Making Spending Intentional
Aligning your values + your money
Do you spend money intentionally: on purpose, rather than by accident or habit?
Spending money is mostly often driven by our unconscious habits. Many people spend money on needs and wants, emotionally and impulsively and without awareness.
In mastering your relationship with money, an important first step is awareness. We can create awareness of how our emotions or impulses, instead of our core values, are driving our spending, and learn to take more control over it.
Creating conscious spending habits requires both an intention and our attention to spend in accordance with what we value most. If we can create a better connection with our spending and understand what emotions underpin our spending decisions, we can learn to control and plan our spending so that it is conscious and intentional.
The money we have is a resource. A tool that we can use intentionally to create an intentional life. For most of us, the amount of money we have in our life is limited and it can be very easy to spend with many needs and wants competing for our money!
Rather than wondering where your money goes at the end of each month, we can consciously direct it where to go. In other words, we can create an intentional spending plan.
Unlike a budget, which often feels restrictive, a spending plan is about mindfully allocating the resources (money) to our priorities (needs) and values (wants).
This means that we choose how, when and where we are allocating it. And this purposeful action can help us move closer to our goals.
Contrary to what most of us may think, conscious spending isn’t restrictive, it’s liberating.
“When you establish a purpose for your money, you have a rudder to help guide your purchases, investments, donations and savings - all the things that you do with your money. You also motivate yourself to go get what you want most
— DANIELLE LA PORTE
Tips to Make Spending More Intentional
We can adopt mindfulness with our spending habits and triggers and begin the process of increasing our awareness of our spending habits by doing a spending audit. This is a simple process of taking a good look at our bank statement or online banking transaction history and assessing where we’ve been spending our money. There are also many apps out there that can download and classify your spending into categories for you!
We can also adopt more intentional and conscious spending habits by:
1. Allocating set amounts of our income to spending categories (creating a plan for our spending)
2. Planning our purchases.
3. Shopping with intention and not just for something to do.
4. Taking a list and sticking to it.
5. Unsubscribing to the constant sales emails and offers.
6. Asking questions like do I really need this before buying.
7. Waiting before we buy something.
8. Not buying something if we’re not 100% sure we need or want it.
9. Choosing our shopping buddies wisely.
10. Remembering our goals and weighing up if a purchase will get us closer or further away.
© 2019 Lea Schodel