By Holly Reisem Hanna One of the most effective ways to get the word out about your business is through media exposure. But for many entrepreneurs and small business owners, hiring a PR firm just isn’t in the budget. While you can purchase DIY media kits and lists, the whole process of pitching your business […]
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Americans are predicted to spend $682 billion during the holiday shopping season this year. That’s a 4% increase from last year, and proves that our appetite for new stuff continues unabated. With all the so-called deals popping up, and the advertisers pulling out all the stops in their attempts to make us crave new products, it can be hard to resist buying at least a few things we don’t need.
One way to gain some calm amidst the storm is to make an effort to spend mindfully. In its simplest form, this means being rational and deliberate about how you choose to spend your money.
“Formal” mindfulness practice, via meditation or prayer, is traditionally associated with stress reduction and overall relaxation. But the benefits of such a discipline extend beyond lowering our blood pressure or deepening a religious practice. Being mindful can also help us make wiser, less impulsive choices.
As a dedicated meditation practitioner and a reformed shopaholic, I’ll outline some ways in which we can use the principles of mindfulness to help us curb our spending instincts.
If you’re anything like me, it’s unrealistic to tell your friends and family that you aren’t going to be giving any gifts over the holidays. That would make me come off as both cheap and uncaring. I admire the people who go this route, but it’s not for me. I actually enjoy the act of gift giving, as long as I don’t go overboard. What helps me in this regard is making and focusing on a list.
Just as with grocery shopping, it’s easy to get distracted if you enter a store and don’t have a clear idea of what you want to buy. Lists allow us freedom to spend money on certain things while not being swayed by the millions of alternative options.
I like to keep this process as simple as possible. I write down names, and next to them, a few gift ideas for things I know each person will love (keep in mind that this doesn’t have to mean more stuff). I then spend the next days or weeks seeking out those things and nothing else.
It’s not as easy as it sounds.
The advertising industry is relentless, and I’ll inevitably end up on a website thinking, “I know I said I was getting Aunt Patty a basic bird feeder, but for just $30 more I can get one made out of old growth wood!”
To shop during the holidays is to navigate an endless minefield of consumer goods, each of which can ruin your carefully laid plans. Referring back to your list when you get distracted can keep you on track.
This behavior mirrors the way mindfulness meditation practice is traditionally taught. When meditating, you choose an area of focus, such as your breath, and pay attention to just that one thing. When your mind wanders, you gently bring it back the sensations you feel while breathing. If you do that over and over, you build up your concentration skills and learn to focus without getting distracted. Just being with your breath becomes soothing in and of itself.
Similarly, referring back to your list, no matter how many times you get distracted, can help you focus on getting only the items you really want.
Advertisements are fantastic at taking us out of the present. They offer visions of how awesome our life could be in the future, if we only had that new car. Or, they can make us miss the meals Mom used to make — then insist that we could make them, too, if we just bought that new set of pots.
This isn’t to pick on advertisers (well, only a little bit). These sorts of thoughts are happening all the time. Having your mind pushed forward and pulled to the past in the present is natural, but it can be harmful if it happens too often. It’s hard to appreciate what we already have if we’re constantly thinking about what we might become, or what could have been had we made different choices. Such thoughts can produce negative mood states, and feeling bad about yourself has been linked to an increased propensity to make impulse purchases.
It can be profound to take some time each day to reflect on the positives in the here and now. I think there’s a reason pretty much every religion and mindfulness discipline encourages people to do some form of “counting their blessings.” Studies show that practicing gratitude in this way can help reduce the allure of short-term gratification.
Black Friday, Cyber Monday, and the rest of the stretch from Thanksgiving to New Year’s is filled with opportunities to get gratified in the short term, whether through impulse shopping or indulging in decadent food (it’s unsurprising that we gain more weight in this period than any other chunk of time). If you can incorporate a simple gratitude practice into your day, such as taking a few minutes in the morning to think about how lucky you are to have a particular family member in your life, it can go a long way toward helping you make wiser, more mindful decisions.
As much as I believe in what I said above, I also know that even the most diligent list maker slips up. Something catches our eye, and we get it. Amazon’s “Buy Now” button can be irresistible at times.
If this happens, there’s no point in beating yourself up. That’s the whole idea behind the seemingly contradictory phrase that’s always popping up in mindfulness circles: “Relaxed diligence.”
It refers to how one can be focused on a goal, but not to the point that a desire for perfection throws off your whole practice. You need to be kind to yourself and realize that you’re only human. We are statistically more likely to make poor spending decisions when under a heavy “cognitive load.” The stresses of the holidays can feel like a crushing mental load, so slip-ups are bound to happen.
The goal of spending mindfully is not to be perfect, but to change your behavior in the aggregate. The very act of being aware that you bought something you don’t need can be a powerful way of building better habits. It’s the noticing that counts. If we are relaxed and unreactive in the face of our spending mistakes, we’ll be better prepared to avoid similar purchases in the future.
I’m agnostic about what your budget should be for the holiday season. Of course, it’s unwise to spend huge amounts of money if you’re living paycheck to paycheck, or if you’re adding to your debt burden. But on the whole, how much you spend is not the main issue.
The goal is to avoid being tricked, cajoled, shamed, nudged, or unduly influenced in any way into buying something you don’t want or need. By staying focused on a list, allowing leeway for mistakes, and appreciating what you already have, you’ll be well on your way to a more sane holiday shopping experience.
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The post Three Tips for Spending More Mindfully This Holiday Season appeared first on The Simple Dollar.
Boy, did Home Depot serve me with a jolt of reality recently.
I was minding my own business and reviewing my shopping list for my latest DIY attempt. I strolled through the store’s automatic doors and soaked up that swoosh of cold air.
Then, bam.
Inflatable Christmas-themed yard decorations.
From the top industrial shelf, nearly touching the warehouse-style ceiling, they peered down at me.
Looming.
The waving Santa seemed to say, “Hey, guess what month it is? That’s right, it’s not even Thanksgiving, but we’re already in the Christmas spirit.”
The pink pig with a candy-cane scarf tied around its neck taunted me, “Cha-ching! Where’s your piggy bank? It’s about to be empty!”
Admittedly, the whole scene wasn’t this dramatic. It was more me saying in a tiny voice, “Wow, Christmas already?” to the nice greeter who handed me a shopping basket.
Still, those inflatables were a not-so-subtle reminder that holiday shopping looms.
If you’ve felt that same momentary panic when walking into retailers lately — brace yourself — we have to say the feeling is justified.
According to new numbers from the National Retail Federation, holiday sales are expected to increase by up to 4% this year. Although that sounds like a reasonable amount, it pushes last year’s $655.8 billion spending total up to $678.75 billion.
But don’t crumble up the wrapping paper and hide in an empty Amazon box just yet.
Keep in mind you have time to prepare by building an army of savings apps and browser extensions that’ll help you save while online holiday shopping. We found some of our favorites to get you started.
(Or you can opt for DIY presents, but that’s another story.)
Traditionally, Ibotta is known for its cash-back offers on groceries, but it’s seeping into other markets now — like travel, restaurants and online shopping.
Let me give you a few examples that might help you tackle that Christmas list:
Other online shopping offers hail from Gap, Groupon, Houzz, Kohl’s, Overstock, Target and more.
Just download the app, find your favorite retailer and shop through the portal. After you earn your first rebate, you’ll pocket a $10 bonus.
Bonus: If you don’t have Amazon Prime yet, the service can be a huge lifesaver for last-minute presents. If you decide to take the plunge and sign up, do so through Ibotta. You’ll earn a $20 Amazon gift card!
Have you ever ordered something online only to see that, one day later, the price has dropped? Yeah, that’s frustrating.
You’ll want to sign up for Earny, a price-protection tool that’ll monitor these prices so you don’t have to worry.
The stores it will negotiate price-drop returns from include big names, such as Amazon, Best Buy, Target, Walmart and Zappos — among others.
When an item’s price drops, Earny will automatically hand you the price difference.
Are you one of those people who only orders from Amazon? (Yup, I once had a gift in mind for my dad but then had to find an alternative because I couldn’t order it through Amazon. Sorry, dad.)
Paribus used to reimburse you for price changes on Amazon. However, we’ve found a solid replacement. It’s called Trim, and it’s a little bot that lives in your Facebook messenger app.
Once you sign up, it’ll register your Amazon purchases and will reimburse you for any price fluctuations.
For example, did that coffeemaker you ordered for mom suddenly drop $15? Trim will reimburse you.
Unfortunately you can’t double dip with Ibotta and Ebates cash-back opportunities, but it’s worth checking to see which platform offers the best deal.
Ebates is an online portal that allows you to find tons of rebates from participating retailers.
Here are a few gift-giving examples:
Ebates also offers tons of coupons, so even if your preferred retailer doesn’t have a cash-back opportunity, you might be able to find a solid coupon to apply to your order.
The Harris Poll, a well-known survey company that measures U.S. public opinion, operates something called ShopTracker.
Basically, it anonymously tracks what products users are purchasing from Amazon.
It’ll pay you $36 a year for that access and promises to keep your information private.
Before you sign up (it’ll take something like three minutes), here are the basic requirements:
Install the app for free. Then, log into your Amazon account to bank an extra $36 this year. No, it’s not a ton, but it’ll absolutely cover a present for your nephew.
Or at least shipping…
The wonderful thing about this last option is you can deal-stack it with any of the above.
When you sign up for a rewards credit card, you’ll get points or cash back on purchases. (Just be sure to pay that card off each month!)
We always recommend the Barclaycard CashForward™ World MasterCard® because you’ll earn 1.5% cash back on anything you buy.
Plus, when you spend $1,000 within the first 90 days of signing up (perfect for the holidays), you’ll get a $200 bonus. That’s like getting 20% off your purchases.
Even better? There’s no annual fee.
Here’s a list of a bunch of other rewards cards with no annual fees.
Be sure to read all the fine print, then you can sign up online.
Advertiser Disclosure: Many of the credit card offers that appear on this site are from credit card companies from which The Penny Hoarder receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). We do not feature all available credit card offers or all credit card issuers.
Carson Kohler (@CarsonKohler) is a junior writer at The Penny Hoarder. She’s definitely not buying one of those inflatable yard ornaments to haunt her dreams.
This was originally published on The Penny Hoarder, one of the largest personal finance websites. We help millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. In 2016, Inc. 500 ranked The Penny Hoarder as the No. 1 fastest-growing private media company in the U.S.
