Mindful Spending: Strategies for a More Intentional Relationship with Money

When you think of mindfulness, you probably think about the benefits of it in terms of reducing stress and anxiety. However, there are also a number of mindfulness strategies that can improve your relationship with money. Here are five effective ones.


STEP 1: Prioritize Savings

It's impossible to spend less money and still have the same lifestyle. No matter how much you earn, the first thing you should focus on is savings. The sooner you get started, the sooner you can build wealth and enjoy more discretionary income.

STEP 2: Create a Savings Plan

Create a savings plan based on your unique situation. It doesn't matter whether you use a financial advisor or manage your own investments, saving requires the discipline to stick to the plan. Make sure you allocate enough funds for savings and set up a monthly automatic transfer to reduce spending and increase savings.

STEP 3: Make Saving Personal

Many people see their money as a separate entity from themselves. They don't feel any emotional attachment to it, so they don't mind letting it get away from them and spend it on frivolous things. That's not a smart approach. In order to get the most from your money, you need to make it part of you. Spend a bit of time considering what you would like to do with your future finances, including how much money you want to save for retirement.

STEP 4: Stop Wasting Money

It's easy to waste money. Whether you're spending too much at the grocery store or shopping online, there's often an easy way to cut costs without even realizing it. If you spot an opportunity for saving, try implementing it.

STEP 5: Automate Saving

There are lots of ways to save automatically. One of the easiest is to set up a regular transfer to your savings account. It's convenient and can actually make you a better saver because you'll be forced to spend some of your savings every month.

Thanks for reading! Feel free to reach out via this link if you'd like to sign up for my coaching program.