Being intentional with your spending is a powerful way to achieve your financial goals and maintain full control over where your hard-earned money goes. By aligning your purchases with your priorities, you can avoid unnecessary expenses and maximize your savings. At the same time, there’s a certain level of satisfaction that comes with ensuring that every transaction you take part in contributes to achieving your financial goals. So how can you be a more mindful consumer? Maya offers these practical tips to help you become more intentional with the way you spend your money.
Define Your Financial Goals
Before making any purchase, it’s important to be clear about your financial goals. Do you have big plans like building an emergency fund, paying off your debts, or saving for a car or house? Perhaps your financial goals are more immediate and achievable, like getting more bang for your buck while purchasing high-quality goods for your family. Regardless, having a concrete goal in mind can help guide your spending decisions.
Write down your short-term and long-term goals and refer to them before making any major financial decisions. Then, whenever you’re in a position to make a purchase, ask how your spending can contribute to your goals. This way, you can ensure that the items and services you want to spend money on are aligned with the financial goals that truly matter to you.
For example, if you want to provide your family with premium pantry supplies at Landers while extending your budget, apply for a Maya-powered Landers Cashback Everywhere Credit Card. Using this card gives you up to 5% cashback at Landers, 2% on dining spends, and 1% on all other qualified transactions,* allowing you to save on costs and enjoy credit card promoswhile purchasing quality products for your home.
Create a Budget to Guide Your Spending
A well-planned budget acts as a roadmap for your financial decisions. Outline your income, fixed expenses, and discretionary spending to ensure you allocate your money effectively. Next, track your spending regularly and adjust your budget as needed to stay on track. If you have a Landers Cashback Everywhere Credit Card, you can use your Maya app to check your credit card spending—and to control it, if necessary. These functionalities can provide you with a clear picture of your financial habits and make the process of putting together a realistic budget much easier.
Differentiate Between Needs and Wants
One of the simplest ways to become a more intentional spender is to distinguish between needs and wants. Now, simple doesn’t exactly mean easy, and it can be a challenge for people to clearly distinguish between their wants and needs. Some people, for example, consider food deliveries to be essential to staying focused on their professional responsibilities without neglecting the needs of their household.
If it’s difficult to draw a clear line on where your needs and your wants begin, consider using a spectrum to decide where your purchases belong. On one end, there are essential expenses like housing, food, and transportation, on the other, there are those that you can do without, like luxury goods or entertainment. This way, you can automatically say yes or no to the items at the opposite end of the spectrum and save your mental energy for determining whether you have funds for the items in the middle.
Implement the 24-Hour Rule for Purchases
Keep in mind that impulse buying can derail even the most well-planned budget. To avoid unnecessary purchases, adopt the 24-hour rule—that is, wait at least a day before buying non-essential items. Some people even take this further and wait a week before they purchase the items they’ve impulsively added to their carts. This pause allows you to evaluate whether the purchase aligns with your goals or if it’s just a momentary desire. More often than not, you’ll find that the urge to buy fades, helping you save money in the long run.
Avoid Retail Traps and Marketing Gimmicks
Retailers often use various strategies to encourage impulsive spending. They can encourage their customers to purchase through attractive displays and events like limited-time offers and buy-one-get-one-free deals.
These can be a great opportunity to save money if you need to buy the items on sale, but they can also entice you to purchase items that you haven’t budgeted for. Avoid the latter by staying disciplined and sticking to your shopping list. If you’re shopping online, disable one-click purchases and remove saved card details to introduce an extra step before finalizing a transaction, making it easier to reconsider unnecessary buys.
Align Your Spending with Your Values
Your purchases should reflect what truly matters to you. If you value sustainability, consider supporting eco-friendly brands. If personal development is a priority for you at the moment, allocate funds for books or courses that contribute to your growth. By spending on things that align with your values, your financial choices become more fulfilling and meaningful.
Being intentional with your purchases not only helps you achieve financial stability but also allows you to enjoy a greater sense of control and fulfillment in your financial journey. By implementing these tips and taking advantage of the benefits provided by financial solutions like the Landers Cashback Everywhere Credit Card and the Maya, you can develop mindful spending habits that align with your goals and values.
*Transactions that don’t qualify include: cash in, cash advance, quasi cash purchases, casinos and gambling, fuel, supermarket, pharmaceuticals, utilities, telco, and government.
