Intentional Spending Tips
How do you live an intentional life?
One way I want to be intentional is with our spending.
Paying off our school loans as soon as we could, caused us to be intentional about every penny we spent. Debt is something we do not want to be a part of our life, so we knew being intentional had to happen.
How can you be intentional with your spending?
1. Set up a budget – AS A LAST RESORT. What? I know, this goes against every book, website, and philosophy when it comes to saving money, right? Here is my philosophy – if you don’t need it, don’t spend money on it. That was our “budgeting” plan for 5 years. It took some getting used to and some strong-wills against instant gratification, but in reality, a budget shouldn’t need to be set up! You should only be spending money on the necessities, and the rest, going towards debt or some other item you are trying to save for.
2. Be intentional about where your money is going. Granted this is along the same lines as only spending when you need to spend, but define your NEEDS. A pack of gum or a candy bar because you are hungry at the checkout line is NOT a need. Going out to eat on a Friday night is not a need. What are the basic needs in the human life – consider spending accordingly.
3. Watch your variable spending. These are the expenses that fluctuate – like food, groceries, gas, etc. Try to be mindful about how many trips you make into town for errands. Be mindful about what you are buying your family when you get groceries. Watch out for the little purchases you make on a whim – or even the big purchases.
4. Check your bank statements. If you are still wondering where all of your money is going, when you get your bank statements, highlight the items that are variable and unnecessary purchases. You may be surprised at how many highlighted items you have. After you are done highlighting, go through the list and decide what changes you can make, or just make note that next time, don’t fall into the temptation!
Intentional spending takes work. Yet it is something that you can choose to change TODAY. It starts the minute you walk out the door and run errands. The minute you jump on a website to buy something. Stand your ground and say no! Checkbooks and bank statements don’t lie – let them now tell you the truth about how intentional you are with your spending!
