How to Develop the Optimum Spending Mindset

Develop the Optimum Spending Mindset

If you’re just joining us, we are I Love Making Money and this is a “Financial Freedom Success Series” that we started on Medium. You can follow us and start from the beginning here.

Comparison shopping, looking for discounts, and even eliminating some spending is important. But at the core of a lasting behavior change is developing the ability — and habit — of making better overall buying decisions.

Remember, we live in a consumer society that “programs” us all to buy, buy, buy. But you can exercise your own control and make your own decisions. For Christmas this year, I’m giving you 25 Days of Money Tips. Click here to get all 25 days.

Here are some ways to help ensure you make great spending decisions:

1. Sleep on it. It’s easy to make a spur of the moment purchase. But buyer’s remorse can hit hard the next day. Take the emotion out of your decision by waiting a day. If you still feel the same tomorrow, then you may still want to move forward with the purchase. But in a lot of cases you’ll find that walking away will give you a much different perspective.
2. Determine why you’re buying. Remember we discussed the emotions of buying? No purchase can make you feel better about yourself (unless it’s a smart, well…