How to Spend Money Mindfully

Devoting time to thinking more clearly about your relationship with money and your spending habits can be a great step towards saving money. If you’re on a journey to become a more thoughtful spender, consider the following:

1.     Spend less than you earn.

Building a budget or spending plan to better track expenses/spending can help you become more conscious about your habits and make sure you know where your money is going.

2.     Pause before spending.

It may give you an instant dose of gratification, but will it contribute to your happiness? If the answer is no, that money could probably be spent, or saved, more wisely elsewhere.

3.     Reflect on your values.

To curb unnecessary spending, take time to reflect on which purchases bring satisfaction the most and cut out expenses that don’t make the mark.

4.     Pay with cash.

Using cash can help slow down the spending roll. Withdraw a certain dollar amount from the ATM on a regular basis and stay within that limit.

5.      Disable one-click purchasing.

One-click buying makes it convenient to buy almost anything on impulse. Remove the temptation by deactivating one-click purchasing in your account settings.

6.     Get help from your friends.

Simply sharing your goal of practicing mindful spending habits may help keep you on track and dissuade you from unnecessary purchases.

WAEPA’s Free Financial Wellness Program

WAEPA provides FREE financial wellness planning through our partnership with EY. As a WAEPA member, this program gives you access to important tools and financial advisors to help manage your day-to-day finances and build a retirement plan for your future. Visit waepa.org/ey  to learn more. 

Join WAEPA Today

You can apply for Group Term Life Insurance* at any time of the year (no Open Season or qualifying life event required). After more than 75 years of serving Civilian Federal Employees, WAEPA is the life insurance choice of over 46,000 Feds and their families. Calculate  how much coverage you should consider and apply today. 

*Underwritten by New York Life Insurance Company