How to politely say no to a date?

I’ve seen this guy out a couple time and we finally talked, hung out with a group of friends and exchanged numbers. He’s reached out a few times since and we’ve had small talk but just asked me to go out for drinks. I realized after hanging out that first time that the connection I was looking for wasn’t there. How can I say no politely without hurting his feelings? I was thinking of just saying “I thought I was ready to date but I don’t think I’m there yet and wouldn’t want to waste your time.” It feels so mean to say “I didn’t feel a connection”. Idk, thanks in advance!!