Several years ago, food psychologist Dr. Brian Wansink released Mindless Eating, a revolutionary book that examined how we consume food without even thinking about why or what we’re eating. Our eating, in essence, becomes habitual.
This mindless eating, Wansink argues, is a prime reason so many Americans are overweight. His take home lesson: we can lose and keep off the excess pounds simply by being more mindful of our eating.
The same concept applies to our personal finances. We can get into trouble when we’re not mindful of our spending. It’s important to stop, take a step back, and actually reflect about the purchases you make. Before buying anything, ask yourself:
Do I really need this?
Can I find a free or cheaper alternative?
Will it truly bring me more happiness?
Am I purchasing this item out of habit?
In three, six, or nine months will this purchase collect dust just like the rest of the junk in my closet?
Is this item bringing me closer to my financial goals?
Will this purchase put me further in debt?
Sounds easy, but retailers make it hard for us to take pause. They attack our senses with smells, images, lighting, and product placements designed to overwhelm our rational brain, and speak directly to the “I gotta have it” kid inside all of us.
Only after we’ve spent our money and walked out of the store does that nagging buyer’s remorse start to haunt us.
So how do we remind ourselves to take a time out in the heat of shopping passion? What are some of the tricks we can use to force ourselves to calmly evaluate our purchase before laying out our hard earned money?
1. It could be as simple as wearing a brightly colored silicon wrist band. These “reminder bands” can be purchased dirt cheap on the internet and can provide the small reminder that tells us to slow down and re-evaluate before making our purchase.
2. A similar tactic involves placing a reminder on your smartphone. Replace your smart phone home screen or iPhone lock screen image with an image of significance. This could be a picture of your cluttered closet, reminding you of the fact that you have enough “junk” already. Or, it could be a picture that represents one of your financial goals – an image of a new car or house, for instance.
3. Another way to force yourself to stop and reflect before making a purchase is to leave your credit cards at home, or at least in the car. This ensures that when you go “window shopping,” you’ll truly be just window shopping. If you find something you absolutely must have, then the walk back to your car or drive home to retrieve your credit cards will give you all the time you need to reconsider your purchase.
4. Alternatively, resolve to carry only a minimal amount of cash along with an ATM only (non-debit) card. When you come across something you “must have,” the trip to the ATM to get more cash offers the perfect opportunity to seriously consider whether or not you really do need the object of your desire.
The key is to find something that works for you, as long as it provides a speed bump that makes you think carefully and consciously before handing over your money.
Remember, when you spend mindfully, you spend wisely.
BMWK, what are some of the tricks you use to spend mindfully?