Article written by Mary Metten, Health and Well-being Extension Educator.
Originally published in the Kenosha News.
The beginning of a new year can be stressful, money-wise. A swirl of celebration, buying gifts and food has settled down and credit card statements have started to roll in. Although for many Americans, every month is a stressful financial month.
The American Psychological Association cited in their 2020 Stress in America survey that approximately 64% of Americans report feeling stressed about money. Even more, according to a 2021 Capital One CreditWise survey, 73% of Americans ranked their finances as the most significant source of stress in their life.
When feeling this unrelenting stress, some turn to unhealthy habits to soothe, it may impact overall feelings and mood, it causes conflicts in relationships, or may just ignore money problems altogether. Others want to improve finances, form new habits, and make changes to financial behaviors. As great ways to cultivate habits that stick and aid to our self-care, consider practicing mindful money habits.
Mindfulness is defined by leading expert, Jon Kabat-Zinn, as “…awareness that arises through paying attention, on purpose, in the present moment, non-judgmentally.” Practicing mindfulness in general is an effective way to work through stress and practice self-care.
Mindful money practices can add to self-care and be actions you strive to do consciously, intentionally, and on a regular basis. They should not feel like a to-do list filled with stress inducing tasks and panic. Similar to most mindfulness activities, keep in mind they are practices. Practicing leaves space and grace for imperfection and improvement over time.
Another key element is the autonomy to choose how you arrange your activities related to money. Below gives suggestions University of Illinois Extension cultivated to help create ways we can mindfully manage finance-related tasks.
Daily/weekly practices:
- Take 5-10 minutes to interact with your money every day. The time spent may look different day to day, vary them as you explore ways to interact with money.
- Save and track spending regularly; create a peaceful environment for yourself while you practice.
- Consider syncing your accounts for seamless and easy use.
- Remember to celebrate small accomplishments while working on incremental changes, form new habits, and move toward larger goals.
- Schedule and add money related reminders to a calendar.
- Strive to pay bills by due dates and stay on top of your system of organization.
- Take time to review your daily steps on occasion; use this opportunity to manage expectations and re-tool. Remember to give yourself grace and avoid self-criticism.
- Review monthly statements and reconcile your accounts.
- Do reality checks, consider what’s working or needs to change. Viewing, reviewing, and refining will be an ongoing process.
- Adjust plans as there are changes in income, financial commitments, and shifting priorities.
- Celebrate and appreciate your hard work.
On an annual basis, review your entire financial year with the perspective you’ve gained, in a kind and compassionate way. This will help you see progress and propel you forward. Continue to develop and practice these habits and tasks in ways that help and add to your overall self-care.
