How To Become an Intentional Spender
When I started college, I did not understand how to properly budget or manage my money. Because of this, I panicked and felt guilty every single time I ate out with my friends or shopped online. I felt as though every decision I made was the wrong one.
A year later, I feel more confident in my spending because I give myself the freedom to spend my money on the things that make me happy.
This practice is known as intentional spending, which is the concept of consciously using your money in ways that support your personal values. Practicing intentional spending will remove the guilt that often comes with spending money on yourself. It can also allow you to feel more motivated after every purchase because you are only focusing on things that are important to you.
Here are three steps to start spending your money more intentionally:
1. Figure Out What Your Values Are
One of the key components of intentional spending is discovering what your values are and spending accordingly. Ask yourself, “What beliefs do you hold dear to your heart? Do the values of the companies that you purchase from align with your own? What causes do you want to support?”
By spending according to what you value, your money works to “bring meaning and purpose to your life.” When trying to distinguish an item’s importance to you, analyze whether it brings you monetary, practical or sentimental value. Once you do this, you will end up feeling less guilty about making certain purchases because you have already thought them through.
If you are passionate about environmentalism, you can definitely make a commitment to only spending your money on environmentally conscious businesses. If you care about social justice causes, you can donate to organizations that support them.
2. Focus On Your Long-Term Values and Budget
An item or product that holds long-term value will provide you with a great deal of satisfaction or usage long after it was purchased. Those who practice intentional spending tend to focus their attention on long-term prospects. If you constantly spend your hard-earned cash on items that only bring you short-term value, you risk wasting money.
One way to help you with this is budgeting. You should be making a conscious decision to keep up with your finances. As soon as you make a purchase, write it down or log it onto a spreadsheet so that you know exactly what you spent and what you have left. When you make a budget for yourself, you are better able to allocate your funds because you are focusing on those purchases that provide you with long-term value.
3. Spend Money on What You Love
Choosing to intentionally spend your money does not mean that you are never able to make purchases that satisfy you. In fact, it is just the opposite. Every monetary decision that you make will be bettering your future since it will tie into your core values.
Remember that your core values have the potential to change over time. Do not limit your spending on the person that you used to be. Instead, focus on who you are now. In the past, one of your previous goals may have been to start your own business. Your goal might change later on, so learn to adjust as you go.
Remember that you are in charge of your expenses. There are essentials that you need to spend your money on, like bills and taxes, but the rest is yours to do with as you please. If you want to make a new change in your life, there is no better time like the present to do so.
It is possible for you to have a positive relationship with money. You just have to work at it.
Written by Kalijah Rahming
