Parents try to ingrain the importance of financial wellness into their children at an early age to encourage healthy spending habits, and most likely, your parents were no different. Fast forward some years later, and you’re on a financial journey that could see improvement.
Here are six feasible ways to become a mindful spender.
Consider Your Current Valuables
To become a mindful spender, you want to consider everything you currently own. It would be ideal if you conducted a full assessment of your valuables; you can separate the task by room. Doing this will allow you to see the complete scope of items and clothing you own so that you won’t buy double.
This would also be a fantastic time to eliminate anything that no longer serves your purpose and promote organization within your space.
Create a Spending Plan
Budgeting is a sure-fire tactic to use when creating a spending plan. By establishing a budget, you’ll have a clear picture of your income and expenses to formulate your debt-to-income ratio.
You can keep a spending journal to improve your finances and track where you spend the most. Doing so allows you to hold yourself accountable and set goals, eliminating financial stress.
Pause Before Buying
If you’re a chronic big spender, this tip may speak volumes. Say you had a not-so-stellar day at work and are feeling down. Upon browsing your local clothing store, you notice a gorgeous yellow shirt.
However, you notice that the price is out of your budget, but that doesn’t deter you from picking it up and taking it to the nearest register. One of the first thoughts to race through your mind is that you deserve this purchase after having a bad day.
While no one deserves to have bad days, take a moment to think about what you’re about to do. While the purchase may give you instant gratification, the feeling may leave once you realize its cost and end in buyer’s remorse.
Disable One-Time Click Features
One of the most detrimental features available to shoppers globally is the ability to purchase items with just one click.
While it’s efficient and helpful for recurrent purchases for periodic essentials, one-time click features may also tempt a shopper to purchase an item without having thought it through, resulting in buyer’s remorse.
Pay With Cash
Another way to become a mindful spender is to use cash in favor of credit and debit cards. Handling money when making those more significant purchases may help you slow down on your spending roll.
You can start by withdrawing a certain amount each day and conducting purchases that stay within that limit.
Ask for Help From Friends
Lastly, share your goals of mindful spending with your friends! This financial shift doesn’t happen overnight and may take several tries until proven successful. Your friends can help keep you on track and talk you out of those unnecessary purchases that can land you in debt.
Becoming a mindful spender is quite the feat to overcome, but with some strategy and reflection, you can learn to engage in healthier spending habits and build your financial wealth.