Without purpose and intention, our spending can be wasteful. Lawyers work hard to earn their paychecks — that hard work should go toward rewarding your life, not spending it frivolously. Intentional spending is a process where you base spending decisions on the value they add to your life rather than spending on things you simply want.
It is not often you'll find a financial planner encouraging you to spend, but life is too short to only save and invest. After taxes, savings/investments, and necessary expenses are covered, spending money is how you enjoy both today and tomorrow.
Intentional Spending Exchanges Money for Value
Each of us has a unique, largely unconscious set of values. Intentional spending isn't about accurately pricing everything in your life — it's about prioritizing what's valuable to you and exchanging your money for that value.
Intentional Spending Permits You to Say "No"
When you understand what brings your life value, it's easy to say no to things that don't.
Focus on the Value, Not the Amount
Intentional spending focuses on the value spending brings you, not the dollar amount. Given constrained resources, the goal is maximizing happiness with the money you have, not minimizing the total spent.
How to Intentionally Spend
Create a list of high-priority spending. Use a goal-setting exercise to write down and prioritize what matters most to you.
Start spending. After every purchase, ask: Did this bring as much value as expected? Was it aligned with what I value? Will I spend on this again?
Over time your intentional-spending muscle gets stronger, and you'll likely find you spend less while feeling better about the money you do spend.
Final Takeaways
Be clear on your goals and what spending is valuable to you, prioritize accordingly, learn to say no to what doesn't align, spend and reflect, then repeat and refine.
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