12 Steps to Financial Wellness – Step 5: Practice Mindful Spending

man and woman relaxing on couch

Creating a budget and deciding to stick to it is easy; it’s actually carrying through on your plan that’s the hard part. For too many people, financial responsibility ends at having good intentions and real life gets in the way of all well-laid plans. A large part of the discrepancy between what they want to do and what they actually do is caused by their failure to spend mindfully. When every indulgence and impulse buy is just a swipe away, it can be super-challenging to rein in that spending instinct – but it is possible. Here’s how to learn the art of mindful spending.

Find alternative ways to de-stress

Too often, people claim they need “retail therapy” and use it as an excuse to practice mindless spending. But choosing to turn to shopping for alleviating stress, dealing with a challenging situation or just to escape real life for a bit makes it very difficult to make smart, responsible choices. In addition, the bills, or debt that will likely accumulate as a result will increase stress levels considerably. Instead, it’s best to find another way to lift a heavy mood. Find someone to talk to, take a long, hot bath, go for a jog while listening to your favorite pick-me-up playlist or take up a forgotten hobby again.

Consider disabling the one-click feature for online shopping

If you’re big into online shopping and often end up buying more than you’d planned, you may want to disable the one-click feature on sites like Amazon. I personally should disable this feature! It is too easy when watching Instagram stories and seeing all the things influencers are telling me I “need” to just click and buy. It literally takes seconds. You can also choose not to have your device “remember” your payment information so you have to input it whenever you shop. The more resistance or friction required to complete a purchase, the greater the chances of that purchase being a mindful choice and not a decision you’ll soon regret.

Leave your cards and cash at home

When you don’t plan on spending any money, don’t take any with you. For safety reasons, you may choose to carry a card with you, but it’s a good idea to keep it as out-of-reach as possible. If you make all your payments with your phone, keep it tucked away, too. Similarly, if you’re hitting the shops to pick up a specific item, bring just the amount you’ll need for the purchase and nothing more.

Put large purchases on hold

One of the best ways to avoid buyer’s remorse is to put all large purchases on hold. Set your own dollar amount for what you consider to be a large purchase and resolve to wait a while before completing any purchase in that amount or more. For example, you can decide to wait two weeks for every purchase of $50 or more. Delaying a large purchase will give you time to think it over and consider whether you really want to spend this money now. Of course, if you’ve been saving up for a large purchase for a while, you’ve already thought about the purchase and decided it’s worthwhile.

Avoid temptation

It’s hard to keep telling yourself no when temptation is constantly flashing across your screen. Opt out of social media accounts that get you to spend more than you should, and unsubscribe from email lists. Avoid browsing on brand sites that often trigger overspending and only visit when you need to make a purchase. You can do this in real life as well, being careful to avoid shops that provoke mindless spending. Similarly, when shopping for groceries, keep away from aisles and checkout counters that cause you to overspend and purchase more than you have on your list.

Mindless spending can be the undoing of the most carefully-crafted budget. Follow these tips to learn how to spend mindfully.

Related posts


two ladies sitting on bench

What to Expect for Holiday Shopping 2021

Forget about Black Friday this year, the Smart Money is saying you need to be well into your holiday shopping before Halloween! Well it is November 1 so we better get to moving. Manufacturing delays at one end and a labor shortage at the other, combined with supply chain slowdowns in the middle, are coming together to make a shortage-filled holiday season. Rather you start shopping now or make new traditions, it's time to get started. Continue reading
notepad with 'time for review' written on it

12 Steps to Financial Wellness – Step 12: Review and Tweak

Here we are at the end of our year-long journey to financial wellness. We hope you've learned a lot and your financial picture is brighter now! It is time to review.  Continue reading
man and woman painting house

DIY it or hire a pro?

One of the greatest things about being a homeowner is tackling your own home improvement and repair projects. Very few things give you a better feeling than doing for yourself something you’d always imagined you’d have to hire a pro for. Whether you decide to DIY it or pay a pro Abilene Teachers FCU can help if you need a loan to help cover costs! Continue reading