Mindful and conscious spending can be seriously challenging, especially in this consumerism focused society we live in. There is always the latest gadget, new accessory, or that cute dress that we absolutely can’t live without.
This topic is near and dear to my heart, because I haven’t always been a conscious spender. In fact, It’s only in the last year or so that I have been consciously living more minimally and mindful of my purchases, and it’s still a work in progress! I’ve reached a point in my life where I’ve realized that happiness, contentment, and fulfillment aren’t achieved by what I wear, how cute my house is, or what I own.
Gone are the days of living paycheck-to-paycheck, stressing over credit card debt, and living with the guilt of buyer’s remorse. In its place are happiness and contentment, enjoying the little things in life, having cash for travel, time spent with those I love, and generously giving to others.
It all boils down to mindset, recognizing your consumer habits and where you obtain the most enjoyment. Here are 6 ways you can become a conscious spender and feel rich with less!
1. Keep Track of Your Spending.
Tracking your spending habits is the absolute best way to be a conscious spender. It’s so easy to buy a little something here and there, and than your left wondering where did my money go? Trust me I’ve done it many times.
Keeping track of your spending is key, and I like to do this by keeping a little notebook handy and writing down everything I spend in a day. You’ll be surprised at the end of the week, at all the little unnecessary purchases that were made. Check out these 7 Baby Steps Towards Financial Freedom, to get more tips on tracking your spending. Keeping a budget and tracking your spending is key to being a conscious spender.
2. Pause Unnecessary Purchases.
Avoid impulse shopping at all costs! Every purchase I’ve made on impulse, always ends up collecting dust. Whereas the purchases I have really thought about and taken my time to make, are my most beloved items and are worn and used for years.
Avoid unnecessary purchases by staying away from temptation. Aimlessly wandering through the mall or killing time by shopping the net, will only lead to aimless spending. Avoid this by staying away from the temptation! Instead of hitting the mall, take a hike, walk the beach, go to the library or have a potluck dinner with friends.
3. Ask Yourself: Does This Bring Me Joy?
Does this sound familiar? I absolutely LOVE Marie Kondo and her excellent book “The life changing magic of tidying up.” If you haven’t read it, I highly recommend it. Before I make a purchase I ask myself- does this seriously make me joyful? Not just excited in that moment to purchase it, but does it TRULY bring me joy?
By taking a moment to think about it and analyze my reasons for making the purchase, it helps me weed out poor choices and to avoid unnecessary charges to my credit card.
4. Practice Gratitude.
A very powerful antidote to overspending is practicing mindfulness and gratitude for everything in your life! Appreciating the simple pleasures such as the sunrise, a delicious cup of home brewed coffee, or walking your dogs on a beautiful afternoon, can go a really long way in providing contentment.
When you feel satisfied and full of gratitude you won’t rely on spending money to fill the emotional voids. It’s hard to feel sad and empty when you are grateful for what you have. Gratitude has been a serious game changer in my life, check out “The one habit that changed my life” to see how.
5. Choose Wisely.
Instead of that impulse buy, take your time and choose wisely. If your looking at making a purchase, make it a rule to wait at least 24 hours if not a few days to seal the deal. This totally prevents me from buying stuff I don’t need! Most of the time I forget about the item, and if I’m still thinking about it a week later and it’s something I can afford, I make the purchase.
When making a purchase (especially clothing) I’ll ask myself: Do I own something like this already? And if I do, how often do I wear that item? Do I need another piece of clothing that looks so similar to the one I already own? In addition, I’ll ask myself do I have a piece of clothing at home to wear with it? Often times if I don’t have anything to match it at home, it never gets worn. Questioning your purchases really helps you analyze your spending and avoid impulse buys.
Nowadays when I make a purchase, I choose quality over quantity. I prefer to have quality items that I appreciate and will last for decades, over something that will wear out after a year. I avoid purchasing items that are fashionable in the moment, but then will sit in the back of my closet after one season.
6. Take Control of Your Cash!
Have you added up how much money you spend in a week on take out lunch or coffee? I dare you to try it, the number might astound you! Take control of your cash by making a budget and sticking to it. You don’t have to cut out all the fun stuff; you just need to be smarter with your money.
To take control of my cash I use the Dave Ramsey Envelope System. This involves paying your bills, allocating for retirement, savings, etc. and then setting aside an allotted amount of cash (in an envelope) for play money. Once the play money runs out, so does the fun (I kid, I kid=). Seriously though you will be surprised at how conscious you are with cash money, verses using your debit or credit card.
Now I am definitely not opposed to the occasional indulgence or splurge, but I hope these tips will help you to be more mindful and conscious of your spending.
