Mindful Spending

Mindful Spending

There is only one true way to improve your monetary situation and change things around to find ways to save.  This is the key to saving thousands of dollars every year and guaranteed will make you a millionaire by retirement.  The trick is “mindful spending.”  I know most of you think you already do this all the time, but even the greatest budget minded savers often fall off the wagon and spend too much on everyday life.

Ask yourself these 10 questions.  This will get you started, and remember they are not designed to judge you; but rather to help you identify the behaviors that trigger overspending.

  1. Do you show without a list?  Do you have a list, but buy more than what is on the list?
  2. Do you shop on-line frequently?   Do you spend more when you’re alone?
  3. Do you subscribe to things and then forget about them?
  4. Do you buy things “just in case you need them” at some future date?
  5. Do you buy more than you “meant to” at a certain store or on-line?
  6. Do you become unsatisfied with what you have and want to upgrade (home, cars, electronics, clothes, shoes).
  7. Do you buy things in bulk, even when you don’t need that much?
  8. Do you buy what you see friends or neighbours wearing or using?
  9. Do you spend money on experiences – like dining out without keeping track of how much you spend or how often?  Do you spend more when you are with others?
  10. Do you buy something simply because it was on sale or seems like a good deal for the future?

Spending is emotional and doing this exercise may help you find the triggers that evoke an emotional inner response to spend more than is needed or necessary.

Christine’s Tip:

In order to really make this work, you need to keep a journal either on paper or on your phone/computer and log every single purchase every day.  I know I am asking a lot.  But stay with me and try this for 60 days.  Guaranteed you will find the leaks and holes of where your money is wasting away, and most likely, you will also find some personal changes you can easily do to save more, (without even sacrificing too much).