Priorities, Priorities, Priorities

Week 2 | Day 11 | GB 101: Budget Bootcamp

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Part of budgeting is prioritizing how we plan to spend, save, and give. And we do that because we usually can’t buy everything we want and still have enough for the things we need.

Our friend, Wayne, shared how he made plans to buy a new dinnerware set — and re-prioritized along the way.

“My wife and I have been wanting to replace our dinnerware. We have had the same set for about 20 years and there are a lot of chips and nicks. We had been planning for the upgrade and had been setting money aside until we had enough saved. While we were saving, some other kitchen projects came into the picture. With the new dishes, we decided to reorganize our cupboard space and pantry. In the end, we decided to spend a considerable portion of our savings on organization. By using our budget, we decided to go with a less expensive dinnerware option and divert some of the savings to organization. Taking the time to plan out what we wanted helped us determine when we could do it and also gave us time to re-think our priorities and adjust as time passed. The boxes are still arriving. Next up: the bedroom set.”

Today’s Assignment

  1. Notice when you think “I need to spend” versus “I want to spend.” You’re working on building the habit of planning before you spend. So as you live life today, take notice of your desires to spend. Specifically, notice the moments when you’re feeling like you want to spend versus moments when you need to spend. Are the things you want to spend on necessary? Is there enough in your budget to cover that purchase? If it’s a yes — go ahead!  If not, how might you adjust your choice?
  2. Check out Steve’s story. We all fall victim to the urge to spend impulsively, and that’s not always a bad thing! We build fun into budgets so that we have space to spend on things we want. As long as there’s space in our budgets, we can spend. Steve has figured out a way he can determine if the things he wants to buy are really worth spending on.
  3. What did you learn from Steve’s story? Did you find that you altered a choice to spend today? Comment below and let everyone know how the day went.

Note for couples: It’s easier to notice someone else’s impulse spending than our own. But to be a good partner, we actually need to take a look at ourselves first. Take the opportunity to tell each other what you each noticed about your own wants and needs today.

Happy budgeting,

-The Goodbudget Team

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1 thought on “Priorities, Priorities, Priorities”

  1. The other day I had this feeling. I saw a sale and was like OOO I WANT THAT, but got called to another activity, sidetracked, and when I eventually saw the thing again I had realised I was drawn by the sale rather than an actual need for the item in question… phew

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