Do you typically run out of your monthly paycheck within less than a fortnight of receiving it? Are you constantly hoarding groceries, toiletries, clothing, and food items you don’t really need? Do you spend a considerable time browsing online stores and splurging on products that don’t categorize as necessities?
These struggles are common for people with erratic and unhealthy spending patterns and a tendency to hoard items they don’t need. It’s easier to spend on luxury items and hoard the things you love when you have considerable wealth and financial stability. But if your monthly income is modest, it’s wise to save before you spend and avoid indulging yourself too often.
Read on to explore some practical strategies that will help you exercise mindfulness while spending.
1. Save Before You Spend
Setting aside a certain amount from your monthly paycheck as soon as it arrives is much more practical and doable than waiting till you’ve paid off all your bills and bought the things you need. We advise keeping a designated journal to track your income and expenses and creating a checklist to divide your money into saving and spending.
Your checklist will track all your utility bills and expenses to facilitate efficient money management. Then you can set aside amounts for savings, groceries, shopping, going out and dining, subscription fees, etc. Adding a sizable amount to your savings will help you spend less and use the money to build security for the future.
Maintaining a separate savings account is strongly advised, particularly if you’re likely to dip into the savings placed in a traditional account that supports unlimited withdrawals.
2. Consider Throwing A Yard Sale
Are you wondering how a yard sale will help you fix your unhealthy spending patterns? We accumulate an overwhelming amount of clutter throughout our lives, and we don’t realize how useless these items are until we start decluttering our homes.
Throwing a yard sale will help you achieve two feats. Firstly, it will declutter your home and get rid of all the unwanted items crowding up your living space. Secondly, it will compel you to pick up each item you own, examine its monetary value and ponder over the utility it serves in your life.
This exercise will make you understand how your spending patterns are not adding value and utility to your life. It will make you realize that the items you are buying and have bought in the past do not support your lifestyle and merely take up space in your home.
Besides, throwing a yard sale is great fun, and it will help you raise some extra cash to grow your savings or buy something you actually need.
3. Find Affordable Alternatives To Your Guilty Pleasures
Spending uncontrollably is a guilty pleasure for millions, for we all like to own the things we like to indulge in the activities we love. Some love splurging thousands of dollars on luxury designer brands, high-tech gadgets, sports cars, and rare jewels. Others prefer spending their money on lavish experiences, like dining at Michelin-starred restaurants, jet-setting to scenic locations, and playing at high-end casinos.
It is natural to feel that these spending patterns or these hobbies are an integral part of our personalities, and we would lose touch with ourselves if we denied ourselves these pleasures. But truth be told, our spending patterns do not measure our life quality. You can continue indulging in your guilty pleasures but do it mindfully to avoid negative consequences, like debt or financial hardships.
For instance, casino-goers can play their favorite game of Roulette online, while people who love luxury designer garb can rent clothing and accessories instead of buying them. You can maintain your lifestyle and indulge in your hobbies without putting a massive dent in your pocket.
If you’re eager to embark on a transformative journey of embracing healthy spending patterns, you need to start by channeling mindfulness. Without adopting a mindful attitude, you cannot focus your intentions on making the hard changes necessary to support this goal. After all, our actions are governed by our intentions, and only self-realization can help us channel and embrace positive change.