In this day and age, it’s hard to escape the constant desire for the all mighty dollar. Society is geared towards earning more, to spend more, to buy more. And while you don’t have to necessarily subscribe to a cash-centric lifestyle, sometimes mindfulness and money can go hand in hand. In fact, the more aware you are of spending trends, the more likely you are to feel at peace with your financial situation. Read on for some top tips in mindfulness that can help improve your bank balance.
Feeling overwhelmed can undermine your judgement
Technology has changed the game when it comes to daily transactions. At the click of a button we can buy lunch or book a holiday. In fact a recent study by CoreData and Choosi found that 90% of people feel an overabundance of choices is leading to difficulties in making a decision. Add to that, 74% of people feel they’re making more decisions daily. It’s a combination that results in an individual feeling confused and more likely to part with their cash. The best thing you can do, especially when looking at big ticket purchases, is enforce your own cooling off period. Pause before your next big purchase, give it 24 hours and see how you feel. You’ll be amazed at how much waiting can help your wallet.
Learn the difference between want and need
We live in a world where accessibility has meant that anything we desire can be ours in a moment. But this has allowed the line between want and need to blur significantly. A study found that two in three Australians have bought things they have never used, proof that we’re allowing our ‘want’ to dominate. On top of that one in three Australians have made a large purchasing decision that they have come to regret. Rather than letting your desire run rampant, refocus and remind yourself daily that necessity is key.
Be aware that money matters in relationships
The safety and comfort of a loving relationship can allow even the most conservative person to become a little cavalier with their cash. But it’s important that even when you’re in love, you don’t let loose with your finances. In fact, studies have shown that 70% of Australians who are happily in love still maintain separate financial resources. This is because independence is more important than ever. That same report also found that found that 64% of people believe bad finances are a deal breaker. Even when you’re in love, keeping a little cash for yourself can be a smart idea.
The heart can hurt the hip pocket
We all know how much emotions can wreak havoc on even the most cool, calm and collected people. It seems that same logic applies to our finances. Results show that nearly half of people will regret a financial decision if it was driven by emotion. So next time you’ve had a bad day at work, are coming off a fresh break up or are coasting on a happiness high, try to live in the moment without spending money. Chances are whatever you buy will be tinged with regret.
Being merry doesn’t have to equal spending money
It’s easy to get swept up in the magic of the festive season and find yourself buying up big for all your nearest and dearest. But despite the best of intentions, holidays can be bad for your budget. A financial study found that 50% of us tend to throw logic out the window when on holidays. This means we’re more likely to let loose with our savings in the silly season. In fact, this Christmas it’s been forecasted that most men and women will spend a minimum of five hundred dollars. It’s a timely reminder that your worth isn’t defined by what comes out of your wallet. Try to limit the spending when you’re on holidays and you might find your finances are in a better shape come the new year.