Did you know there is a connection between mindfulness and financial health? Practicing mindfulness can help you feel less stressed and anxious and help in making healthier financial decisions now and in the future[1].
Below are some applications of mindfulness that can help with financial management.
Awareness
Awareness can help you pay attention not only to your spending but also to the motivations behind your financial decisions. Consider creating a budget and tracking expenses to inform healthier financial decisions.
Intention
A mindful financial decision aligns with your core values, priorities and aspirations. Practicing intention could mean deciding which stores or financial institutions’ services you utilize reflect your personal values[2].
Focus
Focused attention has been defined as noticing your internal state now, not dwelling on the past or contemplating the future.[3] [4] It can help when feeling overwhelmed in tackling a budget, debts, and spending choices.
Acceptance/self-compassion
Acceptance and self-compassion can mean not judging yourself if you feel like you are financially behind your peers or not where you planned to be and can help when you have to tackle decisions and difficult circumstances[5].
Resources to help with money mindfulness
- Signing up for UBC’s 30-Day Online Mindfulness Challenge
- Use a simple budget calculator
- Meet with a financial advisor. *
*Note: Please enter “University of British Columbia” as your organization to access the website
Refernces:
[1] https://www.mindful.org/how-mindfulness-can-help-you-smarter-financial-decisions/
[2] https://journals.sagepub.com/doi/abs/10.1177/0956797613503853
[3] https://siyli.org/resources/open-and-focused-attention
[4] https://www.moneyunder30.com/mindfulness-can-help-you-save-money
[5] https://www.mindful-finance.org/finance-self-employed-crisis/
We would love to hear from you! Please send us your feedback and comments regarding the Healthy UBC Newsletter HERE
Posted in Articles
Tagged
- HR
- Healthy UBC