Money and Mindfulness

So, let’s talk about mindfulness in money matters, especially expenditures.

You might have some idea why money is important to lead a mindful life but how much? And why should you care about money at all? Isn’t it the root of all evil essentially? 

Well simply put it is a necessity of life- nothing more or less. As long as we treat it that way, we will find ourselves in control. To me, it is almost like a double-edged sword. If you don’t have it, then it’s a pain. After all, it is not fun to worry about where the next meal is going to come from. But if you have excess and don’t know what to do with it then it can also pose a problem. 

So what do you do? Well here are my two cents on the topic, mostly garnered from personal experience. All that I say may not resonate with you and that’s why I will urge you to read on with an open mind.

With that, let’s begin.

Money is a Necessity

First things first. It is absolutely necessary to have money. If we have enough then we can proclaim things like “oh money is not everything”. The cornerstone of mindfulness is to acknowledge it. Only then can we rise above something.

It is therefore essential to have our own source of earning through honest means. A job, a business, freelancing- whatever floats your boat. The ideal situation will be making money by doing something you love. But alas, most of us are not that lucky. 

Having an assured source of income fulfills the basic tenets of Maslow’s Hierarchy of Needs. Sounds cliche but there is a reason why anything is called a cliche. They are almost always true.

It is both hard and easy to have a constant source of income in today’s world. Hard because of incidents like a job loss, a business failure or even a critical illness that can wipe out your earnings. But also easy because in this era of virtual connectivity it is very much possible to have side hustles that pay well.

I myself gave up a well paying corporate job and took a break. And after a year when I was ready to get back into the workforce, I did not go down the earlier route. This time I chose to be a freelancer doing what I love and took up online gigs. I was worried about making enough but after some hard work and hustling, I actually reached a comfortable place. While I am by no means saying that it is easy to earn a living online right after the loss of a steady job, it is definitely a light of hope in times of despair. If you keep your options open you will always find paths that lead you down to success.

So why is it evil?

One of my professors used to say excess of anything is bad. While he used to tell this during teaching us about organic chemistry reactions, I find it to be applicable to most aspects of life- especially for money matters. Well, it’s not just having excess that is bad, it is the way in which that excess affects us is where the trouble begins. There are enough wealthy people around the globe who use their fortune judiciously. But there are also more than enough folks who go down a path of ignorance with all the wealth they have. And then things happen in our society almost like a chain reaction. 

In that context have you ever noticed how enticing it is for us to follow and emulate the not so good behaviors?

The bottom line, in this case, is to be aware of the impact money has on us to remain on a path that doesn’t take a wrong turn. And that is exactly where mindfulness comes into the picture.

Mindful expenditures

When I say mindful expenditures, I do not by any means want you to reduce your spending and start living a frugal life. I rather want you to evaluate whether you are putting your money to good use or not. And what is a good use? Well, that mostly depends on our individual choices. For example, as I have written before I spend quite a bit on books and my art supplies. While those may seem unnecessary to others, to me they are my lifeline. 

But at the same time, once I started my practice of mindfulness in money matters, I figured that I and my husband were spending a bit too much on eating out. I love cooking and there was no reason that I couldn’t cook at home for two people. We were going to restaurants or ordering takeaway simply out of boredom. After realizing this, we became far more mindful about this spending habit.

So, evaluate your choices and decide for yourself which habits do not align with your mindfulness practice. The beauty of this lifestyle is that there is no one size fits all. You are free to make and follow your own rules, as long as you are doing things mindfully.

However, here are some practices which have helped me tremendously in my quest for practicing mindfulness in my financial life-

1. Prioritizing experiences over materials

I have never been really enamored by material possessions. But after embarking on this journey, I actively started seeking out experiences over material gifts. The romantic in me loves stories ( the reason I chose to become a writer) and what can give us better tales than life experiences? 

2. Trying to give back more

As a child, I had randomly decided one day that when I start earning my own money I will make sure to give some back to causes that I support. And I have tried to practice that as often as I could over the course of the last decade. I am no philanthropist by any means though. However, giving what little I can back to society seems like a useful way to spend my money. It is my way of saying thanks to the universe for giving me enough.

3. Choosing my consumables

This is something that I have adapted from the community of environmentally-conscious individuals. While I strongly advocate trying to reduce waste, I also acknowledge that it is not always feasible for everyone. But being careful about what we choose to buy is something that all of us can do in our own way.

For example, I no longer buy plastic containers for my kitchen and instead go for steel or glass. This means sometimes I have to save up before buying things because plastic is really cheap. But even then, I believe it is a better use of my money and I am being mindful. 

4. Reduce Attachment

My life choices, in a way, helped me with reducing my attachment to money. I went from earning a decent salary to being kind of dependent on my husband and then started earning again. This entire circle taught me a very valuable lesson about myself. 

Before I quit my job, I did not realize that I attached more importance to money than was necessary. It was almost as if I was measuring my self-worth by the figures on my paycheck and I had the pride of doing well. 

During my break, I was forced to relook at my priorities and found that I really did not like this aspect of myself. I started practicing the mantra of abundance. I had enough and if I needed more, I will find my path leading that way.

However, this does not mean that I undermine the ambition of earning money by one iota. I strongly feel it is necessary to have that certain hunger for more; just don’t let yourself be defined by it. You are so much more than how much you earn.

In Conclusion

From my personal experience, I can say that being mindful of money is not an easy task. It requires constant attention and even after becoming habituated with the practice, there are times when I had to take a step back and evaluate my decisions. This is so unlike the other areas of my life where I try to be mindful and can develop habits much faster.

And even then, this is also perhaps the area which gives me the most satisfaction. No one wants to be in a situation where their finances are the biggest source of worry and I am no exception. 

Expenditure is a part of my entire money mindfulness journey. I am still working on other aspects like savings and investments and hope to come back with my learning in later blog posts. 

Till then, peace.

Do you have any related experience or story to tell? Please share in the comments below. I would love to hear from you.