5 Ways to Practice
Mindful Spending
I love the above comic strip because it so accurately describes what goes through our minds often when we are spending money! We can get sidetracked by current desires, and forgo a later financial goal if we are not consistently thinking about how we are spending our money.
Before you spend your money, are you first considering how this purchase will affect your overall financial goals? This simple practice is called Mindful Spending. Mindful spending is a form of conscious or intentional spending. In short, it means you are considering your bigger financial picture before you make a purchase. It is important to look at the bigger financial picture to make a clearer connection between your lifestyle desires (your heart) and your brain. We spend mindfully to make sure your goals, values, and other areas of overall wellness are nurtured.
Spend mindfully to support your financial goals and values, nurture your lifestyle, and keep emotional spending in check.
Now, keeping the bigger financial picture in mind, how do we practice spending mindfully?
First, identify what is important to you. Your financial goals, your personal values, and priorities.
Plan for spending! Budgeting is never going to work if you are only planning for the necessary items in the budget like bills. Give yourself permission to spend on eating out, on entertainment with friends. Just set amounts that are still serving your goals and values, and then stick to this amount.
Can you get creative in how you spend mindfully? Maybe it is sharing a plate with a friend or eating out at places that only have those student discounts. The possibilities are endless. How can you team up with your peers to foster an environment that helps each other reach their financial goals?
Shop around! This can relate to saving money on groceries by comparing ads, it might be giving back to the local economy and investing in small businesses by shopping at mom/pop stores instead of large chains.
Finally, set yourself up for success by being aware of areas that you are tempted to overspend or misalign goals. Identify what triggers this overspending and put up safeguards to avoid that in the future. This could be emotional spending, or it could be your friends or social media influence.
Will you challenge yourself to spend mindfully this month?
►Manage money with AAMC
AAMC Financial Wellness: The AAMC has created a robust financial management dashboard specifically designed for medical students. Use this dashboard to:
- Track Financial Health
- Budget & Track Spending
- Create Financial to-do’s
- Create Financial Goals
- Organize Student Loans
- Utilize Resources & Calculators
Create a free account today! Visit the site here and choose UMKC as your school.
►This week @ AAMC:
Facts About Taxes
This week, you’ll learn some of the basic skills you need to make tax season as pleasurable – and profitable – as possible.
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