Tools For Success: How To Have A Mindfulness Practice

Mindfulness is somewhat of a hot topic in culture lately. More and more people are getting into meditation and talking about the importance of bringing mindfulness into their lives. You may be thinking what does mindfulness have to do with money and personal finances? But bear with me, because there is a deeper connection between the two subjects than you might think.

Over the past few years, I’ve dabbled with different types of meditation and learned more about mindfulness practices. During certain time periods, it has been a lifesaver in helping me to reduce stress and handle problems more effectively. So that is why I’m writing a “Tools For Success” post on mindfulness, meditation and how it can ultimately help us with our personal finances.

 

 

What is Mindfulness and Why is It Important?

Breaking it down to a basic definition, mindfulness is the action of bringing one’s attention to experiences in the present moment. That’s it.

Nothing to do with sitting in the lotus position, humming a mantra to yourself and lighting incense. It’s simply learning to become aware of the present moment, mainly our actions and thoughts.

More specifically, meditation is a practice which helps one to bring attention to one’s thoughts by focusing the mind on a particular object or thought, and then when the mind wanders, bringing one’s attention back to the specific object or thought. Commonly, focusing on the breath is used as the attention point.

So why is mindfulness and meditation important? Why does it help to reduce stress and anxiety, and also fight depression?

There’s a saying by the famous philosopher Lao Tzu that says “If you are depressed you are living in the past. If you are anxious you are living in the future. If you are at peace, you are living in the present.”

A mindfulness practice allows us to train and exercise our mind in order to become more focused on the present moment, including our thoughts and actions, instead of needlessly worrying about events in the past or future. Just as we need to exercise our bodies, we also need to exercise our minds, and that’s exactly what meditation does.

 

So How is This Going to Help Me?

 

So how does this relate to money and personal finances? Well, have you ever spent a lot of money on an impulse purchase and later regretted your decision? I know I have…..

You dwell on the purchase and think about how you shouldn’t have done that. Then worrying about how it will affect your savings that month.

Having greater mindfulness allows us to stay in the present and think about how that impulse purchase would affect us in the future, and think that maybe it’s not necessary. Mindfulness could also help us make better choices when it comes to going out to eat and purchasing drinks. Being aware of how the purchase in that moment might not be the best choice for our wallet (and our health!). A less stressed mind also means less stress shopping and eating, and a greater focus on what is important to our financial future.

In general, being mindful and exercising our mind allows us to become more aware of our thought patterns and actions, having a better ability to think before we act. We focus on only what we can do in the present moment, instead of dwelling on things that were said or done in the past or things that may occur in the future.

 

 

Here’s How You Start

So does that all sound good to you? Reducing stress and anxiety, relieving depression by bringing your focus on what is special in the present moment. My guess is that it sure does!

But then how do we get started….

This is where most people give up because they over-complicate the process. Similar to starting an physical exercise routine or eating healthy, most people try to make too many big changes too quickly, and then give up when it gets hard.

Developing mindfulness does not need to be this way! Keep it simple and build a daily habit. Remember, the goal here is to practice bringing your attention and awareness to the present moment, with the intention of being able to keep that focus with you throughout the day.

So here are my two recommendations for bringing mindfulness into your life:

 

• Headspace – A popular smartphone app that provides guided mindfulness and meditation exercises at a small monthly cost. You can actually sign up for free and learn the basics, but then there is a small monthly cost to get more options. I would recommend this app to anyone who is just starting out and needs some guidance on how to get started, and then once you have a better understanding of the basics, you can venture off on your own using a free tool. Headspace makes it easy by providing lessons of different variations and lengths depending on your mindfulness goals. Whether you want to practice in the morning, before bed or during a break at work, Headspace can provide you with exactly what you need.

 

• Insight Timer – For those who want to take the DIY approach at no cost, Insight Timer is a great option for incorporating a mindfulness practice into your daily life. The app allows you to set a timer for any duration you would like (I’d recommend 10 minutes if just starting out or 20 minutes if you have some experience), put on some background music and set interval and conclusion bells. Since there is no guide, you will need to know how to set yourself up and where to focus your mind. I recommend just sitting up straight in a comfortable seat, closing your eyes and keeping your focus on your breath. When your mind starts to wander, just gently bring your attention back to your breath. No judgement or negative self-talk, just bring your focus back to the breath.

 

• Mogamind – An option that is between Headspace and Insight in terms of cost, and also one of the most unique options I’ve used, is Mogamind. Mogamind is a guided, musical meditation that uses a combination of voice-guiding and instrumental music to provide a mindfulness experience that is based on the 3 pillars of Gratitude, Love and Visualization. According to Mogamind, these 3 pillars are the basis of becoming a more mindful and happy person (I’ve tested it and it works!). Mogamind’s method is like telling a great story that leads you to feelings of peace and happiness. You can purchase their most popular guided track for $9.99, and it’s good for life!

 

The key to developing a mindfulness practice is building a consistent habit. Whether you practice first thing in the morning (this is what I would recommend), in the afternoon or before bed, the key is to be consistent for at least 30 days. Spending 10-20 minutes every day sitting still, eyes closed and focusing on your breath is all it takes to train your mind to be more mindful. Just remember, you are not sitting still with your eyes closed and “thinking”, but focusing on a specific focal point, such as your breath, and when the mind wanders and starts “thinking”, you bring your attention back to your focal point.

 

Just like starting to exercise your body, exercising your mind will be difficult and uncomfortable at first, but once your mind gets used to it, you will come to enjoy the practice. The benefits will be great, including increasing your ability to stay focused, worry less and have more enjoyment for the present moment, and also have better control or your spending and finances. Give it a try!

 

Question: Do you have a mindfulness or meditation practice, and what works best for you? How do you feel it affects your life, and especially your finances?

Leave a comment or send me an email!

 

NYPFGuy