Mindful in May
The buzzword “mindfulness” seems to be everywhere at the moment. Whether you are using a mindfulness app or practicing mindfulness through meditation and yoga – the trend of mindfulness is hard to miss. Mindfulness is usually discussed in terms of achieving spiritual and emotional awareness, often ignoring the more practical applications it can provide. Financial mindfulness will lower your anxiety, focus your approach and save you money.
The principle behind being mindful in May is spending 10 minutes a day practicing meditation, and at Raiz we believe this should be applied to being mindful with your money. With the End of Financial Year just around the corner, May is the perfect time to concentrate on being mindful about spending and saving. This May designate some time to not just develop a financial plan, but reflect on your saving goals, research into investment options, and be mindful about what you are spending your money on.
You can become a master, rather than a slave to your money with these easy tips:
1. Track your expenses manually:
Instead of painfully examining your bank statements at the end of the month, try tracking your purchases manually as you make them. A good way to do this is to write down what you spend whilst you are making the transactions. Awareness starts in realizing how much and what you’re spending money on. By getting in the habit of tracking your expenses, you’ll become more aware of your purchases and what they mean for your overall financial health.
2. Set a waiting period:
It is so easy in the digital age to buy something without considering if you really need it. With PayPal and Paywave shopping can be such a mindless activity, and it’s not till you receive your bank statement that the guilt sinks in. To stop yourself from spending in a vacuum, set a waiting period of at least 24 hours to decide if your purchase is really a necessity. The age old advice of ‘sleep on it’ can really make a difference when it comes to impulse purchases.
3. Realise what the trade-offs are:
It is easy to spend money if you are not aware of what you are sacrificing in the long run. For example, spending $100 eating out a week, or buying an unnecessary item of clothing may not seem like a big deal, but in the long run $100 can go towards paying off a stressful debt, or starting a saving fund for a well-deserved relaxing holiday. It may seem difficult to practice self-control, but challenge yourself for the month of May. Bring your own lunch to work, or meet a friend for a walk in the park on the weekend rather than for a drink.
Make May your month to reflect on and develop your mental and financial health!