5 Ways to be a More Mindful Spender
Sometimes spending less money is all about becoming more aware of how cash leaves your wallet every day. Whether it’s going toward indulgences like restaurant dinners out or necessities like rent, sometimes it pays – literally – to become a bit more mindful about your spending habits.
Organize what you have.
If you don’t know the items you already own, then you can end up buying double. We suggest first tackling organization around the home. Get rid of what you no longer need so you can see what’s in your closets and cupboards.
There are benefits to carrying around cash instead of credit cards because it helps make you more aware of your spending. If you tend to make large purchases with plastic, then handling cash instead can help slow down that spending roll. Withdraw a certain dollar amount from the ATM on a regular basis, and stay within that limit.
Check competitors' prices, and make a phone call to ask for a better deal. Getting a handle on the competitive rates for things like cable or phone service helps make you a stronger negotiator and can reduce your monthly bills.
Review your spending regularly.
You have probably heard this one before, but we want to emphasize importance of regularly reviewing where your money is going. You might have daily, weekly and monthly costs that you are not aware of or have forgotten about. Perhaps you can cancel a subscription service or two.
Get healthy, too.
Creating healthy habits may help you reduce health care costs, not to mention miss fewer days of work due to illness. Committing to both goals of living mindfully and healthy can make steady progress on both fronts throughout the year.