To celebrate our 47th anniversary as Dominica’s premier financial institution, we designated 2025 as our year committed to mindfulness. Here at NBD, mindfulness is more than a buzz word; it’s one of our core values and guides how we interact with our community. Our commitment to mindfulness pushes us to be present, intentional and thoughtful as we serve our valued customers.
Mindfulness is the practice of being fully present and aware of your current experiences, including your senses, thoughts and emotions, without overreacting or being judgmental. Though commonly associated with meditation, the concepts of mindfulness can be utilized in every aspect of our lives, from mindful eating to mindful money management.
For the last 47 years, we have built a legacy of supporting financial growth through responsible saving. Even if you are a chronic over-spender right now, you can develop a saving mindset for long-term stability. By engaging in financial mindfulness, you learn to become more intentional with your money, thus reducing impulsive spending and increasing your ability to save, manage debt and plan for the future.
Are you ready to secure your financial wellness? Then, here are four strategies to get you started.
Track your spending
Have you ever found yourself wondering where your money went at the end of the month? If yes, then it is time to take a closer look at how you manage your money. Track your daily spending for at least a month, making notes of every purchase and payment, even the small ones you think are insignificant. Organize the spending in categories, which will make it easier to see where your money goes and where you can make some changes. For example, cutting subscriptions to streaming services in half or dining out fewer times a month.
Set your financial goals
Approach your financial goals with intention. Instead of saying “I want to increase my savings”, try “I want to save $10,000 by the end of 2026” and devise a plan to achieve it. Whether your goals are to foster responsible saving habits to save for a downpayment on your first property or start-up capital for a small business or invest in a retirement fund, be specific with what you want to achieve so that you can make the necessary adjustments to your spending habits to meet these goals.
Create a realistic budget
Your budget should reflect your unique circumstances and financial goals, so take the time to develop one that works for you. Our favourite budgeting tip? Start with a simple budgeting method like the 50-30-20 rule that separates your expenses into needs, wants and savings, which you can adjust based on your priorities. If financial growth is your focus, then you can decrease spending in the wants category and put more towards savings or paying off debt.
Curb impulsive spending
If you encounter problems with impulsive spending, return to the basics of mindfulness, i.e. being present and aware, and try to understand the circumstances surrounding your impulsive spending behaviours. How are emotions or a certain environment or even certain people affecting you? If you uncover that your frequent shopping sprees are in response to a stressful work environment, then you can find a different coping mechanism that does not involve blowing your budget. Another tip to combat impulsive spending is to pause before purchasing. Take a moment to ask yourself if this purchase aligns with your goals or is it just a want? That pause helps bring your intentions back into focus.
As we continue to celebrate this milestone, we invite you to join us on this commitment to financial mindfulness. With NBD, you have a partner invested in your success. We are here to help support you in all stages of your journey to financial wellness, including financial planning, responsible savings and intentional investments. Visit our website www.nbdominica.com to learn more about our products and services.
