Mindfulness and money: Achieving financial goals with a holistic approach

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Understanding the ins and outs of personal finance is an essential life skill that influences our comfort, security, and the ability to fulfil our dreams and aspirations.
The financial planning that we undertake today lays the foundation for a secure tomorrow. But as much as it is about numbers and calculations, financial planning is also about creating the life that we wish to live. Hence, starting early in this journey is crucial as it provides a wider time horizon to build wealth and cushion oneself against life’s uncertainties.

However, financial planning can often feel stressful, which is why it is important to adopt a holistic and mindful approach to it; a path that allows us to grow our wealth and meet our goals without compromising on peace of mind.

Here’s an overview of what to take into consideration when creating a holistic financial plan.

  • Table of contents
  1. Determine your financial goals
  2. Create a budget
  3. Emergency fund
  4. Planning for retirement
  5. Investing in the future
  6. Investing to grow your wealth
  7. Planning for big purchases
  8. Tax efficiency: Keeping more of what you earn
  9. Consulting with a financial advisor
  10. FAQ

Determine your financial goals:

The first and most important step in any financial plan is to identify your financial goals. A financial goals planner isn't just a document; it is a set of strategies tailored to prioritise and achieve one's desired financial outcomes. From short-term objectives like planning a vacation to long-term ambitions such as ensuring a comfortable retirement, setting clear and realistic targets is key. Understanding how to achieve financial goals starts with categorising them into short-term, medium-term, and long-term, each requiring different strategies and financial tools.

Create a budget:

Creating a budget is the blueprint for financial success. It's about balancing your income against your expenses to ensure you live within your means while investing for the future. An effective budget can track your spending patterns, help you cut down on non-essential expenses, and allow you to allocate funds towards your goals systematically.

Emergency fund:

We can prepare all we like, but life doesn’t always go according to the plan. An emergency fund is your financial safety net, designed to cover unexpected expenses like medical emergencies or sudden job loss. Ideally, it should cover three to six months of living expenses, kept in a readily accessible form like a liquid fund.

Planning for retirement:

Retirement may seem distant, but planning for it is one of the most significant financial goals. Starting early can make the difference between retiring in comfort or facing financial challenges during your golden years. Contributing to a retirement fund or investing in pension schemes ensures that you have a steady flow of income when you no longer get a regular paycheck.

Investing in the future:

The cost of education is ever-rising, and starting to save early for your child’s education can ease financial burden in the future. Utilise instruments like education savings plans or mutual funds that offer good returns over a long period.

Investing to grow your wealth:

While saving is essential, investing is what really grows your wealth. Diversify your investments across assets like stocks, bonds, mutual funds, and real estate to optimise the return potential while managing risks. This approach allows your money to beat inflation effectively over the long term and grow your wealth over the years.

Planning for big purchases:

Any significant purchase, like buying a home, requires significant capital, which can often create the need for a loan. Financial planning for such purchases involves saving for down payments, understanding loan terms, and ensuring that you have the income to manage repayments without straining your finances.

Tax efficiency:

Keeping more of what you earn: One of the key elements of financial planning is understanding and making use of tax-saving options. Tax efficiency is about structuring your investments in a way that minimises tax liabilities legally. It ensures that you keep more of what you earn, and your investments continue to grow.

Consulting with a financial advisor:

While self-planning is good, consulting with a financial advisor can offer expert insights tailored to your financial situation. Advisors can offer a holistic approach to financial planning, making sure that all aspects of your financial life are geared towards achieving your goals.

Embracing a mindful approach to financial planning goes beyond just accumulating wealth. It involves aligning your financial practices with your life values, so that every financial decision supports your overall life goals. It is a continuous process of evaluation and readjustment to keep your finances in tune with the changes in your life.


Financial planning is not simply a task but a journey towards financial independence and fulfilment. By doing things like setting clear financial goals, creating a detailed budget, preparing for emergencies, saving for retirement, and investing wisely, you can undertake this journey successfully. It is important to remember that a holistic approach to financial planning isn’t simply about reaching a destination; it is as much about enjoying the journey, equipped with the peace of mind that comes from financial security.


How can mindfulness practices improve my financial well-being?
Mindfulness can enhance financial decision-making by promoting awareness of spending habits, reducing impulsive purchases, and fostering a deeper understanding of the connection between values and money.

Can mindfulness help with long-term financial planning and goal setting?
Yes. Mindfulness can help in setting realistic financial goals, cultivating patience for long-term outcomes, and fostering resilience in the face of financial challenges.

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This document should not be treated as an endorsement of the views/opinions or as investment advice. This document should not be construed as a research report or a recommendation to buy or sell any security. This document is for information purposes only and should not be construed as a promise on minimum returns or safeguard of capital. This document alone is not sufficient and should not be used for the development or implementation of an investment strategy. The recipient should note and understand that the information provided above may not contain all the material aspects relevant for making an investment decision. Investors are advised to consult their own investment advisor before making any investment decision in light of their risk appetite, investment goals and horizon. This information is subject to change without any prior notice.