Mindful Spending: How to feel better financially in 2024
Consumerism often pulls the strings of our spending habits, with ads and social media bombarding us at every turn. Embracing mindful spending can be a game-changer on the journey to financial freedom and inner contentment.
As we settle into 2024, let's dive into the world of mindful spending, understanding its essence and how it can uplift our overall well-being.
Join the Vestpod team at the Money Matters festival on March 3rd at KOKO in London as we delve into this topic more. Details below on how to join. Now let’s dive into mindful spending.
What exactly is mindful spending?
It's all about making deliberate and thoughtful choices when it comes to our money. Mindful spending means being fully present and conscious while making purchasing decisions, acknowledging our spending patterns, and aligning our buys with our values and long-term aspirations. While it may sound simple in theory, putting it into practice can be a real challenge – so don't be too hard on yourself!
Unlike impulse buying, mindful spending prompts us to question the value and purpose of our purchases ("Do I truly need or want this?"), fostering a more meaningful and rewarding connection with our finances.
Tips for practising mindful spending:
1. Define your financial priorities and goals. What do you want to accomplish with your money? Whether it's saving for a dream getaway, clearing debts, or building an emergency fund, setting clear objectives lays the groundwork for smart spending choices.
2. Yes, we know the 'B' word can be intimidating, so let's call it a spending plan instead. Take a peek at your last 3 months of bank statements and categorise your expenses into Essentials, Lifestyle, and Savings. This exercise helps you create a realistic budget that reflects your income, expenses, and savings targets, allowing you to allocate funds wisely. We're fans of the 50/20/30 rule at Vestpod!
3. Gratitude goes a long way in shaping your spending habits. Before making a purchase, pause and appreciate what you already have. While it may seem like money is tight, acknowledging the abundance in your life can help curb the urge to accumulate unnecessary possessions.
4. Practice delayed gratification – remember the marshmallow experiment with kids? Take a moment before indulging in that impulse buy and ask yourself if it aligns with your values and priorities. Giving yourself some time to mull over a purchase can lead to more thoughtful decision-making.
Consider these questions before making a purchase:
Is this a necessity or a want?
Will it bring lasting satisfaction?
Can I afford it without derailing my financial goals?
Are there better options that align with my values and budget?
5. Find happiness in what you already own. True contentment often stems from experiences, relationships, and personal growth rather than material possessions. Cultivate a mindset of sufficiency, appreciating what you have rather than constantly chasing more.
6. Schedule a "money date" with yourself – maybe treat yourself to a new notebook – once a month to plan your mindful spending. Spontaneous decisions can lead to impulse buys, so having a plan in place is always a wise move!
You can also follow inspiring accounts on Instagram that will help inspire you to spend more mindfully, such as:
In a nutshell, practising mindful spending isn't just about money – it's a gateway to financial freedom, more choices, less stress, and even a positive impact on the environment.
By being mindful and intentional with our spending choices, we can break free from the grip of consumerism and pave the way for a more enriching life.
Join Us at the Money Matters Festival 2024!
Ready to level up your financial game? Come with us to the Money Matters Festival for a day of learning, connection, and empowerment!
Vestpod is proud to host the Money Matters Festival 2024, taking place on Sunday, 3rd March 2024 at KOKO in Camden: https://www.vestpod.com/moneymattersfestival
Here's why you should join us at Money Matters 2024:
Expert Speakers: Gain insights from professionals like Candice Brathwaite, Claer Barrett, Clare Seal, Emilie Bellet, The Humble Penny, Nafisa Bakkar, Stef Sword-Willians, Soumaya Keynes, and many others as they share expertise on finance, money mindsets, and personal growth.
Networking Opportunities: Connect with industry leaders and fellow women, expanding your network and opening doors to new opportunities and perspectives.
Empowerment: Acquire practical strategies to take control of your financial future and professional growth, setting yourself up for success.
Fun Extras: Enjoy live music, a delicious lunch, a DJ spinning great tunes, and goodie bags to ensure you have an unforgettable experience!
As a member of the Clementine community, Vestpod is offering you a £5 discount. Simply use the code CLEMENTINE when you register.
This is a unique opportunity to learn more about finance and connect with other fabulous women. We can’t wait to see you at the festival!