Financial Wellness

Practicing gratitude can help cut down on impulse buying as well as ease financial stress. This time of year, Thanksgiving makes us think more about what we’re grateful for. The great news is: this is a practice you can extend into the rest of the year!  Here’s some tips on how gratitude can help you increase financial well-being, reduce wasteful buying, and be more intentional with your spending. 

Practicing gratitude can help you save money!

Taking a moment to be thankful can prompt patience and help you focus on saving money now, while holding out for the benefits of those savings later. When you feel grateful, you are more likely to choose behaviors which benefit others. This also applies to your future self (think of future you as a separate individual – you want them to be in the best possible financial position). Experiencing that moment of gratitude helps with financial discipline because it refocuses you on what you value, not just what you want. This patience helps us cut back on impulse spending and makes it easier to save money. You can apply gratitude (and the patience that results from it) to help reach your financial goals.

We know that this can be a challenging time of year to restrict impulse spending. In the months leading up to the holidays there are messages everywhere you look promoting frequent, on the spot spending. This messaging can make us feel that what we already have is inadequate, and that we need to get the newest versions of everything. Gratitude can help you spin this around and focus on appreciating and enjoying what you already have.

Instead of spending money seeking instant gratification, reflect on all the valuable things in your life and put a pause on reaching for your wallet. This pause helps you ditch the 'scarcity mindset’ - that’s the little voice telling you that you don’t have enough, and which often leads to impulse spending. In addition to the financial benefits, there are many other upsides to practicing gratitude including: lower risk of heart disease, better sleep, stronger immune system, and higher confidence and mood. 

How to practice gratitude

You know how writing down your goals helps you focus on them?  It’s the same with gratitude.  Writing a list of the things you are grateful for can help shift the focus to all the positive things in your life. This is especially helpful when lots of ads are encouraging us to buy the latest and greatest versions during the holidays.

Begin by highlighting the positives on paper. Ask yourself: “What am I grateful for?” It can be as simple as a breakfast you enjoyed or looking forward to a specific activity or event. It’s important to be specific as this will help you picture and remember it. Many folks will keep a gratitude journal where they highlight one thing each day that they are grateful for – this helps keep you focused on your values and makes it easier to say ‘no’ when you see something you don’t really need. Want to take it on the go? Use the notes app on your phone to write down the top ten things you are grateful for – and then open it up every time you’re tempted by an unplanned purchase.

Also focus on what positive money habits you’ve implemented. Did you resist impulse purchasing something? Have you stuck with a new spending habit? Even if it is something small, focusing on positives can shift your outlook and change your perspective. Highlighting what you’re working on and appreciating your progress helps you feel motivated to keep up those habits and tackle more. Practicing gratitude can shift the focus from “I need so many new things” to “Look at all that I already have and get to enjoy!” 

At TruChoice, we’re grateful for our members, and we’re here to help you build a budget, manage or consolidate debt, and reach your financial goals – so you can worry less about money, and focus more on the things that really matter.