Why Meditation Might Be Good For Your Finances

Oftentimes things that are seemingly unconnected share a link beneath the surface, like your thoughts – and awareness – and finances. Will meditation alone make you a financial beast and move you right into the 1%? No, but your ability to think about and use money and your finances to create mobility in your life can be found in many of the benefits of meditation. 

 

What are the benefits of meditation?

Here’s how the popular mindfulness app, Headspace, defines meditation:

“Meditation isn’t about becoming a different person, a new person, or even a better person. It’s about training in awareness and getting a healthy sense of perspective. You’re not trying to turn off your thoughts or feelings. You’re learning to observe them without judgment. And eventually, you may start to better understand them as well.”

 

Using meditation as a tool can help your behavior, thinking and decision making in all areas of your life. For instance, studies show that mindfulness has positive effects on relationships. This proves that the skills and benefits received from incorporating a meditation practice into your lifestyle can have a positive impact on other major areas of your life. Here are some general benefits of meditation:

  • Promotes patience and calmness
  • Reduces stress
  • Controls anxiety
  • Promotes emotional health
  • Improves awareness
  • Improves focus and concentration
  • Reduces memory loss related to age
  • Improves mood
  • May help with addictive behaviors
  • Improves sleep

In your opinion, do you think any of these benefits would be useful and applicable to other areas in your life such as relationships, career, fitness or finances? Hopefully you’ve answered yes.

 

What goes into making good financial decisions?

Getting and staying in control of your finances takes work. Depending on your financial goals, it’ll require you to constantly expand your reality, and build skills and constantly work on them. Good financial habits include creating and using a budget, controlling impulses, making informed decisions, continuously educating yourself, and planning. 

 

We all have a relationship with money, we have views and perspectives that impact how we think about, manage, and make it. For some, dealing with personal finances can be stressful, causing anxiety when we think about paying bills, shortfalls in our income or how to plan for the future. 

 

The great news is, the more you learn about finances and how to manage money, the more familiar it becomes, helping to alleviate a lot of that stress. However, if you have ill thoughts about money, debt, and etc, those deeply rooted perspectives will resurface probably when a challenge arises, causing you to make decisions based on your fundamental way of thinking. 

 

Recap

So to recap, here’s why mediation is a useful tool to increase your financial mobility:

  • Meditation can help reduce stress and anxiety.
  • Meditation can help you remain calm and take appropriate action when faced with challenges, similar to those created by the current pandemic and financial crisis.
  • Meditation can help create awareness and afford you the opportunity to form a new relationship with money.
  • Meditation can help improve focus to assist you in cutting your impulses and making financial decisions today that won’t hurt you later.
  • Meditation can help create clarity to aid in planning for the future.

 

Meditation is just one tool in the tool box, don’t forget to incorporate the others, especially continuous education. Check out the rest of the MoCaFi blog for posts on how to create budgets, how to save, talking with your partner about money and more.