5 Lessons to Tame Your Monkey Mind for Financial Freedom

Breaking free from impulse spending with mindful finances

Have you ever worried about buying that expensive smartphone even though you already had a perfectly functional one?

Or maybe you took out another loan for something to buy luxury goods?

We usually make such decisions because it’s less painful than losing our savings.

I was like most people.

Lately, I have been reading a popular book called “Think Like a Monk” by Jay Shetty.

Our minds jump from one thought to another without really solving a problem; like a mischievous monkey, a little creature in our brain (monkey mind) messes up our financial decisions.

It feels like a monkey in your head jumping from tree to tree and distracting you from making sensible decisions.

Our mind is like a duo.

The Shin, the emotional side filled with passions and intense feelings, and the Yi, the intellectual side that houses our thoughts, ideas, and efforts to make sense of our experiences.

These two are at odds and fight for our attention.

Emotions usually win, especially when it comes to money.

We call this constant inner battle the Monkey Money Mind, a mixture of psychological influences on our financial decisions and the restless nature of the monkey mind, a concept borrowed from Buddhism.

Jay explains in his book that our mind instinctively reacts like a child when challenges arise.

We shouldn’t let this automatic reaction rule us, Jay warns.

Our inner child brings with it spontaneity and creativity, but that doesn’t mean we should allow it to put on a show or risk going downhill.

This is where the adult mind comes in, what Jay calls the ‘monk mind’.

It’s calm, composed, and not easily rattled.

It hits the pause button, takes a step back, and looks at the bigger picture.

This way, we can evaluate our reactions and check whether they’re right for the situation.

So, look at your inner monk next time you feel that mental monkey business.

How the monkey money mind messes with us

Imagine you go to a store and only want to buy what is on your shopping list.

Suddenly, your Monkey Money Mind starts whispering in your ear.

It says, “Hey, wouldn’t those shiny new shoes look good on you?”

Before you know it, you’re walking up from the store with a cart full of bags.

This monkey business often leads us to make emotional purchases.

These decisions are driven by social pressure or the desire to fit in.

We end up buying things we don’t need or can’t afford just to keep up with the latest trends.

The Monkey Money Mind also loves instant gratification.

It is easy for the Monkey Money Mind to convince us to buy something that will give us immediate pleasure rather than long-term financial benefits.

We tend to splurge on things that give us immediate pleasure but leave our wallets empty, even though we know that saving for the future would be a wise investment.

This leads to doubt and uncertainty caused by our impulsive nature, which can make us second-guess our decisions.

Taming the monkey

Let’s talk about how to outsmart the money monkey and make smarter life and financial decisions.

Step 1: Be mindful

The first step is to remain aware.

Be mindful of the Monkey Money Mind’s tricks to regain control of your brain.

Take a moment to pause and reflect whenever you feel that emotional pull.

Ask yourself if it’s just a random thought or if this decision aligns with your long-term financial goals.

It’s about understanding why we act the way we do with our hard-earned pennies.

If you need help understanding the monkey’s mind or finances, seek out books, podcasts, or the advice of an expert.

The book Monkey Money Mind by Chris Zadeh and Angelique Schouten shows you how to turn your money decisions around so you can realize your financial dream.

Step 2: Set clear financial goals

We’ve been hearing this advice for ages, that it’s so important to set clear goals to become financially independent.

This makes it easier to have a clear roadmap for dealing with money.

The main benefit is that it prevents impulsive purchases, which prevents us from losing our financial well-being.

You can use any good offline journal to define and track your financial goals.

Planning, ticking off tasks, and acting to make a positive difference.

It’s about self-care, tracking career and financial goals, and maximizing productivity.

Whether studying, working, or trying to juggle everything, keeping a task diary is the best way to track your progress.

Step 3: Seek Professional Advice

Finance is a complex subject that is hard to master.

We all need a little guidance from financial advisors or planners.

They are the experts when it comes to providing an objective perspective that is free from the influence of the Monkey Money Mind.

With the help of an expert, you can create a solid financial plan aligned with your goals, income, and spending.

Step 4: Practice Mindfulness

You may be wondering how mindfulness can help you with your finances.

Well, it can guide you through the decision-making process without emotional baggage.

We need to be present in the moment to tame the monkey truly.

Mindfulness techniques such as meditation and deep breathing exercises can calm the restless Monkey Money Mind.

By practicing mindfulness, we reduce anxiety, gain clarity, and make decisions based on logic and reason rather than emotional impulses.

Use tools like the Headspace meditation app to build mindfulness into your daily routine.

Step 5: Educate Yourself

I love a quote from Robert Noyce, the co-founder of Intel.

Knowledge is power. Knowledge shared is power multiplied.

The more you know about personal finance, investing, and economic trends, the better equipped you are to make informed decisions.

Attend workshops, read financial blogs, and keep up-to-date with relevant news.

The more you know, the more confident you will feel.

The book The Millionaire Next Door by Thomas J. Stanley and William D. Danko gives insights into the habits and practices of millionaires and helps you change your mindset about wealth.

Wrapping It Up

The Monkey Money Mind and how it influences our financial decisions.

It’s a real challenge, but you can regain control with awareness, clear goals, professional guidance, and mindfulness.

Even the financial gurus struggle with their monkeys.

As a small gift for your journey to financial sanity, read the books and educate yourself.

They are the bananas you need to keep your Monkey Money Mind in check.

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