An October 2024 survey from Market Watch found that nearly half of Americans (47%) say 2024 has been the most stressful year of their lives financially, often citing high costs for essential goods like food. Additionally, 88% of Americans feel some level of financial stress, and 65% say finances are their biggest source of stress. Therefore, it’s no secret that finances can bring stress into our lives, whether for short or prolonged periods, because when financial troubles arise, it can often feel out of our control. Gratitude is one way to combat financial stress because it shifts our focus from what we don’t have to be thankful for what we do have.
In honor of National Gratitude Month, we are sharing practical tips for practicing financial gratitude and making it part of your regular financial routine.
Disclosure: This blog may contain affiliate links, which means we may earn a commission if you click a link and make a purchase (at no additional cost). We only recommend products and services we use and trust. We aim to provide valuable, trustworthy resources that enhance and simplify your life. You can read our full privacy policy here.
How mindset affects money management
What does financial wellness look like?
Financial wellness is comprised of 4 elements, according to the Consumer Financial Protection Bureau:
- Control over day-to-day and month-to-month finances
- Capacity to handle financial setbacks
- Financial freedom to make choices to enjoy life
- Being on track to meet financial goals
Get Yours FREE ➡Monthly Financial To-Do List
How does gratitude affect finances?
First, a scarcity mindset is the belief that resources are limited and focused on not having enough. This leads to financial stress, impulse spending, avoiding budgeting, and making fear-based financial decisions.
But, an abundance mindset is the belief that resources and opportunities are ample. Abundance mindsets lead to proactive financial behavior like saving, investing, and long-term financial planning because the underlying assumption is that money challenges are opportunities to learn and grow.
A research study at Harvard recently found that financial gratitude makes us more patient with long-term money goals. When we’re thankful for what we have, we shop less to find happiness and focus more on our financial future. Financial gratitude helps us feel satisfied with our current situation while building wealth over time.
➡➡ Science-Backed Benefits of Gratitude
Gratitude leads to better money habits
Overall, emotional intelligence plays a significant role in the health of our finances. If we allow our feelings of stress to dictate how much we impulse buy or if we need to buy the latest gadget to help cope with overwhelming feelings, we will likely continue to struggle to maintain financial health. Identifying and working through negative emotions before they reach their hands into your purse will help, along with practicing gratitude.
When we view our finances through a lens of gratitude, we are less likely to impulse buy or overspend. Additionally, we are more likely to save and invest according to our long-term goals. As a result, our financial situation will improve, and the stress and anxiety that many of us feel around finances will decrease. In short, gratitude produces a new mindset and better money habits to improve finances and mental health.
Find Out More-Habits to Boost Your Success This Year
Practicing financial gratitude
Daily money management and financial gratitude
With some simple daily money management practices in place, practicing financial gratitude will become second nature.
-
Mindful spending exercises
- Practice the 30-Day Rule: Put off non-essential buys for 30 days. This simple waiting period stops impulse spending and gives you time to reflect on what you need.
- Gratitude check: When tempted to buy something new, pause and take a moment to appreciate something you already have. Then, your spending will be less material-driven as a result.
-
Gratitude journaling for expenses
- Daily spending journal: For a week, track every purchase and include how you felt before and after purchasing to help identify patterns and emotional spending triggers.
- Gratitude journaling for ongoing expenses: Gratitude journaling for expenses helps shift your perspective from seeing spending as a cost to recognizing the value and benefits you gain. Include your rent/mortgage, transportation expenses, healthcare costs, and educational and self-care purchases.
-
Appreciation for current resources
- Budget gratitude: Review your budget or monthly expenses and find items or services you’re thankful to have been able to afford and reflect on how each contributes to your well-being.
- Weekly resource appreciation list: At the end of each week, list 5-10 resources that have helped you the most and reflect on the value they add to your life.
-
Regular financial review with a positive focus
- Weekly financial reflection: Take a few minutes at the end of each week to review your finances, focusing on what went well and what you’re proud of.
- Celebration journal: Keep a journal to write down your financial achievements, no matter how small. Keep your gratitude and positive mindset momentum up by recording simple things. For example, “paid off a credit card” or “saved $50 by packing my lunch for work.”
Follow these steps to create a gratitude journal ✅ Starting a Gratitude Journal
Building better money habits with financial gratitude
-
Setting intentional spending priorities
- Set intentional short and long-term goals: When you know what you’re working towards in the short-term— saving for an emergency fund or long-term— paying for your child’s college education, it puts everyday spending into perspective, leading to better money habits.
- Create a value-based budget: First, determine your top values (education, health, hospitality, etc.) and create your budget with spending categories that reflect those values.
-
Creating meaningful financial goals
- Specific, actionable, and time-bound goals: Get honest about where you want your finances to be in a year, three years, and five years. Then, set financial goals with a plan to achieve them that reflect your aspirations.
- Determine life goals: What do you want your life to look like? Where do you want to live? How do you want to spend your time? Use your goals for your life to create meaningful financial goals that will help get you there.
-
Developing an abundance vs. scarcity mindset
- View setbacks as temporary: The scarcity mindset says: “I am always going to struggle.“ An abundance mindset says: “This is a temporary challenge that I can learn from to create financial stability in the future.”
- Focus on growth instead of fear of losing: A scarcity mindset might say: “If I leave my current job, I might not find anything better, and I will regret it.“ An abundance mindset says: “This current job isn’t a good fit for me anymore. There are plenty of opportunities out there that align with my goals and will help me grow professionally.”
-
Regular financial wellness check-ins
- Evaluate your mental health around finances: Next, when you check in on your budget, assess how you feel about your finances. Are you feeling anxious? What are things you can change to meet your next goal?
- Reflect on your financial mindset and attitude: Evaluate your relationship with money. Do you have any negative thought patterns? Am I making financial decisions based on fear or gratitude?
Daily Money Manager: Your Path to Financial Well-Being
Tools to support your financial growth and gratitude
Benefits of Working with a Daily Money Manager
Daily Money Managers help to organize finances and execute financial tasks such as budgeting, paying bills, and maintaining financial records. Daily Money Managers do the heavy lifting for routine financial tasks so you can focus on setting financial goals, working on your money mindset, and practicing gratitude in your finances. Furthermore, hiring professional financial support increases your mindfulness because it provides expert guidance, structure, and accountability in your financial life.
DMM’s/Financial Personal Assistant-How a Personal Assistant Can Help with Your Finances
Creating sustainable financial wellness practices
Undeniably, part of practicing financial gratitude is knowing where your money is going. Simplifi by Quicken is a tool that helps create a budget, track spending, and set financial goals all in one place. So, if you want to make managing your finances more accessible, this tool is for you! Read a DMM’s review of Simplifi by Quicken for more details!
To complement Simplifi by Quicken, we created a free, comprehensive expense tracking template. This template aligns with common expense categories, makes tax preparation more manageable, and creates easy-to-share reports with financial professionals. Try it for FREE today!
There is a direct link between happiness and gratitude. Learn more here ➡Finding Happiness in the Everyday
Gratitude: The gift that keeps on giving
Financial gratitude isn’t just good for your mental health—it makes a real difference in your wallet. By practicing financial gratitude, we naturally spend less and manage money more wisely. What makes you financially grateful today? Share below!
