Ever wonder what your money situation would look like if you paid as much attention to it as you do your personal appearance?
Let’s do some quick math. You probably spend at least 60 minutes a day showering, dressing and personal grooming, about 30 minutes working out, and another 30 minutes on incidentals like washing off makeup, doing your nails, etc.
That adds up to 2 hours/day, 14 hours/week, 60 hours/month (that’s 21/2 full days ladies), and 730 hours/year (that’s an entire month 24/7). That doesn’t even include the time you spend shopping for things to improve your personal appearance! And we do this all on auto-pilot not giving it a second thought.
What would your finances look like if you spend a tiny fraction of that time paying attention to your money?
Here are 4 mindful money practices that I guarantee will help you multiply your income spending as little as 5-10 minutes/day (that’s only 3 days/year).
Know Your Money “WHY”
Most of the time people just say they want or need more money. But the wanting is vague and undefined so their hearts and minds can’t really get on board and rally the internal and external resources to make it happen. There is no emotional connection to inspire action.
The more specific you are about what you want and why you want it, the more your resourcefulness kicks in, the right opportunities present themselves, the more ready you are to act, and universal laws begin to support you. Plus, if your WHY is big enough, you’ll be able to face the fears and challenges inherent in your journey.
Set Bold Money Goals
First of all, you’ve got to have a money goal. And it should be bold to wake you up and pull you forward. But instead of setting a goal for the year, which is hard to stay emotionally connected to, set short-term money goals for 30 or 60 days.
And rather than figuring out what your bills are and then setting a goal to “cover” them (not very inspiring) or projecting what you think you will make (very limiting) choose a bold money goal that honors the value you bring to the world. Your BMG should create productive tension but not be so high that it creates anxiety.
Plug Money Leaks
The path to success isn’t just about creating more income by helping more people. It also requires an honest look at where you are letting money slip through your hands. Ultimately, you probably don’t just want to make more money. You probably want to keep more money, too.
Here are a few places to look for money leaks and plug them up as quickly as possible:
- Do you have clients who owe you money? It’s time to have a conversation with them.
- Are you using high interest credit cards? Look for a lower rate and create a payoff plan.
- Paying for services you are no longer using? Maybe it’s time to cancel them.
Track the Inflow of Money Daily
Everything is energy, including money, and energy flows where attention goes. How much attention are you paying to your money? One way to bring attention to your money is through a practice of daily tracking. Every day to the penny, track how much flows in, regardless of the source. This works whether you are motivated by pain or reward. Seeing zeros on the money tracking sheet will motivate you to do something about it, while having frequent and/or high income days inspire you to create more consistency and even bigger paydays.
What are your favorite mindful money practices? Leave a comment below.