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4 Ways Mindfulness and Meditation Can Help Your Finances

August 13, 2018 | By Louis Tully

Ever wonder how you let yourself sink so far into credit card debt? It’s likely because you never mastered the art of mindfulness. Being mindful is something a lot of us still need to work on these days, especially when it comes to minding our money. The truth is, if you want to live a fulfilling life of good health, wealth and general happiness, you need to learn to take things slowly first. This happens when we learn to place our thoughts (not our actions) on the front lines first. Actually, this rule doesn’t just apply to finances. Thinking before acting can have positive effects on all other aspects of life too.

But like anything else, being good at something takes time and practice. You won’t master mindfulness overnight, but you can take steps to make better mindful decisions now, which will eventually develop into good life habits. If car title loans are what’s keeping your finances afloat, you should consider these 4 ways that mindfulness can have a positive effect on your money:

Check Your Expenses

The first step to being more mindful with your money is knowing where your money is going. Take a look back at where your money has been going in recent months. Rather than skimming through your recent purchases, try tracking every single purchase you’ve made in a given month. It helps to plug your bank info into an app like Mint. Mint is a fantastic way to keep track of where your money is going. Once you see where your money has gone, you can begin taking steps to control where it goes in the future.

Think Before You Buy

As mentioned before, it’s easy to buy something without thinking first. This is especially true when it comes to online transactions. A few taps on your smartphone is all it takes to start racking up some serious debt. So before you add something to your cart, try to figure out if you really need the thing you’re about to order first. Consider adding these items to a ‘wish list’ in the meantime. This step alone can greatly help you reduce the amount of money you spend on unnecessary purchases. Giving yourself an extra day or two to think it over first can make all the difference on your finances.

Count the Cost

Being mindful simply means counting the cost before committing to something. It’s easy to go out to eat when you’re hungry and don’t feel like cooking, but have you thought about the cost before committing to a night out? By the time you’ve sat down and ordered your meal, it’s practically too late to turn back. You already committed to spending ‘x’ amount of dollars on one meal that could have been spent on something more practical. Next time, think about how much it usually costs to eat out, and consider if a night out for dinner is really worth it. If you’re not sure, then it’s probably a sign that you should stay in and make something at home.

Appreciate What You Already Have

If you’re the type of person who’s always stocking up on new stuff, try this exercise to help reduce the clutter in your life. Rather than seeking out more things at the store, try staying home and shopping around for stuff you already own. You may surprise yourself with some of the things you’ll find hiding in your closet. For example, instead of buying more vinyl from the record store, try sifting through your record collection at home first. You’ll likely find some albums you forgot you ever had. Play them back and enjoy what you have at home instead of relentlessly seeking out more from the store. You’ll save money and you’ll probably even pick up a spark of contentment too!