The Values of Money with Squanderlust
Last week we ran a workshop with our friends over at Squanderlust, a podcast on the emotional side of money.
Squanderlust hosts Martha Lawton and Alex are experts in the financial industry. Martha is an ex financial advisor with over 13 years experience in financial education and Alex is a former accountant with a background in tech for good.
What the workshop focused on?
Alex and Martha wanted our guests to understand how personal money values work in parallel to how you manage your money.
Understanding this will help you make smarter changes when it comes to spending money, it might even make you re-think your budget entirely. The ultimate goal is that you can spend less but enjoy your money more. Sounds good right?
What are your money values?
Once we’ve paid for our basic living costs like rent, food, travel etc every other purchase meets an emotional need.
This emotional need might be the money you spend on a hobby which makes you feel fulfilled and happy. It might be an emotional need for feeling supportive, leading you to spend money on your family and loved ones.
Squanderlust pointed out that we don’t value money for itself we value how it helps us meet our emotional needs. Why does this matter? For three reasons:
1. It makes you rethink your time and energy to get more of what you value without spending more money
2. You can focus your spending so you are happier with your purchases
3. It will mean you’re more motivated to save
Squanderlust wants you to think about your own money values and have provided a worksheet for how to identify them. Which you can see here.
Take some time to to think about what you spend your money on and what emotional need you get from that or what fulfilment you feel. Then you can think about what values you emotional needs you want more of in your life, perhaps you are lacking comfort or learning, and see how they match your spending habits. If they aren’t in line how can you change that? How can you rethink your money to match your values.
Watch the full workshop here:
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