Unlock Financial Freedom with Mindful Spending

While words like “budget” and “saving” might not sound super sexy, they are the tools to financial freedom . When you are aware of where your money is going, you can take charge of your finances. Mindful spending is all about making a conscious decision about where your money is going. Mindfulness is about being open and aware of the present moment, and mindful spending means being fully aware of your cash flow.

Having a plan and purpose for your money will empower you. You will have the freedom to make those big purchases without worry because you know your financial decisions are made with intention. You will feel in control, and your purposeful financial habits might even positively impact your relationships .

If you are looking to take control of your finances , here’s how to spend more mindfully in your daily rhythm.

Create a Zero-Sum Budget

Mindful spending is all about managing your finances with intention and purpose. The zero-sum budgeting technique does just that as every dollar that comes in is allocated to a specific purpose. The idea is that as you pay close attention to where your money is going, you’ll be more mindful about your spending habits.

Every time you get paid, organize and set aside money for priorities. This may include necessities, like rent, bills, food, and medical appointments. Next, you set aside money for paying off debt, savings and emergency funds. Then, you’ll allocate funds for the secondary things, like gym memberships, hair cuts and entertainment. Do this until every dollar has been allocated for a purpose.

Track Your Spending

When you make purchases or swipe your card, write it down. There are a number of apps that help with budgeting, like YNAB , EveryDollar , and HoneyDue . Tracking every dollar you spend will help you identify both positive and negative spending habits. There may be a restaurant where you run up the tab every Sunday brunch with the girls or an online store that you just can’t seem to say no to. By tracking each purchase, you’ll quickly become more aware of your spending.

Make a ‘Save for Later’ List

Kick that impulse shopping to the curb. Add any product to your “Save for Later” list, which will track spending wants that can wait. Jot down the date next to the item. After 30 days, revisit your list of items. This practice will help you mindfully consider what shopping purchases are necessary.

Writing these items down will help you do something positive when you feel triggered to buy the next shiny thing. You might come back to your list in the days and weeks after and not even want the item anymore.

Choose Experiences Over Stuff

Another way to build mindful spending habits is to prioritize experiences over things. Things don’t last forever, but memories do. There is so much joy and anticipation when you plan an exciting activity or thing with family and friends. Afterward, there are also the lasting memories that come from noteworthy experiences. Consider this before you purchase the next shiny and trendy thing.

Write Down Your List of Money Goals

Set specific goals for your money. By setting a finish line for where you want to go with your money, it motivates you to save and spend mindfully. Whether it’s for a new car, paying off debt or cutting back spending on restaurants, it helps to have a goal in mind. Take small steps by setting aside money to reach each goal.

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