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How to know if you are wasting your money

If a purchase adds value to your life, then it is not a waste of money.

Let me say it louder for the people in the back, “if it adds value to your life, it is NOT a waste of money”.

The amount of people I hear say ‘oh well isn’t that just a waste of your money?’

“OH I am sorry, I didn’t realise that you knew what does and does not bring value to my life” … would be my response in my head.

drunk kristen wiig GIF

But (sass aside) I explain why that specific purchase was not a waste.

Different things bring different value to different people. It is personal, that is why they call it personal finance.

Something valuable to you, could be completely worthless and a waste to someone else. And vice versa.

Personally, I am not really that into fashion. I like to look good and I appreciate good clothes, but I do not clothes shop much and when I do, I like to shop in charity shop. This is partly because I love to find a good bargain but also I don’t like to contribute to fast fashion. Whereas some of my friends are the major fash-huns and they do enjoy spending money on new clothes every month because for them, it is a way to be creative and express themselves.

On the other hand, I love cooking and I love food and I love eating, so I do not hold back when it comes to food shopping. I factor it into my budget and I definitely spend more money on groceries every month than other people might. And that is okay!

Neither is right or wrong.

It is all about recognising what is important to you and what is worth your money.

You Do You Charlie Day GIF by It's Always Sunny in Philadelphia

My advice to you:

  1. Do not judge other people on how they spend their money. It is none of your business or your money (unless they owe you money then that’s a different story).
  2. Make sure you know what is valuable to you then work it into your budget, and so long as it aligns with you and your financial goals, then crack on.
  3. Do not let other people make you feel guilty for how you spend your money. And don’t let other people’s judgement change the way you spend your money if you know something brings you value.

dont judge me john lydon GIF by Team Coco

Also be honest with yourself when you are budgeting.

There is no shame around what you class as valuable and it will help you commit to your long-term financial goals.

The point of good budgeting is gets rid of things of no value to you and makes room for the things that are of value to you. It is one of the main reasons why budgets are so important.

You make a list of financial goals. You assess your spending. See what purchases are valuable (to you). See what purchases are worthless (to you). Assess what should stay and what should go. And voila a budget personal to you that helps you enjoy life AND reach your financial goals.

Happy budgeting

Laura xx

Author: Laura Moore

I am a 26-year-old living in London and currently learning how to live my absolute best life whilst still being financially stable… everyone’s dream right? That is the journey I am on and I learn something new every day, so I am documenting and sharing my experience. I want to show you how you can have fun and still have money, at the same time. It doesn’t have to be one or the other. My mission is to help you become financially free. After making a very last minute to decision to go travelling in 2015, with the money I had saved ready for Drama school, it was then that I realised the freedom that money can give you. I want to demystify money and help you all feel empowered by your finances. Talking about all aspects of saving, budgeting, clearing debt, investing (and many more), I am here to help you take control of your money.  

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