It’s Friday and time for our word of the week –the word this week is Mindfulness.
I chose Mindfulness because although it may sound a little faddish, it’s really a lot more than that and it is worthy of your attention. Mindfulness is defined as the practice of living in the now by paying attention to your thoughts. So what’s the connection between mindfulness and money? It’s simply that if you practice mindfulness as you spend money it will help you purchase things more deliberately, curbing your impulsive spending.
It all starts with how you make buying decisions. It’s no secret that businesses play all kinds of mind tricks to get you to spend money but paying attention to your thoughts as you shop can help you avoid some of those tricks. So as you shop, ask yourself if you are buying something because you want or need it or are you buying it because it seems like a really good deal whether you need it or not.
Also, it’s important to practice mindfulness as you pay for your stuff. It’s been proven over and over again that people spend less when paying with cash because handing over the money is really real versus swiping a card or using air money as I call it. If you don’t believe it, just give it a try.
Our word of the week: Mindfulness. It can easily mean the difference between staying on or tanking your budget.
And that’s it for today. I want to close by giving a shout out to one of our listeners Jan who left us a review on iTunes – and here’s what she said, “Great tips and money advice. I love the short segments and listen to them in the morning while I’m doing my morning routine. It’s much easier to take the information in bite sized bits and I’m already thinking about money differently.”
Thanks Jan and thanks so much for subscribing to the show. If you like us, subscribe to show and if you leave us a review, I just might read yours on the air. You can subscribe to the show and leave us a review by visiting our website at www.mym360.com and clicking on the green box at the top of the page.
Thanks for listening and as always remember that minding your money really is the path to a richer life!