Mindful spending can mean the difference between money stress and long-term financial joy. Here’s how it works.
Even the best budgeter can run into a bit of financial stress from time to time. But constant stress can take a significant toll on your health.
Could practising mindfulness really help you reduce that stress and build a better financial plan?
The inspiring – and perhaps surprising – answer is yes.
How mindfulness can help you with your finances
“With mindfulness, the areas of the brain associated with mind-wandering, stress and anxiety become less active,” Meg Salter says. The Toronto-based mindfulness coach is the author of Mind Your Life: How Mindfulness Can Build Resilience and Reveal Your Extraordinary. “And areas of the brain associated with cognitive control and positive mood are enhanced,” she adds.
That means that by soothing anxiety and reducing stress, practising mindfulness can help you make – and stick to – better decisions. That’s the cognitive control part. With a more positive mood, you can approach problems more confidently and calmly. And since money is one of the biggest sources of anxiety for many Canadians, mindfulness can help you feel less stressed and more in control in challenging financial situations. You may find it easier to make and follow up on good decisions about spending, saving and investing.