way

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You’re the manager. You’re the supervisor. You’re the leader. But maybe your people don’t see it that way and perhaps that has created a divisive and adversarial working environment that makes it difficult for you to influence and inspire your team in a way that meets your vision. (more…)

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How to Think Like a CEO for Your Future Success

A blueprint for CEOs to draw a disciplined strategy

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Strategic thinking helps CEOs build successful businesses. It helps them establish everlasting enterprises. It is one of the key elements of decision-making. It is different from strategic leadership. It differentiates between leaders from managers.  (more…)

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How to Focus Your Mind on Your Goals in 2023 Constructively

In this world of distractions due to information overload, it has become a big challenge to focus our minds

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In this world of distractions due to information overload, it has become a big challenge to focus our minds on positive aspects and constructive activities. Sometimes we waste our precious time mentally and physically due to distractions arising out of technology. We must understand our priorities and learn how to focus on them religiously. (more…)

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