Becoming More Mindful About Money
In our busy lives, it’s easy to fall into autopilot with our finances: swiping a card without thinking, subscribing to services we don’t use, or spending to relieve stress rather than to meet our needs. Mindful money habits help you pause, reflect, and make intentional choses that align with your goals and values. Read along as we give you tips to help you become more mindful about money.
Prioritize Needs Over Wants
Scrolling on social media, there are always advertisements telling us we need certain products. It’s easy to believe we need things and that they’ll make our lives better. Sure, you might feel instant relief or happiness when you purchase something new, but those feelings don’t usually last forever. Instead, focus on what you need rather than what you want.
You don’t always need to have what everyone around you has. Trends come and go and there is no need to spend money on trendy items that you don’t need. When feeling the urge to purchase something, ask yourself, “Do I need this?” If the answer is no, you can quickly move on and keep that money stored in your bank account.
Create a spreadsheet of necessary expenses each month. This will help you see exactly how much money is going to the necessities each month and how much is left to save.
Set Intentional Savings Goals
Do you have a dream vacation spot you’ve been wanting to go to? Do you have student loans you need to pay off? Is your car nearing the end of its life? Whatever it is you want to accomplish, savings goals can help you get there.
If you’re wanting to go on that vacation or purchase a new car, start setting aside money each month that is specifically dedicated to that. If you have loans to pay off, incorporate a loan section in your monthly expenses spreadsheet. You can even make a spreadsheet dedicated to your loan and see how much you have paid off, how much you have left, and how much interest you have paid.
If you have certain goals in mind that you want to reach, it will become easier to be more mindful with your spending. You will have an easier time saying no to unnecessary purchases if you remind yourself of the dream you are working hard at accomplishing.
Check Your Bank Accounts Often
Rather than going on a spending spree without knowing how much money you have in your bank accounts, regularly check them. This will help you avoid spending beyond your means while saving money.
It’s good to always know how much you have in your accounts so you can keep track of your financial goals. Expenses add up quickly and if you’re not regularly checking, you might be shocked when you see how much you have spent.
Practice Delayed Gratification
Did something unexpectedly catch your eye and you’re wanting to purchase it? Allow yourself 24 hours to think about the purchase and decide if you really need it. More times than not, you’ll choose that it was just something you wanted and didn’t need. Your wallet will thank you for taking the time to think before making a purchase!
Practice Gratitude
If you’re ever feeling the urge to go on a spending spree, write down what you’re grateful for. This can help you realize you have a lot of things already that bring you joy. It’s also a great way to relieve stress, which can be a major cause of splurging. Not only will you feel calmer, but you also might not have the urge to make those purchases anymore.
There’s so much to be grateful for and we often forget about them. It’s easy to put our blinders on and only focus on the things we want, rather than focusing on what we already have. Writing or even just thinking about what you’re grateful for can do great things for your mind and bank account.
Change Your Routine
Are there purchases you make everyday that you could live without? Maybe you buy a coffee every morning or eat out most days. These daily habits add up fast and aren’t exactly necessary to have. Instead of spending $6 each morning for a coffee, start making your coffee at home. Meal prep for the week so that you don’t have to worry about what you’re going to eat each day. People like to go out for dinner when they don’t have ingredients at home or when they don’t feel like cooking. Dedicate a day each week to get all your groceries and plan ahead what you’re going to cook.
Think about other habits you might have that you could change to help save more money. You might be surprised by how many habits you have that are hurting your bank account. It’s never too late to make simple changes to your daily routine!