Practising mindful spending, especially during these times, can help you to make more conscious and intentional purchasing decisions. Which, as we all know, can be crucial to our financial well-being and long-term goals. So, to help prepare for that, here are my top tips:

Set boundaries with yourself to avoid impulsive decisions

There’s no denying that this time of year is fun. There’s late-night shopping filled with music, mulled wine bars, seasonal scents and all of those winter foods to try. But don’t let the excitement of the festive season lead you to make hasty decisions. Set clear boundaries with yourself and make sure you stick to them—whether that’s setting a budget, only going out a certain of times a week, or making sure you take a certain amount of time to give yourself space to think about a purchasing decision before making it.

Ask yourself whether it’s a need or a want

Needs and wants look different to everyone. For some, skincare, massage trips or gym memberships could be a want, whereas to others, it could be something that’s crucial to their well-being, making it a need. Being clear on what’s important to you, without judgement, is a great way to help you practise mindfulness and balance what to save vs splurge on!

Create a wishlist!

When sales season hits, it’s easy to become distracted, especially when the difference between the current price and the recommended retail price is significant. But having a list of specific items we want (or need!) can help to keep us on track when those sales hit, ensuring we focus on the items we’re looking for rather than the temptation!

Do your research

This ties in nicely with making a wishlist, where before you commit to making a purchase, you take some time to research the products you’re interested in buying. This can help with cost comparison and making sure you’re getting the best deal as outside of cost there are plenty of other perks, such as earning loyalty points or qualifying for gifts or additional discounts with an order.

Choose your payment type

For most circumstances, cash is king. But sometimes, it pays to put purchases on your credit card to qualify for additional bonuses and savings. You don’t want to put everything on credit and over commit yourself to hefty repayment terms or beyond your means, but depending on your credit card type, sometimes it can be worth it. Analyse your expenditure and financial commitments to see what is most beneficial for you and your purchases.

Shop with intention

Every time you make a purchase, ask yourself if it aligns with your values, goals, wants and needs. Ensure that each item you buy serves a purpose in your life—whether that’s fun, education, relaxation, or to make a process easier. This is an alternative approach to spending instead of simply restricting your spending because it enables you to focus on the things that improve your life, rather than just accumulating material possessions—helping to make your spending more purposeful.

By adopting these practices, you can make the most of the festive season and the accompanying sales whilst remaining in control of your spending.