As we enter the New Year, many of us are thinking about ways to practice mindful living in all areas of our lives – including our finances. Mindful living is a way to navigate stress in your life and includes taking time to check in with yourself and those around you. As our daily lives continue to change as a result of the pandemic and its related effects, practicing mindful financial living is a great way to mediate stress. Here are 3 tips for mindful financial living in 2021.
Set your calendar for good financial health
While you should be checking in on your finances regularly, we understand that life gets busy sometimes. It can be hard to remember to review your bank statements, explore your spending habits, or even stick to your budget.
Take some of the stress off by setting a calendar reminder and putting time aside to dive into your finances. For example, you should download and read through your credit report at least once a year and review your bank statements once a month. You can pick days and time frames that work for you to check in with your spending habits and make sure you’re sticking to your budget.
Want to review your finances more efficiently? Liberty Bay’s Money Manager is a powerful and easy-to-use tool to help you visualize and interact with your money. The Money Manager tool is also available in the Liberty Bay mobile app to make it even easier to check your financial health.
Adopt healthy financial habits
If you ever feel overwhelmed by your financial situation, you’re not alone. Your Liberty Bay experts have 8 ideas for healthy financial habits you should develop to become more confident about your financial well-being. As you tackle your challenges and improve your financial health, you can reduce stress and navigate your finances in a more mindful way.
Practicing these healthy habits is also a great way to put yourself in a better position to achieve other financial goals. For example, boosting your credit can lower interest rates so you can get your dream house or car, and planning for retirement early can make a huge difference to your final nest egg amount.
Many people believe that investing is only for the wealthy, but this couldn’t be further from the truth. Our five-minute FA$Ttrack lesson on Sustainable Investing explains that investing is becoming much more common! At the same time, investors are choosing to put their money towards causes that align with their personal values.
Whether you’re new to investing or an experienced investor, a great way to practice mindfulness in your finances is by reflecting on causes you care about, then seeking ways to get involved through investing. This simultaneously gives you a voice on issues that matter to you and allows you to build a strong portfolio that may help you reach your financial goals.
No matter what your financial situation looks like, your experts at Liberty Bay are ready to help you navigate them so you can be mindful of your finances. Contact the LBCU team at any time if you’d like help setting goals and adopting healthy habits that will empower you to practice mindful financial living.