Mindful spending - what is it and how can I practice it?
May 24, 2021
Sustainable fashion and sustainable products are becoming increasingly trendy in an often throwaway culture of consumerism. A major drawback to consumerism is that it often goes hand in hand with not tracking our money. We are unable to account for its dwindling nature. December can be a particularly harsh month for finances - with the advent of Christmas parties and New year approaching. Mindless shopping can occur simply by signing up to emails with retailers, Instagram ads and Amazon prime.
Mindful spending counteracts this approach. This December, I invite you to take up a challenge - a low buy challenge! The rules; restricting spending to just essentials. This is a great way to save more money, become aware of your spending habits, priortise the essentials, raise awareness of consumer culture and value what you already have. ts a great time of year, as we approach 2020 to kickstart financial goals and also practise mindful living.
To help you with staying on track, here are some tips;
Be clear on the rules- write your own in a journal and review regularly to remind yourself and stay on track
Have a savings goal, for example a holiday, deposit for a house, savings for your dream course. This is essential in having that long term ‘why’ and will help when it gets particularly hairy at times during the challenge
Be clear where your specific pitfalls are when it comes to mindless shopping. Is it beauty, skincare, clothes or gadgets?
Reduce temptations by unfollowing certain Instagram accounts and coming off mailing lists for retailers. We are often bombarded with tempting sales offers so any reduction of this greatly helps
Budget - this may sound obvious but thinking clearly on where money goes monthly can help you keep track. Keep a regular check on your budget every day through use of apps, such as Cleo.
Spend using cash rather then credit where you can - the psychical act of giving away money is important when it comes to mindful spending
Before purchases, such as for a item of clothing, delay the purchasing, for example for 30 days, This will help when it comes to mindless spending. Ask yourself if you really need this item, is it an essential?
Have a mindful spending buddy - you can share an obstacles that may come up and help keep each other positive
Celebrate the small gains - if your’e new to a challenge like this, start small for example a month and build on this.