The Art of Mindful Spending

I am coming to the conclusion that there are just too many things to buy these days.  Add to that the ease with which purchases can be made (on-line, tap your card, on your phone) and it results in a situation where it can be very easy to lose control of your spending.

Financial planners are reporting more and more approaches from prospective clients who are unable to make headway in their lives due to their outgoings regularly exceeding their income.  They are worried that their domestic debts are increasing and they are unable to accumulate sufficient assets to feel financially secure.  Some are looking for  “get rich quick” strategies as they look for a silver bullet to get them back on track.

For many, it can seem like an overwhelming task to gain a clear picture of where their money is going and to come up with ideas to reduce the outflow.   The idea of a “budget” is too daunting, too constraining, just no fun at all.

As a strategic financial planner, I like to work with my clients to help them to clearly understand and articulate their big picture financial goals.  Where would you like to be and what would you like to be doing next year, in 5 years, in 35 years?  We discuss conflicting objectives, set priorities and turn it into a road map for financial success.

And then we can talk about Mindful Spending.

Mindfulness is a concept whereby you practice bringing your attention to the present moment and focus on your thoughts and emotions.  It can bring a sense of calmness.  Mindful Spending involves considering, at the point of purchase, how you actually feel about what you are buying and whether the spending is in alignment with your financial goals.  The idea is to refocus the mind on the longer term plan and to stick with the spending priorities that are more likely to bring success.

So next time you are about to tap the card on the machine for that “must have”, “it’s on special”, “because I’m worth it” purchase:  Stop, Take a deep breath and ask yourself, “Is buying this going to add to my over all financial well being?”.

 

© Summation Strategies 2017.

Please note that all information provided is of a general nature and does not take into account your current financial situation, needs or objectives.  Before acting on any of the information you should consider its appropriateness, having regard to your own objectives, financial situation and needs.  We recommend those seeking insurance or making an investment obtain financial advice specific to their situation and consider the Product Disclosure Statement prior to making any financial investment or insurance decision.

The Art of Mindful Spending
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