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To a lot of people, the idea of saving money is seen as a form of deprivation. If you weren’t saving money, you could be spending that hard-earned money on something you enjoy.
What if there was a way to both save money and feel good doing it?
There is. The answer is in your mindset. Instead of just creating a budget and begrudgingly sticking to it, shift your mindset to one that considers each financial decision you make and how it fits your values and long-term financial goals. Learn how to save money guilt free by being more mindful with your spending.
Table of Contents
What Does it Mean to Be Mindful?
Being mindful means living in the present and giving each decision you make the attention and focus it deserves. Being mindful means considering how each decision you make aligns with your values.
What is Mindful Spending?
Mindful spending is the act of being intentional with each financial decision you make.
When faced with a financial decision, you take the time to consider whether or not the decision is something you can live without, makes you happy, whether it fits with your personal values, and if it is the best use of your money.
Is This Purchase Something You Can Live Without?
When faced with a purchase, consider whether or not it’s a need or a want. Is it truly something you have to purchase to survive (think food, shelter, etc.) or can you live without it?
What Makes You Happy?
Next, consider whether the purchase truly makes you happy.
An example could be an automobile purchase. Everyone keeps telling you to look into getting a new SUV when you’d be happier with a used mini-van.
If you are truly happier with a mini-van, consider buying the mini-van. Don’t let your peers or perception keep you from making decisions that are the best for you and your family.
What Are Your Personal Values and Does the Purchase Fit Them?
Consider what you value most. Are you super healthy and highly value organic food? Maybe you’re highly spiritual and your tithe comes above all else. Is early retirement and financial freedom at the top of the list?
If you’re unsure, take some time to consider your values. The more you know about yourself, the better decisions you can make for you.
Let’s go back to the mini-van example. After considering whether it makes you happy, next consider if it fits your values. If one of your top values includes financial freedom, you would consider the price. Does a used mini-van meet your financial goals for the future?
Is the Purchase the Best Use of Your Money?
Consider if this purchase is the best use of your money at it relates to your happiness and values.
In the mini-van example above, consider whether buying an automobile is truly the best use of your money. If you highly value financial freedom, would delaying the purchase of the automobile and investing the money better meet your values and still make you happy?
Sleep On It
When faced with a purchase that you’re unsure about, sleep on it. If after an extended period of time (weeks, month, etc.), you still want that item and it meets the criteria above, make the purchase guilt free.
Mindful Spending is Guilt Free Spending
The whole point of mindful spending is for you to consider each purchase and make an informed decision based off of your values and happiness. If done right, you shouldn’t feel any guilt about making the purchase. If you do feel guilty, it typically means you weren’t honest with yourself about whether the purchase truly made you happy, represented your values, and was the best use of your money.
Do you practice mindful spending? Do you have any examples?