Inside: Use these mindful money tips to help you save more.
In today’s world, mindful living isn’t just about simplifying our environment or practicing gratitude. It’s about bringing awareness to all aspects of our lives – including our personal finances.
Our finances have a tremendous impact on our overall well-being. Virtually every aspect of our lives is tied to money in some way, from our physical security and health to our education, our ability to explore the world, and our ability to pursue the hobbies that bring us joy.
Because of this, it’s easy to see why money – or the lack thereof – can contribute to stress and anxiety in a major way. When we live paycheck to paycheck or have to scramble to cover the cost of an unexpected expense, finding peace and relaxation is difficult, if not downright impossible.
The good news? There are things you can do to improve your finances.
By adopting mindful spending habits, you can enhance your ability to save money. Most experts recommend having enough cash in your savings account to cover three to six months’ worth of your everyday living expenses – but the more you can save, the more peace of mind you’ll have.
From understanding our spending, being intentional with our savings, and aligning our financial habits with what truly matters to us, here are some ways you can be more mindful with money and save more.
Mindful Money: 5 Ways to Be More Intentional with Your Finances
Use these tips to be more mindful of your money.
Tip #1: Be mindful of what you spend.
Most of us use credit or debit cards to pay for virtually everything we need. While the convenience of being able to simply swipe your card or key in your information online is nice, it makes it absolutely effortless to spend our money.
That isn’t always a good thing.
If you aren’t mindfully watching what you spend, it’s easy to lose sight of where your money is actually going – or how much of it is flowing out of your bank accounts. A meal out here, an impulse purchase there, or a new subscription service for a monthly beauty box… it adds up faster than you might think.
And that’s the problem. If you aren’t checking your bank account often to see where your cash is going, or how much is left in your account, chances are you’re spending more than you think on things you don’t actually need.
Make it a habit to check your bank transactions regularly – weekly, or even daily. The beauty of debit and credit cards is that you can easily keep tabs on everything you’re spending through their app or website.
Some banks even allow you to categorize and filter your transactions by type, making it simple to see how much you’re actually spending at restaurants, for example.
Consider creating a no-buy list for the year to avoid spending more money on unneeded items.
Tip #2: Set intentional goals for savings.
Curbing your spending habits will give you more money to save – it’s a pretty simple equation.
But for some of us, it can be hard to actually let that money sit unspent in a savings account. You could use it for so many other things that you want. How can you resist?
Setting intentional savings goals can help. By thinking deeply about the things you truly want to use that money for and keeping those reasons top of mind, you can make it easier to watch those savings accumulate without feeling the temptation to splurge.
Determining in advance how you want to allocate your funds and creating a corresponding money rule can help you keep that savings set aside.
For most of us, our first savings goal should be an emergency fund – three to six months of expenses.
It’s a safety net in case we lose our job, fall ill, or suffer some other misfortune that would otherwise put us out of work. Having enough to cover your bills and everyday living expenses like groceries is critical.
Beyond that, it’s really up to you. Maybe you’re dreaming of taking a trip abroad to explore another culture.
Perhaps you’re ready to stop renting and purchase a home to build equity and give yourself a sense of security. You might want to start your own business or replace an unreliable vehicle. The options are endless.
The important thing is to identify what your goals are and stay laser-focused on them. By keeping those goals front of mind, you’ll keep the temptation to spend at bay.
Tip #3: Prioritize needs over wants.
Being able to differentiate our wants from our needs is key to mindful spending. Thanks to endless advertisements on social media, television, and virtually anywhere else we look, we’re constantly made aware of things that we’d like to have, but don’t actually need.
On the other hand, there are plenty of things we need to purchase that aren’t particularly enticing.
Groceries aren’t too glamorous, especially when you don’t love to cook, but you need to fuel your body, and you probably don’t want to spend the cash to purchase every meal out.
Learning how to identify and prioritize your needs over your wants will help prevent impulse purchases and ensure your money is spent on things that truly add value to your life.
Tip #4: Practice delayed gratification.
Another tip to help you be more intentional with shopping involves learning how to resist the urge to spend, even when the desire is strong. You’ve heard the saying “patience is a virtue,” and it certainly applies here.
When you feel the temptation to buy something you don’t actually need, commit to waiting at least 24 hours before moving forward with the purchase.
This waiting period will give you a chance to decide if the purchase is something that aligns with your goals or is just a fleeting desire.
This level of discipline might be hard to enforce at first, but it’s a good money habit to have, and it will get easier over time.
Tip #5: Cultivate gratitude for the things you already have.
Practicing gratitude is essential for mindfulness in all aspects of our lives, including our money.
By being grateful for the things we already have on a regular basis, we’re less likely to be enticed by newness or advertisements for “must-have” things.
You should make a habit of gratitude by regularly reflecting on the things you’re grateful for, especially the things that don’t come at a cost. Your relationships, your health, and the little things in life that bring a smile to your face – a warm cup of coffee in the morning, a beautiful sunset from your backyard, a quiet afternoon with a good book in your favorite chair.
By practicing gratitude and cultivating that sense of satisfaction with the things you already own, you’ll find yourself less inclined to splurge on material purchases, which can lead to savings.
How can being more mindful help you save money? Leave a comment and let me know what you think.
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