What do you think is the most crucial element to your financial well-being?
The value of your salary?
Size of your house?
Balance of your superannuation account?
Nope, none of these.
More specifically, it is your awareness of how your money beliefs and emotions drive how you think about your money and what you do with it.
Understanding what drives your financial behaviour is key to finding balance in your personal and financial life.
So where do we start?
With money mindfulness. Practicing money mindfulness will give you great insight into how you think about and bring about the relationship you have with money.
Simply choose to be compassionately self-aware about how you interact with your money.
Set your alarm 15 minutes before the rest of your family gets up one morning each week, I call it ‘Money Mindfulness Monday’. I know this can seem torturous, especially if you have young kids (in summer my son wakes before the birds at 4:15am. But as he says “Why aren’t you awake Mama its light outside?”)
No matter how early you have to get up I promise that having this time to practice money mindfulness will literally pay off!
Each week focus on a different aspect of your relationship with money, here are some suggestions…
1. Explore your past money experiences, what are you proud of what are you ashamed of?
2. What unconscious money habits do you have?
3. Do you like spending more than having? Why?
4. Do you like saving more than investing? Why?
5. What does money mean to you?
6. How does money make you feel?
Remember that this is a non-judgmental process and it is important to not beat yourself up. Just start by observing your current relationship with money. You can use words, drawings or cut out pictures to help illustrate your answer to these questions.
By being more aware of how you relate to money will move you in a healthier direction so you can find your path towards a healthier state of mind and financial future.