\u201cMindful spending\u201d isn\u2019t an oxymoron\u2014at least, it doesn\u2019t have to be. That\u2019s because more and more people, especially Gen Z, now recognize that sticking to a budget and staying out of debt isn\u2019t just good for your wallet, it can be good for your well-being.<\/p>\n\n\n\n
Financial concerns are often a significant source of stress: In a 2023 study by Forbes<\/a>, 54% of respondents said they \u201coften\u201d or \u201calways\u201d feel stressed because of their debt and 60% said their financial stress has led to disagreements in their personal relationships. Interac research showed similar trends: In a 2023 Interac study, Gen Z adults polled were more likely to report feeling stressed, anxious and overwhelmed about their financial situation than any other generation polled<\/a>.<\/p>\n\n\n\n So it makes sense that more people are embracing mindfulness\u2014the quality or state of being conscious or aware of something\u2014and its potential to improve certain aspects of their lives, including their financial well-being.<\/p>\n\n\n\n Being a mindful, savvy spender doesn\u2019t have to take the fun out of shopping. It can be as simple as asking yourself a few key questions before making major\u2014or even minor\u2014purchases.<\/p>\n\n\n\n Not all purchases are created equal. Regardless of your financial situation, different items fall into different categories: the things you need, the things you want, and everything in between.<\/p>\n\n\n\n Some needs are immediate and obvious (paying rent, grocery budgeting etc.), but other purchases require more thought. It may be easy to talk yourself into \u201cneeding\u201d something in the moment, and we\u2019re all susceptible to the lure of sales, or peer pressure, or even feeling influenced to spend without necessarily knowing why.<\/a><\/p>\n\n\n\n Ask yourself: Do I own something similar? How will I wear\/use\/display this item? How long will I be able to use this?<\/p>\n\n\n\n If you\u2019ve decided to make the purchase, Interac <\/em>Debit can help you stay in charge by using your own money, straight from your account and authorized by your financial institution. By using your own money in real time, you\u2019ll have an accurate picture of how purchases fit into your budget (or don\u2019t). That means you can say goodbye to surprise bills and stay on top of your spending.<\/p>\n\n\n\n You don\u2019t have to look much farther than phrases like \u201cdoom spending,\u201d \u201cretail therapy\u201d and \u201cpanic buying\u201d to understand that shopping can be a common reaction to stress or a way to cope with emotions. <\/em>And we\u2019ve all experienced the \u201cshopping high.\u201d<\/a> <\/em>That\u2019s one reason financial experts and therapists alike advise \u201chitting pause\u201d before making a purchase.<\/p>\n\n\n\n \u201cA mindful approach can give us the opportunity to take a step back to ensure that the financial decisions we make can clearly align with our personal values,\u201d Conscious Economics\u2019 in-house Financial Therapist Aseel El-Baba previously explained to \u201cIn the Know.\u201d<\/a><\/p>\n\n\n\n This approach can help you be present and in control of your financial decision-making. And with convenient and secure payment processes through Interac, you can execute those decisions with confidence.<\/p>\n\n\n\nFinancial mindfulness: Figuring out the \u2018why\u2019 before you buy<\/h2>\n\n\n\n
1. Is this a need or a want?<\/h3>\n\n\n\n
2. What\u2019s driving my desire for this purchase? <\/h3>\n\n\n\n