ZEN AND THE ART OF financial peace of mind

Master your finances and improve your relationship with money by taking a few pages from the Zen mindfulness playbook

- KEITH BAIN

Zen is a concept that most of us associate with tranquillity and peace. It’s a school of philosophy within Buddhism that is concerned with using meditation – mental focus and absorption – to achieve a particular state of mind. A state of mindful control. A state of Zen.

As woo-woo as it sounds, there are benefits to be reaped by applying this school of thought to our finances. Rather than being esoteric and a bit “out there”, Zen’s practice of mindfulness offers eight simple steps that just about anyone can follow to cultivate a healthier relationship with money.

STEP 1

Live in the here and now 

Being Zen means looking at your situation in a calm, unemotional – or unattached – manner. It is entirely rational. For some of us, knowing where we are, in this very moment, is difficult. Many of us project ourselves into an unknown future rather than facing up to our present-day reality. Being mindful about money starts with knowing precisely where you stand financially, so that you can begin to take firm action to improve what requires attention.

Start by taking a realistic look at your financial situation. Take stock, create an inventory, look at your monthly income and expenditure, list all your debts and know exactly how much money you have. Knowing where you are financially gives you a clear point from which you can move forward.

STEP 2

Make a mindful budget