Master your finances and improve your relationship with money by taking a few pages from the Zen mindfulness playbook.
Zen is a concept that most of us associate with tranquillity and peace. It’s a school of philosophy within Buddhism that’s focused on using meditation, which is mental focus and absorption, to achieve a particular state of mind – a state of mindful control.
As unusual as it sounds, there are benefits to be reaped from applying this school of thought to your finances. Rather than being esoteric and a bit “out there”, the Zen practice of mindfulness offers eight simple steps that just about anyone can follow to cultivate a healthier relationship with money.
1. Live in the here and now
Being Zen means looking at your situation in a calm, unemotional or unattached manner. It’s entirely rational. For most of us, knowing where we are in this very moment is difficult.
Many of us project ourselves into an unknown future or dwell on the past rather than facing up to our present-day reality. Being mindful about money starts with knowing precisely where you stand financially so that you can take action to improve what needs attention.
Start by taking a realistic look at your situation. Take stock, create an inventory, look at your monthly income and expenditure, list all your debts and take note of exactly how much money you have. Knowing where you are gives you a clear point from which to move forward.
@fulumashapha The numbers on this budget are not made up, this is what someone is paying on a monthly basis #financialwellness #mindyourcents ♬ Tshwala Bam (feat. S.N.E, EeQue) – TitoM & Yuppe
2. Create a mindful budget
A clear financial inventory will allow you to take the next step and formulate a budget – a monthly breakdown of how much cash you have coming in, and how you plan to use it.
It should factor in your debts and all regular expenses that need to be paid, such as rent, food and transport, plus it should ideally ensure that a sizeable portion of your income is being saved or invested. If you can apply your mind without being judgemental, you’ll start to understand – from your own perspective – how to shift your spending and saving behaviour to make sure the amounts are more in line with your values.
3. Automate your finances
By embracing automation (setting up debit orders), you can streamline bill payments, savings transfers and investment contributions, ensuring timely and accurate financial transactions. This not only eliminates the risk of late fees or not paying and spending recklessly, but also promotes disciplined saving and investing, boosting your overall money confidence and helping you keep control of your spend.
4. Simplify your life
Zen also means bringing simplicity into your life, unburdening yourself from the load and reducing the excess. You might have a gym membership you aren’t using – let it go. The trick is to be totally honest with yourself, which can be best achieved during moments of quiet and conscious focus (such as during meditation).
5. Practise impulse control
Mindfulness means not giving in to impulses – and that includes impulse buying. Your rule should be to make a purchase only once you have mindfully determined whether you absolutely need the thing.
@hermoneymastery Youre probably impulse purchasing more than you think. If you didnt budget for it, its an impulse! Try to put one of these methods into practice and start building the “delayed, not denied” muscle. #budgetingtiktok #moneymindset #budgeting #budgetingforbeginners ♬ original sound – Her Money Mastery
If you don’t already have such a system for evaluating your needs, sit quietly, close your eyes and focus on that object. Ask yourself whether or not you can live without it and mentally engage with that object to discover how much joy it will bring you, how much use you will really get out if it and how much value it will add to your lifelong term. Be honest and you’ll know soon enough if you really need it.
6. Practise kindness
Take time to think about how you perceive money and aim to strengthen your relationship with it by changing your attitude towards it.
Instead of being emotional and saying, “I don’t have enough money” or “I hate money; I never have enough”, try to cultivate a sensitivity to its usefulness and its value as a tool to help you do with your life what you’d like to do.
Perhaps if you are kinder to money, it will be kinder to you. Don’t abuse it, and there’s less chance that you’ll be abused by it. Remember that money is benign – it shouldn’t cause you stress or anxiety.
It shouldn’t give you feelings at all; it is merely a tool.
7. Cultivate gratitude for what you have
One of the most important lessons of Zen philosophy is gratitude. Be grateful for what you have and be thankful when you receive something new. Remember that you have so much more than those who have nothing, and don’t be tempted to focus on what you lack.
Whenever you feel yourself craving more, find a quiet space to meditate, breathe and focus on the simple joys. Leave no stone unturned when practising gratitude.
If you allow material desire to control you, you might find yourself thinking that you never have “enough”.
8. Stay calm
Handling your finances can leave you stressed and anxious. Try investing a small portion of your time in the ultimate Zen reset: meditation. For those who are new to meditation, guided meditations are a great way to begin, as they provide you with a focal point. By meditating, or practising an equivalent mindfulness technique, you’ll bring some peace, quiet and calm into your life.
Even just a few minutes of focused deep breathing is enough to ground you and clear your mind. It’s an internal sanctuary that will better equip you to face whatever curveballs your financial situation throws at you.
By Keith Bain
Photographs: Pexels, Unsplash
Also read: 5 Positive Money Habits
