Spending - Heart Matters

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3. Goal-Oriented Spending

b. Spending toward your goals, not away from them


Step 1. Think about your dreams and how you want to live your life, paying attention to rational and irrational beliefs. Some of your dreams may include financial goals. Write these financial goals down. When you write down your goals, they become more real and you are more likely to achieve them.

Step 2. Now that you’ve figured out a few of your goals, start  to spend toward them.  Most of the time people think of saving or investing for their financial goals. How you choose to spend is really just as important and determines how much you’ll be able to budget to save or invest.

So, the next time you get ready to whip out your credit card or even a few dollar bills, ask yourself, “Am I spending toward my goals or away from them?” A daily triple large latte at a fancy coffee shop, while not terribly expensive by itself, is probably spending away from your goals. On the other hand, a college education is almost always spending toward your goals.

Spending money to get better tools or equipment for work, tires for your car, healthy food or a better living arrangement usually benefits both your current life and contributes toward a healthier and more prosperous future. Spending toward your goals is wise spending. 

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