Saving money is one of the toughest things to do if proper planning is not done at the right time, every time. Technological advancements encourage more spending, paving the way to make hasty decisions out of desire to buy unwanted things. In the process of buying things that are not required, we get in to debt so easily that getting out of the same appears to be a life time process.
The concept of eCommerce has paved the way for purchase of things at the click of a button. This makes us spend in a mindless manner, feeding the credit card debt in a huge way. While the increase in the percentage of spending may be good for the economy from a holistic angle, the per head debt ratio poses harm to individuals as well as the economy from another angle. Unless individuals realize why they are spending on what, they may never ever be able to bring the habit of spending money under control.
Being mindful is the key
Most of us spend in a mindless manner without realizing why we really aspire to acquire something. We get carried away by offers announced. Sometimes we spend on things just because we are able to implement a purchase decision within a jiffy by swiping the credit card. During such times, we lose control over our minds, falling a prey to the ads and hypes given for a particular thing. We fail to think if what we plan to acquire is a necessity or luxury.
Becoming mindful of our decisions gives us the control over our spending. Being mindful means living in the present without getting carried away by lighter, unwanted things in life. Being mindful of what we are spending on will soon get us into the habit of practicing what is called ‘Intentional spending’. Intentional spending gives us the time to evaluate and re-evaluate our purchase decision before making the payment. It is not tough to become a ‘mindful or intentional spender’. By following three simple steps, one can become a mindful spender for a life time
Track the spend
Tracking our expenses can be one of the best eye openers for many of us. In fact this is precisely the reason why we procrastinate to track our spending. Most of us know that we are spending on many unwanted things. We keep ourselves at bay to face the reality through practical tracking of expenses. When we overcome this fear and start tracking all our expenses, big and small, for a period of time, we will realize the real leakage of money. Highlight all those expenses that are not necessities but just your likes. You will soon identify the areas where you spent in a mindlessness manner.
Monitor your habits
The habits mentioned here is that of the spending done by you over a period of time. Honestly think for yourself if you have regretted making a purchase decision post purchase the product. Think for yourself if you have made the recent purchases out of necessity or in an impulsive manner. Did you feel the requirement of what was purchased after a week or so? Honest answers to such questions will make you realize the root causes which push you to make purchase decisions in an uncontrollable manner
It’s action time
After identifying and accepting the weakness which forces you to buy things, decide sternly on the areas in which you are no more going to spend your money.
Decide you will buy things only paying cash which will make you curtail unwanted expenses since you will see your wallet reduce in size with every purchase decision you make.