According to the American Psychological Association (APA), one of the major stressors for people during the holiday season (or, frankly, any time of the year) is finances. To avoid stress, think intentionally about your money and practice money mindfulness.
Defining Money Mindfulness
Mindfulness is the practice of being present in the moment. Money mindfulness is the act of intentionally thinking about your financial situation, without judgment, to determine what you do with your money and understand how you feel about your choices. The simple act of thinking about our finances is difficult because it is such an emotional, personal, and often uncomfortable topic to navigate. How do you manage your finances during good times without acting boastful? How do you handle financial uncertainty without feeling embarrassed, isolated, or ashamed?
Whether you’re experiencing strong financial times or a tight financial squeeze, you should regularly check-in with yourself about your finances to develop a plan for where you want to be. Ask yourself:
Be open and honest with yourself. Contrary to what you may want to do, don’t avoid your financial problems. Face your situation head-on to understand what exactly is happening and to develop a realistic plan to remedy the situation. The goal is to understand your negative thoughts, not to eliminate them.
Intentional Everyday Money Habits
Managing and Reducing Financial Stress
Money Management E-Newsletter: November 2018