You’ve probably been given advice all your life about how to budget and how to spend your money. You’ve most likely been told what your wants and needs are and that you should minimize how much money is spent in your wants section. While this may be true for the most part, what’s important to one person isn’t always important to another. This is where intentional spending comes in. It’s all about figuring out the best way to spend your time and money in a way that brings fulfillment to your life. Of course, you still need to find a balance, however it’s all about finding the right balance for you. That being said, here are four ways to practice intentional spending:
Don’t Forget Your Responsibilities
Just because intentional spending allows you to purchase the things that make you happy, doesn’t mean you can’t forget your necessities. Chances are if you didn’t have money to pay for your house, food, and utilities, you’d be pretty unhappy. Intentional spending doesn’t mean living without a budget. You still need to factor in those things you can’t live without and then, figure out how to best spend the money you have left.
Don’t Feel Guilty, Just Know Your Why
One of the biggest things to remember when spending intentionally is to not feel guilty about what you’re spending your income on. If trying new restaurants is a passion of yours or you love owning your favorite books, so you can reread them again, then go for it. As long as you know why you’re spending money on something, then you shouldn’t feel guilty about it. If what you choose to buy brings you greater pleasure than any other luxuries and you have the necessary funds, then spend intentionally and buy what makes you happy.
Remember to Save in Other Areas
This is the important thing to remember. If you decide to spend your money on a weekly movie night or instead, travel, then you have to remember to forgo other wants and save in other areas. Unfortunately, you don’t have unlimited funds, so intentional spending means you’ll have to pull from other areas that don’t bring as much joy and fulfillment to your life. Again, you’ll still need a budget to keep you on track, just adjust it to include what’s important to you.
Don’t Compare Yourself to Others
This goes along with not feeling guilty about where you spend your money. Your idea of entertainment is probably very different from other people you know. Everyone’s hobbies vary, which means so will their spending priorities. Don’t budget yourself according to other’s lifestyle or passions; you have to figure what’s right for you and what works for you, so you spend in a way that’s best for you.
There’s no set rules or guidelines when it comes to personal finance that will fit every person’s lifestyle. Instead, figure out what brings joy and significance to your life, and then, adjust your finances so you’re spending them in an intentional way.
Do practice intentional spending? What are some of the expenses that are important to you?- Kayla