If you are trying to not waste money, take a look at these 10 tips to help you become a more mindful spender!
Stay within a Budget
On your journey to becoming a more thoughtful spender, start with a budget. Keeping a budget is having a strategic financial plan that helps you track your revenue and expenses. Micromanaging your funds can help you avoid non-beneficial spending and achieve your goals sooner.
Begin by listing your expenses. Make sure you get everything from mandatory expenses like rent, mortgage, utilities. Also, others such as gym memberships, music subscriptions, snacks and other luxuries. Afterwards look at bank statements or keep record of your daily spending. There are plenty of apps that can link to your card and help you do this.
Be a Smart Shopper
If you’re going to buy something, try asking around or researching the best prices and places to buy that item. Many businesses offer price matches on items.
After making your budget, think of some things you can do without. Try finding some expenses that can be reduced or eliminated altogether. For example, cab rides and lunch at work are some things that can be cut back on. This method can also help you save money.
Pay in Cash
This may be an old school method now a days, but it can help you out. Studies have shown that using cash can help you spend less and help you manage your funds better.
Build Better Habits
We all know it’s hard to break habits. But developing the right habits can make you more mindful about spending. One idea is to have a “no-spend day”. You can do this by picking one day out of the week to not spend a single penny. Friends or family members can give you support by joining you in your mission.
Create a Goal
Weather its short-term or long term having a goal can help you be more aware about how you spend money. Prioritizing your expenses will give you a clear view on what you should and should not spend money on.
Cutting back and saving are big changes. But you don’t have to be serious all the time. While pursuing your goals to be a better spender, reward yourself for good money management habits. It will encourage you to make better decisions in chasing your goal.
Think Before Spending
Thinking how important need a purchase can be useful as well. Once you understand the difference between “needs” and “wants” you will be able to make better positions. Think about the goals you have in mind and will this purchase achieve them.
Surround Yourself with Like Minded People
Spending your time with like minded people will reinforce good money management habits. Having their energy and support will help you become a better spender.
The final thing to remember is to actively use these methods in your daily life to become a better spender. Track your spending, plan and try to stick to it.