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Dec 30, 2016 07:03 AM EST

2017 New Year’s Resolution For Students: Manage Your Finances By Saving Money And Spending Less

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In order to become stress free, millions of people choose meditation and mindfulness as a source of relief. Choosing the two can help a person, not only get stress relief, but also achieve a much better physical body and response. Being mindful of one's health by meditating can help a person achieve a better mental health. For 2017, it is time to start being mindful about money. Financial experts say that there are mindfulness tools out there that can prevent a person from gaining unnecessary purchases which can create stress or strain (in the wallet or bank account), as reported by Hawaii News Now.

A Stanford University Gradaute School of Business teacher, Leah Weiss, said that being mindful when it comes to money can be viewed as the intentional use of attention. Weiss teaches mindfulness and compassion at the graduate school.

How can one achieve mindfulness in the 2017 New Year? Here are some tips that can help ease the pocket:

Check your spending habits

It is important to start with a financial cleanse, as posted in Schwab Money Wise. Financial planner Carrie Schwab-Pomerantz says starting with a financial cleanse means getting a handle on where your money goes. Use cash for daily expenses for a month and track it. It is much more painful to part with cash than plastic. This creates an awareness in purchases.

Find out more about Schwab in this video below:

Pay attention

t is important to develop the skill of paying attention. This stops mindless purchases. Paying attention means stopping to think before buying the item.

Know what you want

Be specific on goals. This way, a person can become a conscious consumer. One can start with being aware of what he buys when it comes to ecological impact.

Make spending a meaningful activity

Would buying this item make one happy after a few hours? Tomorrow? The next week? If a person feels regret after purchasing an item, then spending becomes less meaningful.

How are you financially preparing for 2017? Post your comments below.

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