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Mindful Spending

September 25, 2024 In today’s fast-paced world, it’s easy to swipe your card or click “buy now” without a second thought. Whether it’s a cup of coffee on your way to work, the latest technology or an impulsive online shopping spree, the way we spend our money can often feel automatic. However, through this program, we somewhat developed practicing mindful spending. Mindful spending can shift our financial habits, leading to savings, clarity and even a sense of financial freedom.Mindful spending is the practice of being fully aware of every purchase you make, and questioning whether each expense aligns with your financial goals and values. It’s about slowing down and asking yourself key questions before spending:
  • Do I really need this?
  • How will this purchase impact my budget?
  • Is this aligned with my long-term goals, like saving for a home or retirement?
  • Am I buying this for convenience, out of habit, or emotional reasons?
This week I’ve found myself reflecting on multiple purchases. For example, I have a few events coming up and I (Cory) planned on buying new outfits for each event. After totaling the cost for both outfits, I quickly started to reflect and think where else this money could be applied to. Savings? Maybe a bill? I went upstairs in my closet and tried on some things that would easily still fit and be appropriate for the occasion. Why Mindful Spending MattersBeing conscious of every dollar you spend gives you a clear picture of where your money is going. This awareness helps identify spending patterns you might not even realize existed, allowing you to make more informed decisions. You might also be interested in As we wrap up our Project Money experience, we want to take a moment to reflect on how far we’ve come—emotionally and financially—and share our journey... This past week, our family participated in a door and patio decorating contest hosted by our apartment management company. The grand prize? A $200 gift... Over the past year, my family has been making deliberate choices to save money and focus on our financial goals. One of those decisions recently involved... As we approach the end of our journey with the Project Money program, Cory and I (Je’Lisa) took some time to reflect on how we can apply the financial... Every now and then, life throws a financial curveball—in this case, it was a pleasant surprise. We received a refund from our gap insurance since our car... This week, we faced an unexpected hiccup with our insurance: A doctor charged us for a 2023 appointment because they had outdated information. It was frustrating... Thanksgiving is a time for gratitude, family and of course, a feast. But let’s be honest, hosting a traditional Thanksgiving can come with a hefty price... This weekend, we decided to take a quick overnight trip to Minnesota. It was to record some music and spend time with friends, but we were determined to... This month marked a milestone for our family: It was our first month without a car payment after refinancing our vehicle through Summit Credit Union. With...