The story of every millennial – Work your ass off over the week (and sometimes weekends too), party hard (basically burn your salary in clubbing), purchase everything that one desires (that’s what metro and cab rides are meant for!), and run cashless by the 20th of every month (I am being too kind; its 15th actually). From paying our rents to clubbing every weekend, there isn’t much bank balance left to bank upon. And people don’t usually like to cut down on these things as it means cutting down on the life they live, which is also kind of agreeable. So what do we do to bring out a balance? What if there was a way to have all the fun and not miss out on anything, but at the same time build up a good corpus for your future. This method is known as mindful spending.
Concentrate more on experiences rather than buying stuff
People tend to spend unnecessarily when they go out with people as they think that there is no other way of having fun. But if one concentrates more on the kind of fun experiences that they can have then the spending can reduce drastically. Like instead of going to a posh restaurant, you can just go out to a pretty little café where you pay less but have an equal amount of fun. Instead of booking hotels for your next trip, go to a backpacker’s hostel. Trust me, that’s an experience you do not want to miss! It’s going to be better than your 2000/3000 INR per night stay at a hotel!
Try buying when there is a sale
Shop for shoes and bags when there is a sale on your favourite store. If you’re one of the people who love branded items, then you’re in for a lot of trouble. Thus try to fish out deals and discounts and go shopping only when they are available. One tip is to buy season basics a month or two before the actual season sets in. You’ll manage to get the same thing at a much lower price. For instance, try buying boots in September or summer shorts in February. You are going to save a lot of money!
Streamline the spending on what is important to you at the moment
If you see something exciting, ask yourself if this is really important to you at the moment, and do you really need this. If this suits your wants than your needs then try to avoid this until you have a larger bank balance. There are going to be times when you’d want to give in to your temptation and it is absolutely fine as long as it is not an addiction, does not break the bank, and you maintain moderation in everything you buy.
If there is a cheaper substitute available, then try to opt for that
If you can get the same thing at a cheaper alternative then why not opt for that one. Trust us, nobody would judge you if you did not buy that item at the actual price. Instead of going for the Huda Beauty Lipstick, you could just go for a drugstore brand.
Try not going on the bandwagon effect
Lastly, just because all your friends have it, don’t try to buy items such as the iPhone X if you don’t have the budget for it. Being in the social circle is important but not at the cost of burning a hole in your pocket.
These are a few ways that can help you save money thereby initiating mindful spending in your life. Things won’t change overnight, but small steps towards the bigger goal will eventually help you a lot by the end of the year. All the best!