Our Version of Mindfulness

It’s funny, I’ve been trying to come up with a post about budgeting, being frugal, making do with what you have and indeed, having less, but I’ve been having a hard time coming up with the right angle.  It’s getting late, so I bring the computer to bed, because I have to get something started. I then find myself trawling the internet looking for some fairly pricey bike pedals.  Perhaps the story should be about procrastination, or hypocrisy, rather than mindfulness?

But, it’s actually the perfect way to come at this.  You wouldn’t think so, would you?  Here I am writing about being better with money and I’m spending my time buying more stuff!  The thing is, I knew I’d be needing these pedals, so I’ve been putting money away for months now.  I have a (virtual) bucket of money waiting for this very purchase.  In fact, it’s more than I need as I’ve found a great deal online that’s almost half the price I’d estimated. Bonus!

So this is a purchase that really feels good.  I’m in control.  I know what effect this buy will have on my finances as I’ve planned for it. I even have a little cash left over that I get to decide what to do with… What job to give that money, if you will.  It’s not impulse spending and there are no feelings of “Oh shit – I can’t really afford that, but I’ll chuck it on the credit card and worry about it later”.

Mindfulness

For most of my life, I had no idea about money.  It came in and I spent it, without really knowing much, except there usually wasn’t enough.  Now I have a very much more modest disposable income, but I spend it mindfully.  I have a budget, but it’s not about being restrictive, it’s about deciding what I want, and then planning how to get there.  Luckily we both prioritise experiences over stuff and so we fund accordingly (but this is different for everyone). And sometimes I have to be frugal in some areas so I can have the things that I want in other areas, or in the future.

How it works for us

And, while I’m talking “I” and “me”, Glynis is on the exact same page, and we align our wants and needs through periodic budget dates (excitement plus right?).  We constantly review what’s coming up (can we afford it, do we want to afford it?), and sometimes we’ll rejig things so we can afford that ‘it’.  We’re generally looking well into the future as to what we want to do, and that gives us time to put the money aside to pay for those things.  And, as can happen with the best-laid plans, sometimes things get too tight. When that does happen, we scrub a plan or find a cheaper option.  We almost never buy a “thing”, or spend money on an adventure, that hasn’t been planned and saved for well in advance.  It’s a major shift for both of us, and very liberating.

So, while we’re into being frugal, it’s not that we live like monks, we’re just constantly on the lookout for cheaper ways. We also choose what we won’t generally spend money on; those things that don’t get us what we really want.

Budgeting fun?

So a budget has been a fantastic thing for both of us.  It’s actually made finances fun!  We each look forward to our paydays so we can allocate that money that’s come into the jobs it needs to do for us individually and as a couple.  We use an app called YNAB (You Need a Budget) and it totally enables us to be completely mindful of our current situation and how we’re going to fund our future wants and needs.    So when I’m walking down Lampton Quay at lunchtime – I happily walk past the myriad of lunch options and back to the office for my homemade bread and tuna (it’s not always easy – but I’m always glad when I do) because that means I get to go on some adventure in the future.

Mind shift

After doing this together for over a year now, we almost never get caught unawares by a bill.   We have some lean months where there isn’t much to put to our Quality of Life categories, but our Immediate Obligations are always looked after.  And, the odd time there is an unexpected bill (I had a large car bill about six months back) it hurts, for sure, but only for a short while. After the initial jolt, it doesn’t take long to figure out how to rejig the budget so that it’s covered. And you learn; I’ve readjusted the Car Maintenance bucket now so there is more money put in each month to cover the next surprise. You quickly move on to feeling in control again, and away from despair. It’s a major mental shift.

Steps we’re taking

All this is not making us rich, by any means, but at least it puts us in control.  It’s hugely satisfying to find ways to save money, and we egg each other on in our frugalness :). We’re also very mindful of applying the three questions of Want? Afford? Need? before we purchase things and make do with what we have where possible.  We’ve just planted a big vege garden (click HERE to see more about that) and are hoping that’ll save us considerable money (we’re tracking that).  Another idea we’re trying is to simplify by getting rid of things we don’t need.  We’ve set ourselves the challenge of getting rid of 1000 things each!  I’m not sure how I’m going to achieve that but have made a start (Glynis will post something about this sometime).  I’ve also set myself a goal of making quite a few Chrismas presents…  Hopefully, that works out!

In Summary

We aren’t minamilists by any stretch, though we’re getting rid of stuff.  We aren’t frugalists, though we try to be frugal where it makes good sense to us.  What we are is Mindful, in that we’re choosing our path carefully, and are in control of what works for us.  This idea of Mindfulness applies to quite a few areas of our lives; financially, environmentally and socially.  It’s a new and evolving thing for both of us and is working beautifully.

By the way…  I totally recommend budget dates.  Who knew that reconciling bank statements with budget could be an enjoyable evening over dinner with a glass of wine?