If we had an initial cash flow planning session in the past year, you may have received a specific recommendation from me or read it in your report email. “Practice mindful spending.” What does it mean?
Mindful spending refers to conscious consumption. It’s a time to think through the way you’re spending your money. That does not mean you should examine each item in your cart prior to completing your purchase by holding each item in your hand and asking “Does this truly bring me joy, and do I want to bring it into my home?”
(… but perhaps I should make it an Target running habit for myself.)
Conscious consumption refers to another thing that you’ve heard me tell you. “Align your money with your values.” If you take a look at the things you spend your money, you’re making sure that the worth of the item you’re purchasing is based on what you value most. This mindful spending could bring about another benefit savings: unconsciously savings.
If you’re a fan of “mindful spending,” “conscious consumption,” “aligning your money with your values,” or a different method of expressing it I’d like to share some of my most-loved tips with you.
CONSCIOUS CONSUMPTION
We’re not in complete control over our expenses. If you’re not planning to move within the next few years the costs for housing are fairly established. If you’re within the two to three-year gap between getting quotes for your property insurance and the casualty policy, this is not likely to change. This is also the case for your utility bills, such as the ones for your home as and your phone bill.
It’s a good idea to be aware of how much you spend on things that you don’t control or the amount of earnings going to each month. You might also want to consider if you could modify the more or less “set” costs from time to time. Check if it’s the right an appropriate time for you to refinance the mortgage on your home, get quotes for insurance, look up the prices of your local internet provider or look into additional plans the wireless service offers.
But wasting your time and processing energy considering these things won’t bring you a a amount of benefit. There are many other aspects of your spending you are in control over. And this is the area where conscious consumption is a factor.
HOW TO (CONSCIOUSLY) CONSUME …
What is the reason you engage in the behaviors you do? You likely engage in some form of conscious consumption. Like …
1. It is recommended to limit your clothing shopping to only a few high-end or premium items due to the impact that fast fashion can have on the landfills.
2. You can bike to work and lower greenhouse gas emissions.
3. Your pantry is bursting and you decide to try an exercise in your pantry to make use of your excess stock.
4. The composting process begins to provide your soil with an increase in nutrients.
5. Local stores are where you shop because the community you live in is near to your heart.
6. You’re taking part in “meatless Mondays” as animal safety is a top priority to you.
7. You will use less energy in the hours between between 5 and 9 p.m. (soon to become between 2 or seven p.m.!) to ease stress in the grid.
8. If you decide not to splash out on home decor this year Your sturdy items will last for a long time.
You may observe that none of these above suggestions are centered around saving just to save. Instead it’s an explanation of the “whys” behind some common choices.
… AND HOW IT LEADS TO UNCONSCIOUS SAVING
Review each of the items listed above then match it with its counterpart here.
1. By cutting down on your clothing shopping you’re saving time, money and the environment. Perhaps you’re spending more on fewer items which will last more … as well as will save you money in the end term.
2. You’ll be getting in some exercise and slashing some gas costs also. (And at about $4 per gallon that’s a great deal!)
3. When you base a dish on something from your pantry which you’d love to make use of and you may discover the perfect recipe. Since you bought only the ingredients you’d need to prepare the dish as well as a bit of dough.
4. You’ve reduced the size of your trash bin along with the cost of gardening and garbage. And the plants are more content.
5. You may have to spend a bit more, but this reduces the strain on the supply chain globally and helps your local economy.
6. You’re saving money yes, but you’re also helping wildlife … and even water while cutting down your carbon footprint as well as emissions.
7. Your electric bill is reduced by a little and use less energy.
8. You can save money to go on your next trip or investment property and discover that you are in love with the things you already have slightly more.
Each spending choice doesn’t need to be positive on the world or work in the interest of a greater cause. It’s okay to be selfish, as well! Would you rather avoid thisexpense to save money or pay more for the other one?
Also, you’ll notice the fact that not every benefit is a savings however many have it. A reminder that not all choices involving money are only financial!
WALKING THE TALK
I don’t simply prescribe actions during cash flow meetings for planning. I also test drive suggestions and follow my own advice!
In the last one or two months I realised that me and my partner already have more subscriptions than what we use. Certain services we haven’t used for some time! (I’m thinking of AppleTV+, AppleTV+. However, you’ll be back when following Season is on Ted Lasso is released!) We’d just added these channels over the last few years, but hadn’t realized the amount we were paying. Although it wasn’t that much on a monthly basis however our annual figures included …
Netflix: $174.36
Spotify: $167.64
AppleTV+: $64.44
Hulu, Disney+, and ESPN+ Bundle: $258
The total: $664.44 annually or $55.37 per month
We hadn’t realized we were spending that many dollars on music and TV streaming We discussed our subscriptions. When we decided to stick with the pricier choice, we made sure that it was the best choice for us, and then cancelled the remainder. (Hint: You can unsubscribe from subscriptions using apps such as Mint and Truebill as a one-stop solution to reduce your subscription.)
Another dose of my own medicine: I’ve been taking on the challenge of the pantry! Pasta salads of every kind have become a new popular weekend meal. Also, I’ve gained an admiration for rice using black beans for a base. I then make fun and fresh toppings! (… I’m still trying to come up with a solution with dried split peas. I’m not forgetting about them neither have I forgotten about them. Help me!)
The time spent over the last two years talking about and rescinding a few subscriptions may seem insignificant. Also, it could be a good idea to use up a few non-perishables during the weekend. However, these easy steps to conscious consumption can save me some dollars every now and then. I’ve not yet calculated the savings yet, but I’m pleased with the positive effect these small changes are having on my credit card as well as my cabinet.
Is there your reason? Do you have a specific reason to the decision you’re taking today? Do you take the time to consider, “Why do I/we [insert variable here]?” I urge you to utilize your own -whatever it may be -to implement a small, positive shift in your daily life. Your increased awareness of the smallest of aspects of your life may bring about some nebulous savings along the way.
Try it Don’t forget to inform me about it!
