How to Get the Most Value From Your Spending Money

Have you ever got to the end of the week, you’ve spent all this money, but you kind of feel like you haven’t really gotten a whole lot out of it? Most people would say, yes!

In this post, we’re going to show you how you can use your spending money, so that you’re left feeling topped up and fulfilled at the end of the week.

First things first, if your spending money is capped, from a financial perspective it doesn’t really matter what you spend your spending money on, it’s not going to affect your bottom line. At MyMoneyZen, we recommend that people keep their spending money in a separate bank account, have a weekly amount transferred in there, and when it’s gone - it’s gone. All other money is already put aside either for upcoming bills/expenses, or savings and investments see here for a vid on our suggested account structure.

So the question that remains is, how can I get the most out of my spending money that I do have? The trick, is to spend in line with your values.

Most people would assume that they already spend in line with their values. I mean, why would you do otherwise? But the truth is, that we’re mostly creatures of habit. We spend in line with our habits and what feels most comfortable.

One activity that really helped shed light on this for us, was an exercise from a book called Money: A Love Story by Kate Northrup. It takes about 15mins, and it’s well worth the effort.

The Activity

You’ll need: A bank statement & a highlighter

What to do:

  • Put everything else away that might distract you
  • Get centred and go down the statement lines one by one
  • Stop at each charge, and see how it makes you feel - does it make you feel expansive, or does it make you contract? Just feel it in your body and highlight any that are expansive
  • Once you’re done, look over what you highlighted and identify any patterns

It’s interesting to see what actually makes us feel expansive/good. For example, for me, when I spend money on myself, like getting my nails done, I feel great. Yet at the time of purchase, that feels pretty frivolous. However I tend to spend a lot of my spending money on dinners out, without really even thinking, yet afterwards that doesn’t necessarily make me feel as great.

With an awareness of what makes you feel topped up, you can start to re-gear your spending in line with what you truly value, instead of just spending out of habit. This way, you feel like your money is yours and that you actually get something out of it, and you end your week feeling topped up and fulfilled.

Happy spending!