Mindfulness is a great quality to have. The Oxford Dictionary definition of mindfulness is the quality or state of being conscious or aware of something. While mindfulness can seem very meta and hard to understand it can be very simple when you break it down into its basic parts. Today we will be focusing on financial mindfulness since this is a financial blog. However, I want to preface with the fact that mindfulness can be utilized in most every topic of your life.
What does it mean to be financially mindful?
Essentially, financial mindfulness means you are aware or conscious of your financial situation. In the short-term, this can mean you know what your checking account balance is or you know you have $100 stowed away somewhere safe for emergencies. It could also mean that you are aware of what you are spending and how you are spending it. Mindfulness drives your decisions. When paired with a budget or spending plan, being mindful can be the difference between spending too much, saving not enough or being surprised by an unexpected bill.
How can I be mindful with my money?
It is all too easy to get sucked up by the world and your busy life that you can’t stop to think about purchases before they happen. Trust me, I’m no stranger to spending too much in a short amount of time. But it is how you react to those situations that help you in the long-term. By taking a second to realize your current situation and where you want to be financially, you will be better off. So next time you are getting ready to go out with some friends or are planning a big weekend to Kansas City think a little before you go about how much money you want to spend and what you want to spend it on and try and stick to that. Eventually things that you shouldn’t be overspending on will trigger your mind and remind you that you should think twice.
What is mindfulness going to do for my financial picture?
As a fellow college student, I can attest to the impact that mindfulness has had on my financial picture. College is a crazy time in your life. You are constantly trying to make it to the next time you get to have fun, while keeping your grades up and creating the other aspects of your life whether that is romantic, professional or whatever else you are focused on. By being mindful of what you have done financially I have been able to let myself spend more because I have done a good job recently or told myself to stay home one night because I went a little crazy last time.
“Man this sounds like a bunch of work.”
While the concept might seem pretty complex it fits well into anything else you have heard about money and budgeting. Start small, differentiate between “needs” and “wants”, and have a plan. By starting with one thing or activity you spend money on, for example, eating out, you can fine tune what mindfulness looks like to you before you implement it across your entire financial life. By picking a “want” or something that is discretionary, you have the control to decide your fate. You can’t decide that you don’t want to pay rent this month because last month’s entertainment was too darn expensive.
Essentially, let the little voice in your head work in your and your wallet’s favor. Decide what you are going to spend and continually remind yourself through mindfulness. As I have moved closer and closer to graduating I have seen the impact that being mindful has had for me and the positive impact it is having on other aspects of my life. Like they always say, money can’t buy happiness.
If you are interested in more resources on this topic, below are a few web article on how to practice being financially mindful. Also, we encourage students to request an appointment to meet with a peer financial counselor anytime for free via the link on our website at www.k-state.edu/powercatfinancial. We offer sessions conveniently via Zoom right now and can help you create a financially mindful strategy!
Garrett Jackson
Peer Counselor II
powercatfinancial@k-state.edu
Additional Resources:
https://www.cnbc.com/2020/04/30/why-you-should-create-a-daily-money-mindfulness-practice.html
https://www.nbcnews.com/better/business/how-use-mindfulness-manage-your-money-better-ncna839111
