Shaun Stenning Opinion Why Mindful Spending Is Better Than Budgeting

Shaun Stenning said, Being mindful of your money is a form of conscious spending or intentional spending. It brings awareness of how you think, feels, and act with money for all spending. Mindful spending uses your emotions to create sustainable, satisfying money management.

Financial stress can follow us everywhere. As much as we try to avoid it, that stress can seep into our work-life and disrupt our productivity. In order to reduce financial stress, we must proactively fight it with efficient money management.

According to Shaun Stenning, “Mindfulness is one of the best things you can incorporate into your life. This is true with your finances as well. Practicing mindful spending can bring you peace and joy (and help you save money).”

“I firmly believe that small purchases add up to make a difference in your finances,” Shaun Stenning said.

What are some key principles of mindful spending?

Recognize impulse buying

Think before you buy. With the world at our fingertips, we can purchase anything in a matter of seconds.

Categorize purchases

Purchases are either needs or want. You need groceries, as food is necessary to live. You need to pay the rent or your mortgage, as shelter is essential. Categorizing each of your prospective purchases will help you determine if you should buy or walk away.

Shopping around

You have a lot of power as a customer. An integral part of mindful spending is shopping around for goods and services. Evaluate each of your options before you make a purchase. You’ll be amazed at how much you’ll save if you compare prices first.

Cash is king

It might sound small, but utilizing cash as much as possible will limit your unnecessary spending.

According to Shaun Stenning “Don’t turn your back on budgeting altogether. It can have shortcomings, but only if improperly executed. Mindful spending creates financial awareness, and budget check-ins keep you accountable.”

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