In a world that is constantly changing some may even argue we are moving towards consumerism how one of the easiest ways to blur what you want and what you need. But being more mindful of your spending forces you to dance along that balance beam while adhering most closely with the financial truths about how you would like your money used. Want vs Need differentiating between what you need and want is the starting point of improving financial behavior.

1. Understanding Wants vs. Needs

Needs: Needs are basic survival and well-being essential services or items, should you like: food, shelter (housing), healthcare, and utility. These are things you can not make excuses for when it comes to budgeting which needs priority.

Wants: Wants are things desirable to have rather than necessities; you provide comfort and pleasure, like dining out or going on holiday. This, while it can improve your quality of life, needs to be taken into consideration with what you are trying to do financially.

2. Practicing Mindful Spending

Take A Break: Before you buy anything ask yourself if it is a need or a want. Consider where this purchase fits in with your financial needs. Is it an expense required or can be postponed/eliminated? Stopping to curb your reaction may save you from an impulsive decision.

Unlock Your Hidden Potential: Put yourself in control of your money and prioritize accordingly; spend only on the things that matter most to you. For example, if you are saving for a house then think about how making cuts on non-impactful spending can help with that end goal. This means you ensure your money is funneled in the direction of what really matters to you, rather than being spent on things that make you feel good but do not fulfill a long-term goal (for example going out for coffee or buying new clothes).

Budget Spending: Make a spending plan that includes needs as well as wants only to make sure your list of wants is not over-the-top. Have a set amount of your money for what you are comfortable with self-indulgencing in if it won't compromise things like bills or savings.

3. Finding Balance

Mindful spending = living in the now: this way of mindful thinking does not mean depriving yourself of all sorts of pleasures. The key is to strike a balance that allows you to enjoy the present without ignoring your future. You should allow yourself to treat occasionally but do it mindfully and in moderation (without exceeding your budget).

Review Often: Your financial status and goals will change over time. Take a moment to reassess your budget and expenditures occasionally, ensuring you stay true to the established goals. Change how you spend to better reflect your life choices and prevent you from falling off the rails.

In short: being mindful of your spending means making conscious decisions around your desires and necessities that also work for you numerically. So instead of spending your way through life, practice mindfulness in your finances so you may live and enjoy while also ensuring that what stands next will not be a fall but a future well west to stand on.