Lifestyle / We’ve Got 5 Mindful Spending Tips To Stop You From Stressing Out This Season!

We’ve Got 5 Mindful Spending Tips To Stop You From Stressing Out This Season!

Lifestyle Dec 12, 2018

by Rachna Sethi

Can’t pay your bills? Can’t pay our credit cards? Which means that you probably can’t chill. Running low on cash can cause stress and anxiety especially during the holiday season when we are expected to dole out cash. We’ve got surefire ways on how you can be more mindful with your money with our 5 mindful spending tips to stop you from stressing out this season!

Whether your buying the basics or splurging on overpriced brunches, money can feel hard to earn and easy to spend. With the cost of living generally on the rise, life can feel like a constant effort to catch up to credit card bills. Money matters can impact stress levels and flow into several areas of life including relationships; often, differences in money management are described as a leading challenge that causes a couple to divorce.

We've Got 5 Mindful Spending Tips To Stop You From Stressing Out This Season — **We’ve Got 5 Mindful Spending Tips To Stop You From Stressing Out This Season: Money matters impact relationships, plan to help minimize impact.** Photo Credit: https://www.thehealthsite.com

We can certainly make conscious choices when handling our own cash flow and it starts with a mindful understanding that the first step in money management is an awareness on our finances.

Check out our mindful money tips:

Create a monthly budget: Using a simple method, anything from a word document (free calendars are here), to an excel spreadsheet or a piece of paper and pen, all you need is something that will be a visual representation of the month. Calculate the cost of your total ‘needs’ for the month (e.g. rent is a necessity, groceries are but eating out is not).

Next calculate your monthly income, subtract your ‘needs’ and the remaining amount is what you must budget with for your ‘wants’ (assuming you make more then your ‘needs’ cost). Want’s can include restaurants, entertainment, clothes, gifts, anything that’s not necessary for survival.

Control your cash flow: On your monthly calendar, indicate days you get paid and the days bills are due. This visual overview will help you plan your cash flow to ensure all bills can be paid when due (interest rates are a money killer) and you spend on ‘wants’ at appropriate times.

From there, give each ‘extra’ category a lump sum that you will not exceed for the month; you can choose when/how to spend that just do not surpass it. Ensure you include an amount to save a month as well (even if it’s small, saving something is better than saving nothing).

Be cash-rich in a cashless society: We are so used to just using our debit card for daily transactions (who carries cash now anyways?) —well you should for starters. By withdrawing a set amount of cash every week and using that cash for your expenses can give you a tangible idea on how much money you go through each week. Give yourself a mission; only spend the cash you have on hand, that way you are also mindful of your spending habits and your budget.

Consider down-sizing: It can be easy to classify ‘wants’ in with needs which is why you must review everything honestly to find opportunities to curb spending. For example, a vehicle may be need but a fancy/luxury vehicle is not. Same goes for general transportation costs; can you take public transit over taxi-cabs more often? Can you eat-out less? Restaurants and alcohol are huge bank breakers so ensure you prioritize wisely (e.g. if you have a best friend’s birthday that will be a pricey dinner, cook your food that week).

Check-in with your spending twice a week: A key to money management success is consistent awareness. Check your bills every Monday (weekends can lead to splurging) and again every Friday. This will help ensure you’re sticking to your ‘extra’ category budget and can adjust to curb spending if required before the end of the month.

Check-in with yourself before you spend: Before you buy, take a mindful moment of a few deep breathes and ask yourself why. What is the reason for your transaction (e.g. if it’s ordering a taxi, could you walk instead? If it’s an article of clothing, is it one you really need?). Sometimes, we can pay make purchases due to pressure of keeping up with others but remember a designer purse may look pretty, but the stress that comes with outstanding bills is not!

Main Image Photo Credit: www.emergingleader.com

Rachna Sethi

Author

Rachna (@thesassyspiritual) is a graduate of the Applied Mindfulness Meditation program from the University of Toronto, a certified Educator with two bachelor degrees and a diploma in Art Therapy. She's dedicated to living with a compassionate approach. Committed to helping people integrate Mindfuln...

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We’ve Got 5 Mindful Spending Tips To Stop You From Stressing Out This Season!

by Rachna Sethi

Rachna Sethi

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