12 Steps to Financial Wellness Series Step 5: Practice Mindful Spending

Creating a budget and deciding to stick to it is easy; it’s carrying through on your plan that’s the hard part. For too many people, financial responsibility ends with having good intentions, and real life gets in the way of all well-laid plans. The discrepancy between what they want and what they do is caused by their failure to spend mindfully. When every indulgence and impulse buy is just a swipe away, it can be super-challenging to rein in that spending instinct – but it is possible. Here’s how to learn the art of mindful spending. 

Find alternative ways to de-stress

Too often, people claim they need “retail therapy” and use it as an excuse to practice mindless spending. But choosing to turn to the shop to alleviate stress, deal with a challenging situation, or escape real life for a bit makes it very difficult to make intelligent, responsible choices. In addition, the bills or debt that will likely accumulate will increase stress levels considerably. Instead, it’s best to find another way to lift a heavy mood. Find someone to talk to, take a long, hot bath, go for a jog while listening to your favorite pick-me-up playlist or take up a forgotten hobby again. 

Consider disabling the one-click feature for online shopping.

If you’re big into online shopping and often buy more than you’d planned, you may want to disable the one-click feature on sites like Amazon. You can also choose not to have your device “remember” your payment information, so you must input it whenever you shop. The more resistance or friction required to complete a purchase, the greater the chances of that purchase being a mindful choice and not a decision you’ll soon regret. 

Leave your cards and cash at home.

When you don’t plan on spending any money, don’t take any with you. You may choose to carry a card with you for safety reasons, but it’s a good idea to keep it as out-of-reach as possible. If you make all your payments with your phone, keep it tucked away. Similarly, if you’re hitting the shops to pick up a specific item, bring just the amount you’ll need for the purchase and nothing more. 

Put large purchases on hold.

One of the best ways to avoid buyer’s remorse is to put all large purchases on hold. Set your dollar amount for what you consider a large purchase and resolve to wait a while before completing any purchase in that amount or more. For example, you can wait two weeks for every purchase of $50 or more. Delaying a large purchase will give you time to think it over and consider whether you want to spend this money now. Of course, if you’ve been saving up for a large purchase for a while, you’ve already thought about the purchase and decided it’s worthwhile. 

Avoid temptation

It’s hard to keep telling yourself no when temptation is constantly flashing across your screen. Opt-out of social media accounts that get you to spend more than you should and unsubscribe from email lists. Avoid browsing on brand sites that often trigger overspending and only visit when you need to make a purchase. You can do this in real life, being careful to avoid shops that provoke mindless spending. Similarly, when shopping for groceries, keep away from aisles and checkout counters that cause you to overspend and purchase more than you have on your list. 

Mindless spending can be the undoing of the most carefully crafted budget. Follow these tips to learn how to spend mindfully. 

Whether you need help preparing a new budget, are struggling with debt, or want to repair your credit score, we’re here for you. Take the first step and call us with your questions at 606.329.7876.  Members Choice CU offers a free Money Management Program, where you will connect with an expert financial counselor.  We’ll help you understand your situation, learn about options, and make a plan to meet your goals.  The Members Choice Credit Union Money Management Program is accessible to anyone in our community.