5 Tips to Spend Smarter

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10%. That's how much of my income I planned to spend when I got my first job. I was a teenager living at home with no expenses so it should be pretty doable right? Wrong.

It was doable when I was going to the bank and getting cash out after each paycheck. But as soon as I got a credit card? It was game over. I no longer had as clear a handle on my purchases and started justifying dozens of $4 shirts and $12 sandals because "it was such a good deal!" I convinced myself it was harmless and proceeded to spend hundreds if not thousands of dollars that I would later regret.

Over the next few years, I slowly decluttered those items, painfully admitting to myself I had spent money on purchases I regretted. I hated feeling guilty about my purchases and looking at those items wishing I could trade them back in for cash. I let that guilt get me down for a while, but eventually, I used it to fuel me to make more mindful purchases in the future.

Honestly, I wish someone had given me these tips all those years ago so I could have avoided those regretful purchases in the first place. I know implementing these practical tips will help you manage your spending more mindfully.

Visualize an item in your life before you buy it

We lived in apartments for the first 6 years of our marriage. I was a big deal when we moved up out of the basement into a beautiful well-lit walk-up! I've always dreamed of growing my own food, so when I was out at the hardware store one day, I picked up some tomato plants thinking it would be so cute to grow them in the window boxes! Somehow, I failed to remember tomato plants get huge. My window boxes would be no place for those tomato plants to bear fruit!

I thought I knew where I would put them, but clearly, I didn't think it through enough to realize those plants did not have a space in my current home.

Fast forward a few years - I was trying to intentionally build a baby registry. Obviously, this is difficult to do when you’ve never had a baby. I relied heavily on tips from moms around me and also took a “wait and see” approach.

I intentionally thought through each item and where I would store it in our apartment at the time. Of course, as a first-time mom, I still made some decisions and registered for some items we didn't need. But knowing where I would store an item and how and when I would use it helped me to purchase more mindfully.

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Delete apps from your phone

I'm a sucker for a good cozy sweater. Sweaters and leggings seem to be all I wear in the colder months (classic mom uniform). Of course, there is a time and place to grab a new cozy sweater. But one day I realized I was buying sweaters out of boredom or to distract me from emotions I needed to work through instead.

That's when I chose to delete the Aerie app off my phone. I still purchase from Aerie once in a while, but I want to add an extra step and make more difficult. Instead of ordering with a couple quick clicks, logging in on a computer or redownloading the app gives me a few extra minutes to decide if I really need to shop at Aerie or Amazon.

Use the line "I can't afford it" even if you can

We all have that one friend who knows our style even better than we do and helps us find cute outfits! It's SO MUCH fun to discover hidden gems you would have otherwise overlooked. Until you surpass your budget a few months in a row and realize something needs to change.

It can be tough to navigate social pressures whether friends are inviting you out to dinner or to update your wardrobe. I started frequently using the line "I can't afford it" to get out of those social pressures.

Those words don’t always mean I don’t have the money. Sometimes, it means I'm choosing not to afford an experience or item in favour of my savings goals.

Choose a money mantra

"It's not a good deal if I don't need it" I frequently repeat to myself as I speed-walk past a clearance section or put another wicker basket back on the thrift-store shelf. To this day, I'm a sucker for a good deal. But I frequently remind myself money in the bank trumps another cheap impulse buy.

Another phrase I repeat to myself often is "$10,000." $10,000 a year is only $27.40 per day. I can choose to spend that money, or I can choose to save that money. Remembering the number 10,000 helps me remember just how quickly little purchases can add up.

Budget for fun

My husband and I started budgeting for fun a few months ago and it is changing our lives! We all spend money on fun stuff, but once I started spending mindfully, I started feeling guilty every time I bought something fun.

My husband spends money a little more easily than me, so I used to often feel resentment when he went out for drinks with friends or bought something for one of his hobbies. Now that “fun” is worked into our budget, I'm happy for him when he spends within his limit, and I feel free to spend within mine!

Conclusion

There you have it, five tips for spending more mindfully. I hope implementing these strategies will help you feel good about your finances and avoid regrettable purchases.

Looking for more? I think you'll like my spend smart class! In this class I share the five steps that took me from chronic spender to mindful purchaser.