Have you ever felt like you’ve done so many efforts to manage your finance, but many financial problems keep happening? You’re not alone. Problems that keep happening such as living from one payday to the next payday, struggling to escape from debts to difficulty communicating with partner, and even family members. All these various problems will certainly be the stressor in one’s personal life and should be overcome immediately.
According to a survey that was conducted by a consulting agency PricewaterhouseCoopers in the United States in 2017, the main cause of stress in a person’s life is financial problems. If financial problems can be resolved well, then the individual level of happiness will also increase. That is why now is the right moment for you to start changing your thinking pattern and practice mindful financial planning.
Mindful financial planning is an effort to use judgments of one’s private experience in taking financial decisions. With awareness and an open mind, every individual will want to admit to making mistakes in the past and most importantly learn from it. Someone will also succeed in planning their financial life for the future when they’re able to forgive themselves for the bad decisions they have made in the past to finally let go of the fears and start a total turnover for planning a healthy financial strategy. Here are some steps to doing mindful financial planning.
- Take a break before planning
Through meditation, someone can their emotional bias which has been embedded in our life story that might include (1) bad financial practice of parents through our formative years. (2) fears that are embedded by bad environmental factors, like a university graduate that is negatively affected and suffered through the 1998 monetary crisis, that keeps affects the ability to create, let alone manage wealth. These factors cause stress and close one’s mind to move forwards to the practice of financial empowerment. - Keep a money diary or financial journal
Write down answers to a few questions listed in a journal book; (1) “My personal finance makes me stressed because...” (2) “Few obstacles that I currently have in my financial life are...” (3) “When I think about money and my personal finance, I feel...” - A change of perspective in planning a monthly budget
When someone realizes how much income they get every month, then the lifestyle should be adjusted to the numbers. The number of needs should be able to be managed with priorities in life. Budgeting techniques should also be adjusted with life attitudes and separated into allocations for life routines, future needs, and controlled wants. Flexibility, whenever unexpected events occurred, should also be done. - Avoid associating emotion with consumption
Impulsive motivation will urge someone to spend money unconsciously. A study directed by researchers in the Australian Journal of Psychology (2013) showed that compulsive buying is driven by the need to release negative thoughts. This behavior clearly had a negative impact on financial management practice. - Be grateful
Take your time to realize and indulge in whatever you have now. Sometimes, someone is too focused on searching for something that is not there and forgot what they have in front of their eyes.
Live a Beautiful Life!
Written by: Prita Ghozie dari Zap Finance
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