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Most of our money issues could be tamed if we master the art of mindful spending!
What’s mindful spending you ask ? Well, it’s a term that I intuitively came up with to define a state of increased awareness when it comes to our spending habits.
Just like eating a meal in a hurry while running on “auto pilot” mode puts us very far on the mindfulness spectrum, spending money without being mindful of it will also place us very far on the financial mindfulness spectrum.
Wikipedia defines mindfulness as an attentive awareness of the reality of things (especially of the present moment) and it’s an antidote to delusion and is considered as such a ‘power’. This faculty becomes a power in particular when it is coupled with clear comprehension of whatever is taking place.
According to me, mindful spending is bringing awareness into the spending at the exact moment you’re spending (not after the fact!) and understanding WHY you are buying a certain thing – It’s about digging deeper into your emotions at the time of the purchase or the emotion you’re hoping to achieve once you make the purchase: Is it because you’re feeling bored ? Are you having a bad day and you want to boost your mood ? Is it to live up to other people’s expectations ? Your friend bought something similar and you feel indirectly obliged to have it ? Have you been projecting a certain social image and you have to keep up with it regardless if you want to or not ? Regardless if you can truly afford it or not ?
It is crucial to understand your motives behind the spending and you’ll be easily able to cut down your expenses… Just like an overweight person would help themselves more by understanding the reasons behind their overeating instead of trying to temporarily restrict their food intake. Don’t go for the easy but temporary band aid solutions… dig deeper and solve the issue at its core once and for all.