Let’s face it, collectively many of us are feeling stressed and skittish about spending money right now. On top of that, there can be a lot of guilt and conflict around spending money.
I am here to ENCOURAGE you to spend intentionally and consciously. This is not encouraging you to go into debt buying stuff you don’t need and can’t afford, and it is not about buying everything your heart desires. It is permission to take control of your money and make intentional decisions about how you spend based on your values.
Here are some tips to break free of frivolous spending.
1. Build a Rainy Day Fund
I cannot emphasize how powerful it is to have money in the bank for emergencies and unexpected expenses. Work up to having a minimum of 4 months of your monthly expenses in savings. If you are working on your rainy day fund, this is your TOP priority which means putting money in savings happens immediately after living expenses are paid. Any amount put aside makes a difference down the road When you are in this stage and tempted to spend money, get creative. Look at Facebook Marketplace or shop second hand, seek out free or low cost events. Take advantage of public services like your local library and recreation centers. Cook meals in bulk and freeze them in serving sizes. Become laser focused on saving and remind yourself this is a small sacrifice for peace of mind.
2. Save for Retirement
Even a small monthly amount will go a long way, especially if you are young and keep saving every month. If your company has a 401k program, be sure to take advantage of this as there is often a company match given and that’s just FREE money!
3. Spend Consciously
Let’s be honest, everyone wants you to spend money. You are constantly being “marketed” to, especially on social media with their personalized algorithms. Knowing what you value and where you want to spend your money will help you stop impulse buying. Ask yourself, what gives you joy? What increases your well-being and life? In my younger years, international traveling was always at the top of my list. Now that I am older, I find my priorities have changed.. In my current life stage, my top priorities are: spending time with family and friends, (eg, plane tickets or road trips to visit loved ones), investing in my personal health and wellness, (eg, massage, yoga, supplements), and supporting local, small businesses. I try hard to shop small (eg, ACE hardware vs Home Depot, local gift boutiques/toy stores vs Target). When I shop online, I like to use Etsy.com or a small online retailer. It takes more time to shop small and can be a bit more expensive but in the end, I feel it is worth it as it fits my values. Eating out was never a top value for me, yet in recent years, I have come to appreciate a delicious meal out and trying new and unique Asian restaurants.
4. Love Yourself
I know this sounds “woo woo,” but there is so much truth to this, especially for women. Girls are taught from a young age to not love their bodies, just look at any marketing materials geared toward them and the standards espoused to see this view perpetuated. We can take self-care to an extreme where it becomes self-destructive instead of supportive. Click here to read about the Myths of Self-Care.
With age has come wisdom and I find I now care less about what other people think and focus more on what makes me feel good. Click here to read my own personal journey to self-love.
When you spend based on your values, it takes away the guilt and conflict around spending. It is important to continue to spend for not only the vibrancy of our own lives, but also to support the many small businesses in our community that rely on people like us. When you consciously use your money for purchases that add value to your life, it brings more life energy back to you.
Here’s to conscious spending this holiday season.
In Health,
