Meditation can reduce the ‘drive to spend’ habit in surprising ways. When alluring and expensive products are pumped into the market at a rapid pace, the drive to save becomes more challenging. Everything from new technologies to newest beauty products carry promises that entice the consumer to chase after the exhilarating feeling new purchases create. While purchases and expenses are on the rise, the pay raise is growing at a snail pace. According to Market Watch, “Base pay is expected to rise 3% in 2018, up slightly from 2.9% in 2017.” What happens, then, is decrease in available funds that contribute to most Americans sense of stability.
Meditation is a practice that positively affects almost all areas of a person’s life. The practice has the power to create better relationships, better mental health, and better financial management, just to name a few. This cost-free habit can help immensely by taking you out of the ‘drive to spend’ loop that may feel uncontrollable at times. Here are ways meditation can help you save money:
Delayed gratification
Viktor Emil Frankl, an Austrian neurologist and psychiatrist, said, “Between stimulus and response there is a space. In that space is our power to choose our response. In our response lies our growth and our freedom.” You are constantly stimulated almost everywhere you turn, from commercials to billboards. An example of a stimulant is a burger commercial. This commercial tests your self control. Your response may be to go purchase the delicious looking burger for instant gratification. With meditation, you become more patient in the space between stimulus and response so that you can make better choices. Meditation teaches you how to delay your need for gratification, which may keep you from spending money on impulse
Learned comfort with boredom
A big portion of the alluring and expensive products that are pumped into the market aim to alleviate boredom. The desire to avoid boredom is a shared experience. Watch a child jump from toy to toy, or unable to sit still and you will observe their need for constant stimulation. You take this need into adulthood. Without mindfulness and meditation, you will constantly search for new stimulants to avoid boredom. Meditation is a practice of sitting still. The practice grows your ability to sit without stimulation, other than the sounds around you and the sensation of your body. As you learn to reduce your need to alleviate boredom and find freedom in stillness, your expenditures will decrease as well.
Career growth through higher focus
Seldom will you be able to progress in a career or learn a new skill that will enhance your growth without the ability to focus. The challenge of staying focus becomes more difficult as the easier assessable entertainment and distractions are. As you learn to meditate, your ability to refocus your wandering mind will grow. This practice translates to your day to day business functions. If you are tasked with a difficult job, you will be better at maintaining focus as your brain becomes more trained at sticking with the challenge. Meditation will bring you clarity and increase your ability to stay attentive, which will help you excel at your work.
Managing money requires more than just numbers. Your emotions, aspirations, and fears are all intertwined with the state of your finances. Get out of the ‘drive to spend’ loop by slowly implementing the practice of meditation into your daily routine. Stick to a daily routine of meditation by starting off with just 5 minutes a day. Although challenging to start, this practice becomes easier and easier and the benefits will increase exponentially!