Episode 33: How to Make Better Spending Decisions

Jul 6

Welcome back to the Holistic Money Podcast! I have a treat in store for you in today's special episode. We'll be diving into intentional spending through a behind-the-scenes recorded call from the Holistic Money Program. This insightful conversation focuses on the distinction between impulsive and emotional spending versus intentional spending, providing a valuable framework for understanding your spending decisions. By exploring this topic, you'll gain the necessary tools to start spending more intentionally and in alignment with your goals.

During the call, I also share a set of thought-provoking questions to ask yourself before purchasing. These questions are designed to empower you to use your money as a tool that supports what truly matters to you. With each decision and purchase, you'll learn how to make choices that contribute to building your desired life. This episode is packed with practical tips and reminders to guide you toward a more intentional approach to your finances, helping you identify what truly matters to you and how to align your spending accordingly. Get ready to embark on a transformative journey as we explore the power of intentional spending together in this episode of the Holistic Money Podcast.

Key highlights

[00:00:00] Holistic Money Podcast intro

[00:00:58] Introduction to today’s topic: How to spend money in an intentional way

[00:02:00] Behind-the-scenes call on intentional spending

[00:03:31] Differences between emotional, impulse, and intentional spending

[00:08:10] Questions to help you become more intentional with your spending:

[00:08:14] #1: Do I need it, or do I just want it?

[00:08:39] #2: Can I borrow it?

[00:10:32] #3: Can I get it used?

[00:10:44] #4: Can I get by without it?

[00:11:25] #5: How much do I actually have to work to buy this?

[00:12:33] #6: How often will I use it?

[00:13:39] #7: Would I rather put the money towards something else?

[00:14:15] Upcoming announcement about the Holistic Money Program

[00:15:18] Holistic Money Podcast outro

Notable Quotes

No matter what level of income you have or what level of assets you have, you still have a finite amount of money you are stewarding. You are directing the flow of that money towards what is most important for you, and you will have an opportunity to spend your money bazillion in different ways.
When you're intentionally spending money, you're thoughtfully spending money. You're sitting and asking yourself, “Is this in alignment with my values? Is this really what I want to build with my money? Is this actually how I want to be using my money?”
Everything you want to buy costs you your time, and if you start to look at the amount of time you have to work to buy the things you want, you have a new framework for financial decisions.
“Can I borrow it?” is such a powerful question if there are things you won't use often. Ask yourself, “Is this something that I can borrow? Or is this something that I actually need to buy for myself?”
It's not that we don't want to buy things that we don't love or things that aren't luxurious and nice; we just want to buy things that get us a high return.
There are so many ways that we spend money, and so we just want to make sure with the money that we steward and the money that flows through our calendar and goes and creates a life that we want, are we building the thing that is most important to us with our money? Or are we using our money in a way that is mindless, that is, emotional spending or impulsive spending versus actual intentional spending?