Financial wellness through mindfulness

With the current financial climate, it’s not surprising many people may be feeling stressed. We look at how mindfulness can help you cope with financial worries.

Stress and financial pressure are often closely linked. When stress levels are high, it can often trigger anxiety and a fight or flight response.

This may manifest in the form of reactionary responses such as impulse purchases, forgetting to pay bills, or neglecting your budgeting.

And the more your finances are in disarray, the more you’re likely to feel stressed. It can quickly become a vicious cycle.

Luckily, there are ways to manage this stress and balance your mind and financial decisions.

Meditation

Meditation has been proven to calm emotions and relieve mental stress, which may naturally lead to more rational decision-making – a necessary skill when making money decisions.

Just a few minutes a day could make a big difference to your nervous system.

The power of a budget

Using a budgeting app can help you stay on top of your spending, so you feel more confident knowing exactly where you stand financially.

This can empower you to prioritise saving and make smarter decisions about your spending habits.

Automation is your ally

Setting up direct debits so your bills are paid automatically may free up some headspace as you don’t need to rely on your memory or reminders to keep your accounts in order.

You’re also less likely to miss regular repayments and get hit with dishonour fees.

Mobile mental health

When money is tight, getting professional help can seem like one expense too many, but there are options for free or low-cost assistance.

Many wellbeing, mindfulness and meditation apps offer free sessions, advice, and even consultations with therapists. These may allow you to get help when and where you need it.

Protecting your financial future

Getting financial protection can take a weight off your shoulders knowing that you’ll be supported if the unexpected happens.

Life insurance can ensure you can keep up with your financial obligations if you become ill or injured, and support your family financially in the event of your death.

Long-term financial planning

Seeking professional assistance can help you get your finances in order and confidently plan for the future, providing you with financial peace of mind.

HPartners can help you create a budget, set financial goals, and work out a path to achieve them. We can also help you put financial protections in place to ensure you and your loved ones can weather any storm life sends your way.

Any advice is general in nature only and has been prepared without considering your needs, objectives or financial situation. Before acting on it, you should consider its appropriateness for you, having regard to those factors. Before making any decision about whether to acquire a financial product, you should obtain the Product Disclosure Statement.