Developing mindful habits helps reduce financial stress and gain control over our money. Making intentional, informed decisions and cultivating positive habits through mindful adjustments can move us closer to a bright financial future.
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Intention
In this stage we focus on our financial purpose and goals. What are we hoping to achieve, financially? What negative habits are we looking to overcome? This step is all about intentionally identifying those things you wish to gain or change so you can plan your journey.
Concentration
Now we move that intention into a singular focus. Do we plan to pay off debt? Are we working toward a big purchase we need to save for? In this stage, we narrow our efforts so we can dedicate our focus to a specific goal. In doing this, we can avoid overwhelm and being spread too thin to more effectively reach those goals.
Insight
Next, we home in on our reality. What has been getting in the way of reaching those goals? By understanding what our reality is and how it is hindering our progress, we can identify our triggers and produce ways to address them when they arise and then set them free. Stress, emotion, pressure, and lack of knowledge can all affect our reality and lead to behaviors that aren’t conducive to what we wish to achieve.
Sensitivity
Here, we cultivate a heightened awareness of our full financial picture. In this stage, we need to tune in to the signals that our financial behaviors and choices send us. Are we overlooking spending patterns and habits? Being an impulsive shopper? By increasing our sensitivity to our spending, we can start recognizing when emotion, social situations, and environment impact our financial decisions.
Release
Finally, we identify with the present moment. Now that we know where we stand with our budget and our intention and goals are clear, we can formulate our strategies to make mindful money decisions that will help drive us toward success. Letting go of habits and previous mistakes allows us to free ourselves of the guilt associated with them so we can create new habits, make better financial decisions, and create a clear path in achieving our financial goals.
Developing mindful financial habits is a journey. By being aware and focused, setting goals, and understanding our barriers, we can create a solid financial foundation. Each step, from intention to release, helps us be more thoughtful about our finances and empowers us to make more thoughtful decisions to move us closer to the future we envision.
Author: Rachel Caballero is community development and PR manager for TruWest Credit Union. TruWest® Credit Union is headquartered in Tempe, Ariz. and operates as a cooperative providing its members with a lifetime of quality financial services and a culture of caring for its organization, employees and communities. TruWest is a strong and sound financial institution with more than 90,000 members and assets totaling more than $1.8 billion. TruWestCredit Union has 11 financial service centers —eight in metro Phoenix and three in Austin, Texas. For more information, visit https://truwest.org/.
