Spending is a Lifestyle & Financial Skill
When it comes to financial and lifestyle planning, do you know what one of the most underrated skills is? Spending!
Wait, what? How can spending be a skill?
Ask yourself, what was the last small or large purchase you made you didn't regret?
Developing Spending as a Skill
Developing spending as a skill begins with understanding your values and purpose. For example, if you value time with your family, then maybe spending money on vacations or experiences is better than spending money on a bigger house or new car. Likewise, if your career is valuable to you, maybe spending money on continuing education to help propel your career forward is a worthwhile spend/investment.
It is easy to go out and spend money freely on anything you may want at the time, but what about when the credit card payment comes due? How does that make you feel? Or how would you feel when your kids are juniors and seniors in high school, and you haven't saved any money for them to go to college?
Spending Reveals What You Value
I always use this phrase with families: "the checkbook never lies." Show me where you spend your money, and I will show you what you value.
Spending should enhance our overall well-being, not create stress and anxiety. But stress and anxiety are precisely what we create when spending is not aligned with our family purpose and objectives.
Develop Your Awareness
So how do you begin to develop spending as a lifestyle and financial skill? It starts with awareness.
Being aware of what you spend, where you spend, and how it makes you feel are all critical data points you must identify. Building a baseline of these factors will help you understand if your spending aligns with your purpose and objectives.
Our personal and financial lives are interwoven and can rarely be separated. It's at these intersections where the emotional touches the financial that we can see how well we understand our purpose and if it aligns with our actions.
If you'd like to discuss how we might help you balance your financial and emotional life, schedule a complimentary Discovery Call!