Mindful Spending

What is Mindful Spending?

In today’s market, everyone is competing for our money. Consumer capitalism has been programed into our brains. We end up buying things that we do not even mean to! It derails our goals and can create significant problems for the future.

Thankfully, by establishing a conscious connection with money we can take back control. Mindful spending means asking yourself questions about why you are spending and how you are feeling at the time. Then through a little analysis, you connect with the true reason why you are wanting to purchase the item. You also consider if the purchase reflects your core values. Through this simple exercise, you can increase the amount of satisfaction in your life.  

Mindful spending resolves any poor financial habits we have by allowing us to understand our financial feelings.  It is our financial feelings that are the primary driver of our purchases. For most of us, we make decisions based off of how things make us feel. By being aware of how your purchase is going to fulfill your goals, it makes the transaction meaningful.

Mindful spending uncovers your life goals and deepest held values and spends resources to support them. The purpose is to create a lifestyle that maximizes satisfaction and happiness. As you develop your practice, the way you spend money changes. You realize that binge shopping at the mall or hardware store is not going to bring you lasting joy. Instead, putting the money towards a down payment on a home will. The awareness enables you to connect to the future payoff and create lasting change.  

 

So the next time that you go to buy something ask yourself, “will this bring me lasting joy?”

 

If you would like to replace fear with facts, contact hello@mywealthanalytics.com or call 402.430.3092

 

This is general information and should not be considered financial/legal/or tax advice.