Money Monday: Conscious Spending

In this week’s Money Monday, we’re teaching you how to spend your money, your way! At LVB, we’re all about spending your money consciously, letting your money serve you rather than the other way around. Around the holidays, with all of the sales and push for treating yourself, it can feel like you need to spend more money on items you need and maybe even the ones you don’t. Not considering the implications of your spending can create a dip not only in your bank account but in your overall budget and financial goals. Here are a few tips for how to spend consciously, not just during the holiday season, but all year!

Review Budget

Take the time to review your budget and figure out what your larger financial goals are. Whether that’s saving $5,000 by the end of the year or having two months’ rent in your bank account at any given time before you can develop a plan you need to understand where you’re at financially and where you would like to go. Know what your budgets are for everyday expenses, investments, savings, and personal spending. This will keep you on track while still feeling like you have room to purchase personal items.

Revel in the Freedom

Buying consciously will not only keep you on budget, but it will allow you to free up extra funds for items that serve the overall financial goals that you couldn’t afford previously. We’re talking about paying off student loan debts or contributing more money to your savings account. Tackle one goal at a time and use your extra funds to contribute to whichever financial goal is most important to you at the time.

Reduce Spending

You will naturally reduce your spending by spending more consciously. You should always be keeping your budget and larger financial goals in mind when making a purchase. This will help you decide whether it’s a necessary purchase or if it would put you too far out of budget for that month. This can apply to everyday essentials as well, always try to search for the best deal in price and quality instead of aimlessly buying the most popular brands.