Mind-Money Connection Explained

Updated: Jan 14

The problem

We all pay to live (In one way or another). As money functions in all dimensions of our lives; personal, social and professional, it impacts our wellbeing and sense of place in the world. Behaviours like navigating uncertainty, decision-making. Impulse control is really difficult in our modern world of immediate gratification and transitive desire. ​ Balanced money management contributes profoundly to our long-term stability and wellbeing, and the inverse is true too. Those who contend with their mental health are more likely to be in debt.

​We believe that mindful money management is part and parcel to wellbeing.

The Science

Navigating uncertainty, decision-making, and impulse control are some of the fundamental brain functions that we use to navigate the world. Including how we behave around money. And while modern economic theories assume we make decisions as rational beings, these same theories miss out on a myriad of other factors at play. Various influences that affect the rational utility-based comparison between options are dependent on individual differences. Time constraints, cognitive biases and emotions deeply impact our decision-making processes. We’re all emotional beings, and the spectrum of neurodiversity means all minds function with differing abilities. So the common model doesn’t work because we’re not all common. Understanding our characteristics can give us insight into our motivations and actions. Self-knowledge can be a tool to make better decisions and cultivate holistic wellbeing. It’s the first step to knowing how best to use our wallets to nurture, not harm our minds.

Financial Mindfulness

Cultivating better capacities to regulate our actions which lead to unhelpful spending behaviour and financial stress is critical. Financial wellness and mental health are self-feedbacking loops. The positive effects in one will reverberate into the other. We use the practice of mindfulness to prompt attention to the entire experience around money; from cataloguing our stresses and anxieties around budgets to our emotional states in all phases of buying. Mindfulness as a practice is based on the concept that all humans can be fully present and aware, and that with connection to the present, we are less vulnerable to the stressors and pressures of the outside world. An active and constant process of awareness of and attention to our thoughts and attitudes surrounding finances is critical to building long-term and achievable financial goals, and empowered decision making around money. The road to independence is full of signposts to better take care of our money and our minds.