If you find yourself falling into the trap of retail therapy, it’s time to learn about mindful spending. Here are four tips to help you spend less and save more!
Avoid temptation. It is hard to keep telling yourself “no” when temptation is constantly flashing across your screen. Opt out of social media accounts that get you to spend more than you should, and unsubscribe from email lists. Avoid browsing on brand sites that often trigger overspending, and only visit when you need to make a purchase. You can do this in real life as well, being careful to avoid shops that provoke mindless spending. Similarly, when shopping for groceries, keep away from aisles and checkout counters that may cause you to overspend and purchase more than you have on your list.
Put large purchases on hold. One of the best ways to avoid buyer’s remorse is to put all large purchases on hold. Set your own dollar amount for what you consider to be a large purchase and resolve to wait a while before completing any purchase in that amount or more. For example, you can decide to wait two weeks for every purchase of $50 or more. Delaying a large purchase will give you time to think it over and consider whether you really want to spend this money now.
Find alternative ways to de-stress. Too often, people claim they need “retail therapy” and use it as an excuse to practice mindless spending. But choosing to turn to shopping for alleviating stress, dealing with a challenging situation or just to escape real life for a bit makes it very difficult to make smart, responsible choices. Instead, it is best to find another way to lift a heavy mood. Find someone to talk to, go for a walk while listening to your favorite podcast or take up a forgotten hobby again.
Keep track of your money. Giving every dollar a destination makes it easier to spend mindfully and cut down on unnecessary expenses. To help you manage your finances, SeaComm offers a free, online financial management service. This complimentary feature helps you budget and track your expenses, and can be accessed through SeaComm’s online banking platform, NetTeller™. Click here to get started.
As you work toward spending wisely, it is important to have a plan for the money you have saved. One of the best ways you can do this is by building a financial cushion with SeaComm. You can start small by putting away whatever you can in a special savings account each month, or invest your money in a money market account or Certificate. Click here to discover a variety of savings options available to you, at SeaComm!