Step 5 Financial Wellness: Spend Mindfully
Creating and sticking to a budget is easy; carrying through on your plan is the hard part. For some people, the gap between what they want and what they do is a failure to spend mindfully. When every buy is just a swipe away, it can be super-tough to rein in that spending instinct – but it is possible. Here’s how to learn the art of mindful spending.
Find alternative ways to de-stress
Choosing to go shopping to reduce stress, deal with challenges, or escape real life for a bit makes it difficult to make smart, responsible choices. In addition, the bills or extra debt you’re creating will increase your stress levels in the long run. Instead, find another way to lift heavy moods. Find someone to talk to, take a long, hot bath, go for a jog while zoning to your favorite pick-me-up playlist or take up a forgotten hobby again.
Consider disabling the one-click feature for online shopping
If you’re big into online shopping and often buy more than you’d planned, consider disabling the one-click feature on sites like Amazon. You can also choose not to have your device “remember” your payment information, so you have to input it whenever you shop, so there is more resistance to your purchases. It may give you just enough pause to reconsider.
Put large purchases on hold
One of the best ways to avoid buyer’s remorse is to put all large purchases on hold. Set your dollar threshold for what you consider a large purchase and resolve to wait a set time before completing any purchase at or above the amount. This goal will give you time to think about it and allow you to consider whether you really want to spend this money now.
Avoid temptation
It’s hard to keep telling yourself no when temptation constantly flashes across your screen. Opt out of social media accounts that get you to spend more than you should and unsubscribe from email lists. Avoid browsing on brand sites that trigger overspending and only visit when you need to buy something.
Mindless spending can be the undoing of the most carefully crafted budget. Follow these tips to learn how to spend mindfully. And mindfully spending means more money in your account. If you like this post, make sure to check out all of our MoneySmart Tips.
