Spending Intentionally: How to Save Money By Spending on What Matters Most to You
- What is intentional spending?
- How intentional spending can help save you money
- Steps to become an intentional spender
- Additional tips for an intentional lifestyle
- The bottom line
What is intentional spending?
How intentional spending can help save you money
- When you buy consciously, you become more aware of how much you’re spending. Overspending happens most often when we’re unaware of where our money is going, but when you commit to spending intentionally, overspending tends to be less of a problem, since we’re in tune with our spending decisions.
- By only buying items that match your values, you’ll organically save more money. Intentional spending can help curb impulse buying. You’ll often feel less of an urge to buy items or services “in the moment” when you’ve committed to being a more self-aware spender.
- You’ll waste less and use more of what you have. Conscious spenders are also aware of whether they need products or services before buying them. This awareness tends to encourage them to use the items they’ve already invested in before purchasing another, which limits overspending and helps you save more.
- Values-driven savings goals can be more motivating. If you’ve set up specific savings goals that align with your values, you’ll likely find it’s much easier and more satisfying to save for these goals and watch your money accumulate.
Steps to become an intentional spender
Step 1: Define your values
- What was I doing the last time I felt really happy? Who was I with? What was I feeling?
- If I had to live with less money, what experiences, items, or services would keep me content?
- If money wasn’t an issue, what would I really want to be doing with my time?
Step 2: Create value-driven money goals
Step 3: Analyze your budget
- Rent or mortgage payments
- Utility bills
- Subscriptions and memberships (beauty boxes, gym memberships, meal delivery services.)
- Discretionary purchases (clothing, home decor, impulse buys)
- Dining out and takeout
- Entertainment (concerts, movies, books, records)
- Any other optional expense
Step 4: Practice intentional spending
Additional tips for an intentional lifestyle
Remove the temptation of credit cards
Balance your goals
Focus on what you’re gaining, not what you’re losing
Don’t worry about perfection
The bottom line
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