Do you think the only way to live a full, rich life is to spend as much as possible? Think again. More often than not, slowing down and doing things by hand or making things from scratch can help you save and be more mindful. This is great news for those who are consistently overspending, especially if they’ve reached the point of drowning in debt.
· Ease the Weight of Any Debts
Feeling the pressure of debts you don’t think you can pay off will cut into the enjoyment of everything you do. Not only that, but it puts you in a very vulnerable position. That’s why, before you can start with any of the following mindful and frugal tips, you’re going to need to address your debts. One of the best ways to manage them is to consolidate all of them into one payment. This is usually a lower payment overall, making it far easier for you to pay off what you owe without feeling like you’re drowning.
The best way to do this is to enter into an individual voluntary arrangement or IVA. Unlike a debt consolidation loan, this arrangement is supervised by an insolvency practitioner who will negotiate with your creditors on your behalf and also helps keep you on top of your repayments.
· Stop Frivolous Spending
Frivolous or impulse shopping is the easiest way to see your money drain away, and it can be hard to stop. That initial thrill when you buy something fun can be hard to beat, but it’s also one of the most fleeting highs out there.
There are a few key ways that you can stop this frivolous spending. The first is to put at least a 24-hour embargo on any purchases you want to make. Take a photo of the tag, find it online, and wait. In most cases, you’ll be able to buy it later on. What you may find happening is that this takes away the impulse part of shopping. If you’re actively looking forward to getting something 24, 36, or 48 hours later, then it’s at least more than a whim. To really put distance, set up a price drop alert and wait for it to go on sale.
· Take Up Slower Hobbies
Taking things slow can help improve your concentration, can help you be more mindful, and can also help you save money. Art is a great hobby to get started in, for example, and you can even do it very cheaply. Since these activities take longer, you’ll be occupied for more time and won’t need to buy more to keep you entertained.
· Take This Mentality On to Essentials Too
One of the best ways to reduce essential costs is to make things from scratch and then learn how to preserve them properly. You can get great deals on fresh fruits and vegetables at farmer’s markets or around town. Knowing how to prepare those items then so that they last longer or become healthier (like how the fermentation process helps introduce probiotics to your gut) is a great way to make your savings go further and cut back on waste. Prepping in this way and then canning, jarring, or freezing can help you save and eat better.