WHAT UP FAM! Where my SPENDERS at?! We’ve got savers and we’ve got spenders, and we need both to make the world go ‘round. But today, I want to talk specifically to spenders. Today, I want to talk about ways to save money without killing all of your joy!
Spender friends, are you spending because you’re bored? Or because you happened upon a windfall of cash? Do your emotions drive your spending habits? (oh sister, I’ve been there)
Let’s talk about ways we can safely save money WITHOUT KILLING YOUR JOY. Spending in itself IS NOT BAD. I want to be very clear about this. This is not about telling you what you cannot do. This is about giving you tools and guardrails to allow you to find joy in spending, while doing it in a healthy way.
If you’re looking for someone to give you tough love and take away your credit cards, you need to go elsewhere. (unless you’re spending more than you make, and then I’m a tiger and you better watch out) If you’re working hard and kicking butt in your career and don’t want to do the frugal, minimalist, deprivation thing but also want to work toward your financial goals, this post is for you. A few modifications in behavior can go a long way, all while still allowing you to have the things that make your life happy.
1. Try out values-based budgeting
Let’s take a step back here. What are the things you value most in your life? What are the things that bring you the MOST HAPPINESS? Jot down 6-8 answers. Now, track your expenses. How do your spending categories align with those values? How should you re-allocate your budget to create the happiest, most fulfilled life?
An example. Your list might include quality time with your friends and family, outdoor activities like hiking or biking, and involvement in organizations you believe in. I’m giving you permission now to re-jigger your spending categories. Do away with the fancy (expensive) girls’ nights out. Spend more time with your pals on the trails going for long walks. Or check out the local kayak rentals. BOOM. The possibilities are endless when your values and your spending line up.
2. Budget your spending cash
If you can, add a line item to your monthly budget for miscellaneous spending cash. It’s free money to apply to whatever thing or experience is going to bring you value. Even if it’s $20 a month, you have the FREEDOM to choose how you spend that money.
Instead of having to answer to a budget that’s holding you accountable, this tactic builds back in the FREEDOM you want. You’re not being held to deprivation standards — you’re actually planning for the fun, extra stuff each month.
3. Institute a 24-hour waiting period
This doesn’t sound that fun, but this boundary can help ensure you’re thoughtful about the purchases you make. It gives you time to price-shop and check your closets to be sure you don’t already have something similar that would fit the bill. And, at the end of the waiting period, you still have the PERMISSION to complete the purchase.
4. Splurge on things you’re going to buy anyway
If you’re feeling the urge to spend money, but want to avoid unnecessary purchases, try ELEVATING a purchase you’re already planning to make. Need a bottle of olive oil to make dinner tonight? Try going up one level in quality and price. This satisfies the spending itch AND you get to enjoy a little luxury without breaking the bank.
5. Connect the pain to the payment
This is something Dan Ariely and Jeff Kreisler say in their book, “Dollars and Sense”. It is SO EASY to navigate over to Amazon Prime and order up anything you need with essentially ONE CLICK. You feel absolutely no pain from the immediate action of making the purchase, because that money doesn’t actually leave your account until you pay the credit card bill.
Instead, Ariely and Kreisler recommend removing your credit card number from all online shopping portals. Now, every time you want to complete a purchase, you have to find your card, enter the number and click “purchase”. To connect the pain even more fully (I know you want to!), go directly to your credit card portal and pay that amount immediately. Now, you’re feeling the pain of the payment at the same time as the purchase.
6. Shop for free
We live abundant lives. Say it with me. “I live an abundant life.” Go to your closet. Pull out a few items you haven’t worn recently and pair them up into outfits you can wear the next time you go out. Voila! You’ve just shopped your closet. This can apply to other areas of your home too — take a look at your pantry. What is lingering in that dust-ridden corner? Can you combine a few ingredients for a new meal?
Another terrific FREE shopping experience is your local library. SO MANY FREE THINGS. I mean, you have to give them back eventually, but a long, lazy browse and walking out with an armful of good books can fulfill that consumption itch you’ve got.
7. Remember your “why”
When all else fails, pull out that “why” you’ve been keeping in your back pocket. Remember the reason you’ve embarked on a financial journey. Whether you’re trying to save money for early retirement, or for a house, or even if you are trying to align your spending with sustainable brands, your reason – your “why” – can be a powerful reminder when it comes to your purchasing behavior.
So, there you have it. A few easy ways to spend thoughtfully and avoid crazy spending splurges. It’s possible to save money without killing your joy. If you want to take it a step further, there are always more ways to save money right now. I’d love to hear what works for you! Did you implement any tactics from this list or did you take it a step further?
Related post: Creative Ways to Save Money in Your Largest Expense Categories