What is Conscious Spending.


When we talk about conscious spending, many people thinks of “Budgeting”. Before you run away thinking this is a post on creating budget, hang on a second. This is not about maintaining a budget everyday for the rest of your life. Budget, which looks backward only, a conscious spending plan allows you to look forward and helps you in your financial growth. In earlier posts we have discussed on “How to make money”, now we will discuss on how should we spend our money for going out, for saving, for investing, for rent etc. to make proper use of our money. Many times we feel guilty about buying something. This happens when you spend more on things you actually don’t love. It is time to stop wondering where all your money goes each month. In this post, we will figure out some simple way of spending money.

Everybody talks how to save money, but nobody talks how to spend money. We were tought to generally apply the principal of “Don’t spend money on that” to everything, meaning half- heartedly to cut back, fail, then guiltily berate ourselves and continue overspending on things we don’t even care about.

Saying ‘No’ to certain things doesn’t mean you are cheap. Most of the people were not tought how to consciously spend i.e Cutting costs strictly on the things you don’t love but spending extravagently on the things you do. For example- If you decide that spending money by ordering food from outside when you are already complete with your meal isn’t worth it and you rather save the money each week for a movie or for dinner with your family to spend quality time and to relax for the day, that’s not cheap. That’s call conscious spending. You consciously decide to spend on what you value.

Conscious spending helps you in making sure you are saving and investing enough money each month and then use the rest of your money guilt-free for whatever you want. Basically you have to plan where you want your money to go ahead of time even if it is on the small things.

“Unlike a budget, which looks backward, a conscious spending plan allows you to look forwar,”- said Ramit Sethi aunthor of the best-selling book “I Will Teach You to Be Rich”.

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3 thoughts on “What is Conscious Spending.

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