In times of economic volatility and uncertainty the tenets of Mindful Money are even more important! I thought it would be helpful to share some reminders this week:
1) There is Power in the Pause
Emotions, fear and uncertainty are high right now. Before making a money choice, pause. Ask yourself if you need to make this decision right now, or if you can sleep on it, or reach out to a trusted advisor/friend. The market will always have very good days and periods, and very low days and periods.
While it may not feel like it while it’s happening, downturns in the market are normal. Making choices from a place of panic is not likely to serve your long-term goals.
2) Pay Attention To Messages From Your Body
Does talking to a particular person, watching the news, or scrolling on social media feel good in your body? You can choose to end a conversation, turn off the TV, and put your phone away. Yes, it’s important to stay informed–but just like everything else, balance is key. Exposing ourselves to too much negative news can have an impact on our mental health, and that anxiety can contribute to poor decision making.
3) Do Something Creative
Creativity is good for your brain and provides an outlet for emotions. “Creative expression stimulates your brain in ways that improve mental clarity, emotional balance, and cognitive flexibility.”
4) Create and Maintain Your Mindful Budget
During times of economic growth, a budget is integral to achieving your goals. This is also true during a recession. How much money you have leftover at the end of the month fluctuates, but the importance of knowing where your money is going never changes.
