The buzzword “mindfulness” seems
to be everywhere at the moment. Whether you are using a mindfulness app or practicing
mindfulness through meditation and yoga – the trend of mindfulness is hard to
miss. Mindfulness is usually discussed in terms of achieving spiritual
and emotional awareness, often ignoring the more practical applications it can
provide. Financial mindfulness will lower your anxiety, focus your
approach and save you money.
The principle behind being
mindful in May is spending 10 minutes a day practicing meditation, and at Raiz
we believe this should be applied to being mindful with your money. With the
End of Financial Year just around the corner, May is the perfect time to
concentrate on being mindful about spending and saving. This May
designate some time to not just develop a financial plan, but reflect on your
saving goals, research into investment options, and be mindful about what you
are spending your money on.
You can become a master, rather
than a slave to your money with these easy tips:
1.
Track your expenses manually:
Instead of painfully examining
your bank statements at the end of the month, try tracking your purchases
manually as you make them. A good way to do this is to write down what you
spend whilst you are making the transactions. Awareness starts in
realizing how much and what you’re spending money on. By getting in the habit
of tracking your expenses, you’ll become more aware of your purchases and what
they mean for your overall financial health.
2.
Set a waiting period:
It is so easy in the digital age
to buy something without considering if you really need it. With PayPal and
Paywave shopping can be such a mindless activity, and it’s not till you receive
your bank statement that the guilt sinks in. To stop yourself from
spending in a vacuum, set a waiting period of at least 24 hours to decide if
your purchase is really a necessity. The age old advice of ‘sleep on it’ can
really make a difference when it comes to impulse purchases.
3.
Realise what the trade-offs are:
It is easy to spend money if you
are not aware of what you are sacrificing in the long run. For example,
spending $100 eating out a week, or buying an unnecessary item of clothing may
not seem like a big deal, but in the long run $100 can go towards paying off a
stressful debt, or starting a saving fund for a well-deserved relaxing holiday.
It may seem difficult to practice self-control, but challenge yourself
for the month of May. Bring your own lunch to work, or meet a friend for a walk
in the park on the weekend rather than for a drink.
Make May your month to reflect on
and develop your mental and financial health!
You can start using Raiz at any time by clicking this link! For more information on Raiz fees, click here.
Important Information
The information on this website is general advice only. This means it does not consider any person’s investment objectives, financial situation or investment needs. If you are an investor, you should consult your licensed adviser before acting on any information contained in this article to fully understand the benefits and risk associated with the Raiz product.
The information in this website is confidential. It must not be reproduced, distributed or disclosed to any other person. The information is based on assumptions or market conditions which change without notice. This will impact the accuracy of the information.
Under no circumstances is the information to be used by, or presented to, a person for the purposes of deciding about investing in Raiz.
Past return performance of the Raiz product should not be relied on for deciding to invest in Raiz and is not a good predictor of future performance.
