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Mindful spending is something my husband and I had to work out for ourselves.
After my husband and I racked up some pretty steep debt we realised we were miserable.
We wanted to start a family and it wasn’t possible with so much debt.
However, I did fall pregnant with our first and we scraped by each month. Barley saw my husband.
He was working all hours and because my daughter was very poorly, I decided to give up work to take care of our child.
That’s when we changed our view of the world and our habits.
In only a year, we cleared our hundreds of thousands of pounds worth of debt, saved a deposit and bought a house.
We have not been in debt since (aside from a mortgage) and don’t plan to be in debt again.
Read on to find out our secrets to staying out of debt, even at Christmas.
Enjoy and don’t forget to comment at the end, I love hearing from you and subscribe to get access to FREE printables, newsletters, the latest posts and more.
The Christmas Season
I absolutely love Christmas. It is a wonderful time filled with joy, family, and giving.
However, it can also be a time when many of us find ourselves spending more than we planned.
If you’re looking at your bank account and feeling a bit overwhelmed, don’t worry, you’re not alone!
Let’s talk about how to get back on track and keep our finances in check after the holiday splurge.
Reflect on Your Spending
The first step in mindful spending is reflection.
You and your partner need to take a moment to look back at your holiday expenses.
You need to be completely honest with yourself or this won’t work.
Did you buy more gifts than you intended?
Were there any costs you hadn’t accounted for? That extra pack of mince pies or another bottle of bubbly?
It all adds up, so don’t leave anything out.
By understanding where your money went, you can start to make a plan for moving forward.
Create a Budget
Creating a budget is like a map for your finances.
Start by listing all your fixed expenses, such as rent/mortgage, utilities, subscriptions, contracts, fuel, and groceries. You get the gist.
Then, set aside some money for savings and any debts you might have.
Whatever is left can be used for other expenses, like entertainment or dining out.
Remember to keep your budget realistic.
It’s okay to have some fun money, just make sure it fits within your plan!
Needs Over Wants
It’s easy to get caught up in the excitement of sales and discounts. But it’s important to know the difference between needs and wants.
Needs are things you can’t live without, like food and shelter.
While, wants are things you can live without, like that new video game or outfit.
When you’re mindful of this difference, you can make better financial decisions.
Set Financial Goals
Having goals gives you something to work towards.
When we wanted to buy a house, we had a goal and it kept us from going off the path.
It could be saving for a holiday, paying off debt, or building an emergency fund.
Make sure your goal is very clear and make it as specific as you can, this will help motivate you to stick to your budget.
Write down your goals together and check your progress daily or weekly.
You’ll feel so satisfied as you get closer to achieving them!
Practice Mindful Shopping
The next time you go shopping, try to be more mindful.
Ask yourself if you really need the item or if you’re buying it out of habit or impulse.
Be really honest with yourself.
I love to wait a day before making a purchase.
This way I either can’t stop thinking about it and know that I won’t regret spending the money. Or I decide I actually don’t need it as much as I thought I did. Sometimes I even forget about the item altogether.
Often, the urge to buy will pass, helping you save money in the long run.
Don’t forget to shop second-hand and charity shops. Not only do you save tons of money but it’s environmentally friendly too.
Selling things you no longer need will give you extra cash also.
Find Free or Low-Cost Activities
Just because you’re being mindful of your spending doesn’t mean you have to miss out on fun!
I love a bargain and I am always looking for value for money.
Look for free or low-cost activities.
The beach, going for a walk, visiting a museum on a free admission day, or attending local events.
You might be surprised at how much enjoyment you can find without spending a lot.
Track Your Progress
Keep track of your spending and savings daily and weekly.
This will help you see where your money is going and make adjustments if needed.
There are many apps available that can help you manage your finances and stay on top of your goals.
Moneysavingexpert has great advice for more.
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Bee's Final Thoughts
Finally, remember to be kind to yourself.
It’s okay if you made some financial mistakes during the holiday season.
What’s important is that you’re taking steps to improve.
Celebrate your progress and keep moving forward!
By being mindful and making smart financial choices, you can get back on track after the Christmas season. And keep your finances in check throughout the year.
Happy saving!
