What is mindful spending?
Mindful spending is lifestyle-based money management.
Being mindful with your money is a form of conscious spending or intentional spending. It brings awareness of how you think, feel, and act with money for all spending. Mindful spending uses your emotions to create sustainable, satisfying money management.
Budgeting typically listens to your heart once a month (or less) and has your brain set spending amounts based on math. From then until the next budget cycle begins, your spending is measured against numbers, not your life. This can result in a constant tug-of-war between your brain and your heart.
Budgeting is all about your brain. However, lifestyles are created with your heart. When you practice mindful spending, you nurture your unique lifestyle – not control it.
The Benefits of Mindful Spending
Mindful spending means a lifetime of less struggle and more enjoyment from your money.
If you have ever:
- felt guilty for spending money
- suffered buyer’s remorse
- struggled to make purchase decisions
- or hate monitoring your budget
You need mindful spending.
Mindful spending is a long-term cure for spending problems. If you struggle with spending too much or too little you need mindful spending. (Yes, shockingly not spending enough can be an issue too.)
Even if you don’t have spending problems, mindful spending will enhance your life.
By understanding your spending emotions, you lessen the need to monitor your budget numbers. You will gradually begin spending in a way both your brain and your heart agree on.
Depending on your situation, mindful spending may even eliminate your budget completely. Now wouldn’t that be nice? [Read more…]
Impulse shopping is the cause of many money woes. Buyer’s remorse happens even with thoughtfully made purchases. Here are 5 questions you can ask yourself to create mindful spending.
Even if you do all the other “responsible actions” with your finances, without this one action your finances will never be as awesome (or satisfying) as they could be.
