Most time, it's not how much you have in your bank account, but what you do with the money you have. Embracing and encouraging mindful spending can make all the differences in your finances this year.
The shocking aspect of this is when you checked your last year bank spending report, you will be like; "Am I dreaming?" Well, you're not, it's just that you didn't make better spending plans last year.
Nevertheless, it's not too late to make that u-turn. 2024 is a clean slate and it's time to make good money plans that will trigger that "No Gree For Anybody", the 2024 watchword in Nigeria, in you.
If you're the type of being who get rich on payday and then goes financially broke just a few days later, it's high time you master the act of mindful spending. And of course, Mindful Spending is not a rocket financial habit, it's a simple financial habit that will improve your money spending decisions everyday.
So, how can you embrace mindful money spending this year? Follow these tips and you will thanks me later. Let's go!
How to Embrace Mindful Money Spendings
1. Save Before You Spend
Whenever you get paid or receive any personal money into your bank account, the first thing to do is save 10% of the money. It doesn't matter how fat or small the money is or whether you're a low-income or high-income earner.
The overall ideas is to make sure you put some money away as savings. However, if you find it difficult to save, you can turn ON automatic savings in your bank app.
Many banks, including Fintechs like Kudabank, OPay and PalmPay allows these features within their apps. For instance, Kuda Bank App's "Spend + Save" features let you save money automatically every time you send/transfer money.
2. Create A Budget
Budget helps you allocates money to different bills you pays every month's end. With this, you know exactly how much you spend and how much you need to spend. In addition, Budgeting will also helps you to meet financial goals and prepare for emergencies.
3. Stop Impulse Buying
Unless it's an Emergency, if it's not in your Budget, it can actually wait. Turn Off alerts/notifications from websites, app and social media pages that tempt you to spend unnecessarily.
In addition, block friends who initiates you to unplanned spendings. If you have that friend who always call you to hang out and overspend, it's time to rethink the friendship.
However, if you're the kind of person who loves "Owanbe" or "Partying," you can create a "Pocket Account" for enjoyment on your bank app. This will never let you spend more than the amount you saved in the pocket for enjoyment.
4. Stay Focused
Embrace mindful money spendings and watch your money goals come to Life. However, if you can't control yourself, just review your 2023 money spending report, that will get you back to your senses and keep you grounded.
Trust you've learned something something from this article? You can come back to share your money goals and a better 2024 spending report.