Let’s start with awareness about how you handle money.
Mindless spending is easy to understand. It’s about finding packages at your door that you don’t remember ordering and coming home with shopping bags full of things you don’t need or already have.
Financial mindfulness is the opposite. It means being aware of your finances and making choices with your eyes open. It doesn’t mean false positivity or negativity or judgement. It’s about making a conscious choice to spend or save or hold off on deciding. (It’s 100% ok to add an item to your cart then walk away for a few days—or forever.)
Here are 6 steps to get started with financial mindfulness:
1. What are your financial values?
- List your top three money values. In other words, what do you want from it—security, experiences, education, giving back, a better life for your children, or something else?
- Write one or two sentences about each value and how your goals align with it.
2. Practice financial gratitude. (yep, even if you're in debt.)
- Name three things about your current financial situation that you’re grateful for.
- Then, describe how they impact your life in a positive way.
3. Spend mindfully.
- Before buying something, jot down the item, its cost, and why you’re buying it.
- Then, reflect on whether the purchase aligns with your values and goals.
4. Save mindfully.
- What are you saving for? Write down your goals and the amount you need to save for each.
- Break each goal down into smaller milestones so you can celebrate your progress.
5. Manage debt mindfully.
- List each debt—car loans, school, credit cards, etc.—along with the outstanding balance and interest rate.
- Set a realistic repayment plan and target payoff dates for each one.
6. Schedule regular financial check-ins.
- Set a weekly, monthly, or quarterly day and time for a financial check-in.
- Review the statements from your bank accounts, credit cards, and loans. Do they show progress toward your goals? Do your spending and saving habits match your financial values?
If things don’t go perfectly, don’t judge yourself harshly. Right now, you’re building awareness, one of the most important steps toward financial wellness.