Is it possible to use meditation to help you become better with money? Apparently it is, in fact meditation is a great way to enhance your behavioural awareness and that’s what will help you to find money happiness.
Believe it? Or do you need more information?
I thought it was about time I interviewed money mindfulness guru Lea Schodel, a woman I have long admired in this space, to find out how we can use meditation to not just become better with money, but potentially make some more of it too!
Meditation is about stillness,” says Lea. “It’s about slowing down the mind, creating connection and space to better reflect and create awareness of thoughts and feelings you are experiencing.”
So much of what we do with our money is driven out of habit, or by our emotions.
“Many people have a tendency to live in the past or future when it comes to spending money and make poor decisions as a result. This can really affect your level of money happiness.
Beating yourself up for past money mistakes, ignoring bills or financial obligations, overspending or spending without considering the impact on future finances, deferring retirement planning or saving can often produce really negative emotions.
“If we can become more aware of how our emotions are influencing our behaviours, and how we connect and become more aware of the present moment, we live less out of habit and more out of intent. We can begin to align our thoughts, feelings and actions in a more positive way.
“You can also think of it from another angle, such as when you are feeling highly stressed. Often this emotion leads to blocks such as fear, guilt, shame and inaction – which when it comes to finances, can be highly destructive.
“Money is a leading cause of stress, and meditation is a great way to combat stress levels. If money is causing stress in your life or relationship, a simple meditation exercise can help alleviate the results of stress, and put you in a calmer and better place to address and manage the cause of the stress in the first place.
So how can we use meditation to help us become better with money, and even make more of it?
“The simplest way to practice mindfulness meditation, is to connect to your breathe,” says Lea.
“Next time you spend money, stop, take a moment to just breath. Focus on taking long, deep inhalations and slow, full exhalations. This simple act of pausing can help to break automatic and habitual tendencies, and give your logic a chance to catch up and support you.
“Use this breath to bring your awareness and thoughts into the present moment. To connect to the emotions you are feeling and the actions you are taking right now.”
When you are feeling calm and centred, Lea recommends asking yourself the following questions:
- “How am I feeling?
- “Do I need or want this item?
- “How will buying this item impact me and my life?
- “What else could I use this money for?”
“If you feel anxiety or stress over money, consider trying a short-guided meditation. Even a five minute meditation can help to calm your nervous system, and return your state of mind to one where you are better placed to take the steps needed to help you address the areas that are causing the stress, or seek help etc.
“Another great way meditation can help is that it can support us to visualise our future selves, and gain clarity on the lives we want to live and the wealth we want to create.
“Having a clear vision can help us to commit towards that future and we are more likely to start taking action towards creating it.
“It helps us to prioritise and weigh up the future versus current opportunities, and our use of money.
“It can also help to create better ways to manage credit cards and debt, and save or plan for the future,” says Lea.