I’ve been through probably every financial crisis you can imagine, from crippling debt, bankruptcy, losing my job, not having savings or income, not knowing if I will be able to pay my rent, etc.

I’ve also had horrible money habits. I over-spent and self-sabotaged with the best of them.

Then I decided to do something about all of that, so I read all the personal finance books, took the courses, burned my limiting beliefs (literally), and more. I have done the work and have tried tons of things to stop my bad habits and help integrate better ones.

At the same time I have cultivated a more mindful lifestyle by incorporating mindfulness techniques in my everyday life, and that is where the content of this publication comes from.

This article is the first part of a series on Mindful Money Mastery, focusing on setting up strong financial foundations and changing your financial life using mindfulness.

Whether you’re new to discovering personal finance or an experienced financial guru, I think this series will have something for everyone.

Today we start with the foundation of all good plans: setting your goals and figuring out your why.

Step One: Decide What You Want

You will never be able to stick to a budget if you do not know what you want.

I am not talking about what you should want. I am talking about what you actually want.

Because of the way we were all raised, those things are often so ingrained in us that it seems impossible to distinguish between the two, which is why I am going to ask you to meditate on it, and grab a notebook.

Set aside at least twenty minutes, put on some peaceful meditation music (I like the Peaceful Meditations playlist on Spotify), turn on do not disturb on your phone, take off your wearables, close your eyes, and take three deep breaths.

Then, say out loud or quietly to yourself: “Show me my dream life,” and let yourself imagine every detail of what you want your life to look like if money was not an issue. What would you be doing every day when you woke up? What time would you be waking up? What would you spend your money on?

Imagine all the things you want to do in your lifetime. Then, once you can’t think of anything else, open your eyes, and immediately write it all down.

Congratulations, you now know what you want your money to do for you.

Now turn that ideal life into tangible goals.

That could look like paying off debt, saving for travel, having enough money so you can spend half the year in the Bahamas, or not working at all ever again.

I don’t care how impossible it might seem right now. For the sake of this exercise, I need you to assume you only get one lifetime on this planet and accept that you need to live it to the best of your abilities, so write those dreams down.

Step Two: Discover Your Values

Life happens.

Things won’t always go your way, no matter how much positive thinking you practice or how many affirmations you say in the mirror.

When things are going right all the time it’s easier to stick to your good habits and keep your goals in mind, but when things aren’t going your way, it’s even easier to lose track of what you’re working toward.

That is why you need to do some work, discover what it is you truly value, and remember why you are trying to accomplish your goals in the first place. This will be your safety net, your baseline, and your starting point if the worst should happen and you lose your financial footing.

To do this, grab a journal or notebook and set aside 30 minutes. Use the following prompts to figure out your values:

Think about moments in your life when you felt fulfilled, proud, or deeply satisfied. What were you doing, and why did it make you feel that way?

These instances often provide clues to your core values.

List your potential values and identify the 5–7 that resonate with you the most. There are no right and wrong answers here, everyone’s values will be unique.

Here are some potential values to get you started: honesty, kindness, resilience, creativity, authenticity, equality, growth, equality, family, freedom, environmentalism, etc. The list goes on, but if you’re struggling here, please google some additional values lists to get more ideas.

Once you have a list of potential values, prioritize them based on importance.

This can be done by asking questions like, “If I could only live by one value, which would it be?” or “Which values do I want to be remembered for?”

Reflect on your current behaviors and decisions. Do your actions align with your values?

If there’s a misalignment, explore why that might be the case. Sometimes, societal pressures or external influences can lead people away from their true values.

Finally, connect your goals to your values. How do each of the financial goals you listed above align with the values you identified in this exercise?

This, in turn, will help you prioritize your financial goals.

The goals most aligned with your highest priority values are the ones that you should prioritize going after.

Step Three: Align With Your Why

There’s one more journaling exercise I want you to do in order to really have a strong financial foundation.

Close your eyes one more time and ask yourself this question:

“What is it all for?”

What is your why?

Take time to explore and articulate your reasons for wanting to improve your financial future. Whether it’s providing security for your family, pursuing your passions, or achieving financial independence, your “why” serves as a compass that guides your actions and decisions, while your goals and values are the roadmap.

Your goals, values, and reason why should be fairly closely aligned with each other, but if you find that one of your goals is not aligned with any of your values, you know that you either don’t actually want that thing, or you were lying to yourself about what you value. Go back and figure out which it is.

This is your financial foundation that will guide you through everything that could go right and everything that could go wrong.

Do you have a tough financial decision to make? Considering a new job offer? Don’t know where to move to?

Your goals and your values can help you figure out solutions to each and every one of those dilemmas. This is the foundation that will catch you should you fall, and this is what you will want to have ready in order to move forward on your personal finance journey.

Check out the other articles in the Financial Foundations series below:

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