5 Tips to Save Money with Mindful Spending
No matter how good you are at managing your money, anyone can benefit from mindful spending techniques. It’s a great way to curb your impulses and make more careful financial decisions. Mindful spending also helps you to stay on top of your budget and prioritize. You’ll finally learn how to develop better habits and a healthier attitude towards your spending. Here are five mindful tips to help you save money.
Monitor your spending
Make a realistic budget and review your transactions on a regular basis. This way you can monitor your spending habits to see if you can make any cutbacks. Factor in your accounts as well. If you’re not managing to pay off your credit card bills each month, look into ways you can save money. If you’re struggling with your credit card payments, there are different strategies for credit card debt relief.
No one-click buying
By denying yourself one-click buying you’re taking away the option of compulsive spending online. There are many ways mindfulness can help you regain control. By disabling one-click buying you’re removing the temptation. Don’t save your card information online and if you need to, avoid shopping apps altogether.
Set aside guilt-free funds
There’s no reason why you can’t treat yourself from time to time. You could set aside a checking account for guilt-free spending, once you’ve budgeted for your main expenses. Mindful spending doesn’t necessarily mean depriving yourself of any fun, it’s more about taking care to make the right decisions and prioritize. Give yourself some freedom with a “fun” budget that you can dip into whenever you like.
Pause before buying
Mindfulness is all about meditation, pausing, and taking the time to think. It’s a good idea to take your time, or sleep on it, before making any big financial decision. Mindfulness teaches you how to clear your mind and focus on the present and what’s important. You can learn more about mindful meditation online through video tutorials.
Instead of buying something without thinking, ask yourself a couple of questions. How many hours would you have to work to earn that money back? What else could the money be used for? You might find that after thinking about it for a few seconds, the purchase might not be worth it.
In order to prioritize your budget, it’s important to evaluate what’s important to you. Think about the long-term. A little retail therapy might give you instant gratification, but it’s important to think about if it will bring you joy later on. Try to plan what you do want to save money for in the future, whether it’s saving for a property, a car, or traveling.
A few mindful practices can keep you from browsing unnecessarily and teach you to prioritize. It doesn’t have to mean not having fun at all. It’s more about taking the same mindful approach you would to other aspects of your life. With a little mindful spending, you can stay on top of your spending and your budget.