Being Mindful with Money

Monique Marshall |

Our helpful mindful money checklist is a great reminder that a little mindfulness can go a long way.


  •  Take stock of where your money may be leaking Specifically monthly expenses you have set to automatic payment. Review your phone, cable and internet plans to see what you are actually using. Are you using all your music, storage, gym and/or movie services? The latest bundling packages can swindle you into unlimited, data, or channel plans you don’t actually use or that change in price after a promotional period. Average new year savings found is $100 per month SAVINGS of $1200 per year


  •  Schedule a weekly review of your finances Take time each week for a financial date with yourself (or with your partner) to check in on payment deadlines, upcoming expenses and a review of recent spending. Taking a weekly approach removes the sense of an overwhelming task as it’s something you address regularly (i.e. no surprises, less stress) SAVINGS on interest, late payments, etc.


  •  Set long-term goals Let your aspirations in life guide your finances and your approach towards money. Consider where you’d like to be in five years (new home, cars paid off, etc.) and let that be a driving force behind how you spend your money and where you dedicate your time. Take the $6 morning latte for example, would preparing your coffee at home a few days a week instead of buying launch you toward your long-term financial goals? Saving $25 a week if you stop just 3 or 4 visits SAVINGS of $1200 a year


  •  Meet with Your Homeowners & Auto Insurance Agency to Review your Policies I often times see clients not reviewing this on average for 5 years, then we discover the policies can be shopped around with strong competitors and with bundling an average savings of $50 dollars a month (plus many times an increase in coverage!) can be found SAVINGS of $600 per year


  •  TollRoad Avoidance Yes, this is convenient in our OC, however considering a new route and little more time allocated, in many cases leads to a $50 per month reduction and that stacks up to another SAVINGS of $600 per year


  •  Be patient, but know when to walk away When it comes to your money be mindful of the fact that radical changes typically don’t happen overnight. Investments often take time to yield the profits you hope for and changing the state of your debt requires endurance. That being said, take note of whether you are invested in something that’s losing you money or no longer has the same value to you that it once did. Learn when to call it quits and consider talking exit strategies or big changes with your financial advisor. SAVINGS should be of value to your Life By Design


  •  Remember to account for inevitable expenses Car maintenance and broken appliances are rarely planned events, but some events are foreseeable based on age, like retirement or changing health. Other inevitable expenses to keep in mind as you spend? Money spent on prescriptions, contact lenses, membership fees, classes, etc. Many of these items may not be on auto-pay, but you’d do well to keep them in mind as fixed expenses. SAVINGS not depleted by the occasional additional expense


TOTAL SAVINGS: $3600+/year



Click to Download/Print Article

Life By Design Investment Advisory Services is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, investment strategies, and/or insurance products.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

Read More Blog Posts