“You can have a Masters degree in making money,
but you will still wind up broke if you have a PhD in spending it.”
Orrin Woodward
Argh … when Amazon introduced their ‘Buy Now’ feature, it appeared to be so marvellous, so clever. The speed and ease of ordering whatever-it-is with 1-click of a button was revolutionary … but hazardous!
And so, I mindfully and intentionally ‘broke up’ with Amazon’s 'buy now' feature. We are no longer friends.
Why? Because I believe in the power of mindful spending!
So what is mindful spending and how does it help?
We all know that money plays a significant role in our lives. It enables us to pay for our basic needs and provides us with opportunities for growth and happiness. However, sometimes we can fall into the trap of overspending and neglecting our financial health.
Sound familiar?? That's where the concept of mindful spending can make all the difference!
Mindful spending is about being aware of our spending habits and making intentional choices with our money. It's not about depriving ourselves of things we enjoy but rather making sure we're spending our money in a way that aligns with our values and priorities.
By being intentional with our money, we can:
🙌 Reduce financial stress & anxiety
🙌 Avoid unnecessary debt
🙌 Save money for future goals
🙌 Make wiser, more comfortable choices with our money
🙌 Feel more fulfilled in life by spending our money on things that matter to us.
So … are you ready to start practicing mindful spending?
Here are my top tips to help you create some good, long lasting, habits:
🧺 Basket before buying
I highly recommend this one (as you can tell from the email subject!). Pausing before making a purchase (i.e. leave it in the basket), ideally for at least 24 hours, gives you time to consider if you really need or want the item, and if it’s worth the cost.
❓ Ask yourself … is it a ‘need or a want’?
Love this simple question. It really helps to decide what to buy, or not to buy. Do you need or want to by that item? Could the money be better spent or saved elsewhere?
🛤️ Track your spend
The key to mindful spending, is awareness & understanding of where your money goes. Daily tracking (small steps, regularly) is my favourite tool as it helps you zone in and identify areas where you can make adjustments.
⚖️ Boss that budget!
You are the master, the holder of the keys. Intentionally carve up your income and decide where you want your money to be spent and saved. Don’t leave it to the gods of ‘see-how-we-go’ to decide.
🛒 Shop around
Compare prices, consider the environmental impact, opt for ethical, choose different providers … don’t settle for the first option that presents itself.
🚫 Don’t compare with the Joneses!
Easier said than done, but do remind yourself to be grateful for what you have and avoid comparing yourself to others. By focusing on what you have instead of what you lack, you'll be less likely to overspend and feel more content.
In today’s fast-paced, 1-click world...
... it is easy to fall into the trap of impulse buying, overspending, and living beyond our means.
It doesn't have to be this way
By practicing mindful spending and applying these tips, you can save money, achieve your financial goals, reduce stress and increase your well-being.
Has today’s blog resonated with you? Click here and let me know.
And if you feel your spending habits are not in your control, and you would like to feel more confident and calm around your money management, why not arrange a FREE mini 121 with me to chat about ways I can help.
And if you enjoyed this week's blog, please tell a pal you think it might interest.
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