Gratitude and Money
Without a healthy money mindset, you might think two things could never be more opposite than gratitude and money. To an extent, you’re right! But when you want to be better with money and improve your finances there is a connection between gratitude and money you should know about.
If you’re new to radcoaches you should know we believe in consistently working toward balance in your life. Especially when it comes to how you use your money. We believe deeply that your Financial Wellness can significantly improve your overall wellbeing.
While reducing financial stress, having confidence in your financial future and increasing your income is important. We are well aware that even though it helps, money will never truly bring happiness.
Which is why we were not surprised when we found this study from the London School of Economics.
More Money vs. More Gratitude
According to the study, if your income was doubled today your happiness would increase by an estimated 10-25%. Sounds pretty reasonable. Who wouldn’t be ecstatic to increase their income that much?
But what was really interesting was they also discovered a simple 5-minute daily gratitude practice has the same positive effect on your overall happiness!
In fact, a gratitude practice can do a lot to help you improve your finances!
How a Gratitude Makes you Better with Money
Participants in various studies have experienced that a simple 5-minute Gratitude Practice can…
- Increase happiness as much as doubling your income.
- Increase ability to delay gratification for a higher future pay-out
- Decrease unnecessary spending
- Improve ability to focus on long-term goals
What is a Gratitude Practice?
Simple, it’s setting aside time in your day to be thankful for and appreciate the things you have!
It’s taking 5 – 10 minutes everyday to write down what you’re grateful for, ideally first thing in the morning. You can focus on anything from fresh air, to a large life event, or a special person in your life.
Another reason to add this to your morning routine is that it can actually help you achieve your financial goals. Speaking from personal experience and feedback from clients, the longer you focus on what you are grateful for the less you think about wants or get distracted from bigger goals.
Here are a few more benefits that I’m sure you will enjoy. People who regularly practice gratitude have better sleep, are better equipped to deal with a crisis and build strong relationships.
How to Start a Gratitude Practice of Your Own:
Make it a Priority
Set some time aside in your morning routine. Write it down in your planner as you build the habit. Carve out the time so you can be fully present and enjoy the process. There is no benefit if you rush the practice. Take 5 – 10 minutes each morning.
Write it Down
Use a journal to write out your gratitude practice. Writing opposed to just thinking helps build a deeper connection and lasting sense of gratitude. That increases your realized benefit and makes a larger impact on your life.
Be Specific
It’s difficult to connect to vague sentiments. So instead of writing down “My Job” – write what you are grateful for about your job. Example: “I’m grateful for a job where I can help others and have a sense of fulfillment”.
Mix it up
Try not to repeat the same things you’re grateful for every day. Keep the practice alive by thinking of a variety of things that bring joy to your life. Experiences, small moments, people, etc. Avoiding repetition will keep you actively engaged in the practice.
Focus on things money can’t buy
There is nothing wrong with being thankful for clothes on your back and a roof over your head. But a deeper sense of meaning can be found when focusing on the unique and priceless things that surround you. Examples: Meaningful relationships, nature, life lessons or experiences.
If you want to learn more about the connection of gratitude an money read how to Journal your way to an Abundance Mindset
Let us know, do you have a gratitude practice or are you new to the concept? What is one thing that you are grateful for? Leave a comment below – we can’t wait to hear from you.
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