Your Guide to More Intentional Spending
A workbook for identifying your individual + family money values
Intentionality is often a spiral: Once you try to become more intentional in one area of your life— whether that’s as a partner/parent/friend or in relation to something like food or technology— it tends to spill over into everything else. And whether you’re talking about how to consume thoughtfully or how to intentionally design your life, money just so happens to be at the root of these conversations.
In fact, identifying your money values can help guide you toward purchases that match your values and your hopes for your life.
This is a little different than my usual reflections in that it’s a workbook-style post. In fact, it’s something I had considered putting in a course of some form. But here on Substack feels like the right place for it to live (at least for now) because minimalism is really just a way of being intentional with your resources (such as time and money)— and it’s hard to be a more intentional, conscious consumer without knowing your why. So I’m hoping that this will offer a solid foundation for everyone looking to reflect a little bit more about how to align your habits with your values.
So when you get a chance, grab a cup of something yummy and let’s jump right in. :)
What kind of big picture financial goals might you have?
Paying off debt, including credit card debt, student loan debt, a vehicle, or a home
Saving for a particular goal, including a vacation, new vehicle, or down payment on a home
Fully funding retirement, including IRA accounts, 401Ks, or contributing enough to receive an employer match
What kind of values might you have? These are the expectations that you hold yourself to when you make financial decisions.
Experiences over things— and even identify which experiences are most meaningful to you (hobbies? travel? a night out on the town?)
Having a minimal and uncluttered home
Reducing the environmental impact of your purchases, such as by purchasing secondhand or purchasing organic goods
Supporting small or local businesses and artisans
Getting the ‘most bang for your buck’ financially and ‘shopping around’ to get the best deal
Financial generosity with loved ones or charitable organizations
If you are in a relationship, chances are that your values are not identical to your partner’s, but you should be able to find some common ground. (For example, my husband is totally on board with secondhand goods, as long as he doesn’t have to put in any effort to find them).
You may have noticed that some of these values are at least somewhat in conflict with each other. For example, if I value spending the least amount of money possible, that might lead me to purchase an item from Amazon instead of the local, family-owned store that can’t quite compete with big-box retailers on price.
This isn’t about deciding which of these values is ‘right’ or ‘wrong’- it’s all about what matters to you and your family in a particular place in your life.
Once you have a better idea of what your money values might be, put it in writing. This can start as a private journaling or brainstorming session, and eventually become a comprehensive statement.
For example, the TL;DR version of our family money values statement is: We value experiences over things and are intentional about the material things we bring into our life (prioritizing impact over price + participating in a circular economy). But if it helps you to build out an entire document, here’s an example:
(Side note: I fully recognize the amount of privilege in the statement that we get to consider anything other than price while making decisions, financial and otherwise. There have been seasons in our life where that hasn’t been the case, and there are plenty of structural and social issues that make that experience a reality for far too many people).
So let’s say you’ve stuck with me through this— you’ve started considering your family values statement about money and purchases (whether it’s one sentence or multiple paragraphs). How do you take a theoretical values statement and apply it to your actual decision-making? (Without, you know, obsessing over a $3 coffee?). Here’s some questions you can ask yourself… (Of course, shift the questions to align with your personal values statement).
First and foremost, is this purchase within our budget for the month?
Then…
Is this a one-time or infrequent experience? (Such as a sporting event, concert, or vacation)
If so, does the enjoyment of the experience justify the cost?
Is this a frequent or repeated experience? (Such as takeout coffee or a restaurant meal)
Would I get more enjoyment out of my experience if I did it less frequently?
Would I enjoy something that costs less just as much? For example, getting an entree but not an appetizer at the restaurant, or making specialty coffee at home.
Is this a consumable good? (Candles, lotions, etc.)
What need is this meeting?
Have I used up any ‘stockpiles’ of this and similar items?
Does it meet my standards as a non-toxic/ sustainable option?
Is this a “durable” (or long-lasting) material good? (Such as clothing, kitchenware, or furniture)
What need is this meeting in my home?
Have I tried to use what I already own first? Have I tried to source this item (or a similar item) secondhand, where appropriate?
Is the product environmentally sustainable (however you can best define it) and made of non-toxic materials? (Bonus points for supporting small businesses or B Corps)
Is this something that contributes to our community?
If it’s within our budget, go for it!
Your questions will look different based on your individual money values. But you might have noticed that the common theme in these sample questions isn’t abstinence (or even necessarily restraint), and the goal isn’t to consume as little as possible— only to consume intentionally. So instead of running through life on auto-pilot, try building out your values statement to identify what matters most and build a personalized roadmap to actually ‘put your money where your mouth is.’
Did you find value in this post? If so, please share with a friend!
If you are a paid subscriber, below you’ll find another workbook to help you envision your ideal life— and align your spending with your highest purpose. (If you aren’t yet a paid subscriber, there’s no time like the present! Thanks for supporting my work.)
Here it is! A workbook for aligning your spending with your highest purpose— you can use this to get a better sense of your ‘best life’ and how money ties in.
And, if it’s helpful to have a downloadable version of the money values exercise we worked through, here it is as well.
Thank you, as always, for supporting Sustain Initiative. <3