Being mindful of your spending means keeping a close eye on how you're using your money - and not letting your money use you. You can use this technique in any situation where you're making decisions about money. Here are three easy ways you can practice mindful spending:
STEP 1: Set Goals
Set monthly goals that will push you to spend wisely, but don't stress over meeting them. Instead of striving to spend more than $100 per month or $1,000 per month, set smaller goals.
A good example of a $5 goal might be saving $20 per week to go towards new school supplies.
STEP 2: Keep Track
Write down what you spend each week and keep a close eye on how your money is being spent. When you find yourself going over budget, take a closer look at your spending habits and figure out why you're spending so much. Once you've identified the problem areas, you'll be able to make changes that'll make it easier to avoid future spending problems.
STEP 3: Build Good Habits
Once you have your goals set and you've taken note of your spending, you can start building good spending habits. Don't wait until you're already in debt to start making positive changes, but don't worry too much about starting with small, short-term goals. You can easily meet your monthly goals by making small adjustments to your spending habits and lifestyle.
Once you start putting good money habits in place, you'll eventually find that they become easier to maintain than starting from scratch. For example, you can save money by getting in shape, working out, and eating healthier food.
If you ever feel tempted to spend money on something that you don't really need, stop and think of all the things you could be buying with that money. Think of your friends, family, and the people you love. Remember what it feels like to be on a tight budget, and how much easier it would be to buy less expensive items.