“Money is your life energy. You pay for money with your time. You choose how to spend it.”
Vicki Robins and Joe Dominguez introduced this counter-cultural idea in their seminal works “Your Money or Your Life” in the early 90’s, during a time when ‘Greed was Good’ and more was better.
When I read this book 3 or so years ago, it completely changed my ideas towards money. I have always been fairly deliberate and focused with our money, and I am a ‘natural saver’. But this book led me to be more deliberate with how I spent every dollar, because I connected those dollars with what I truly wanted.
After a lot of reflection, my dream life wasn’t a mansion on the oceanfront and endless days sipping cocktails by my pool brought promptly to my designer outdoor mini table by Charles the butler. It wasn’t a private jet, my own island in the Pacific, or a walk-in wardrobe filled with designer clothes.
What I wanted was time. Time with my family. Time to exercise. Time to go on long juicy adventures. Time to reflect and time to create. Time to be connected and to contribute to my friends and my community. It was time.
Sure – I needed a certain amount of money to live this out. Money to feed the family, money to pay the unavoidable bills of living in a house in suburbia, money to run the cars we own, money to fund these family adventures, money for the occasional meal out, a bottle of wine to share with friends, a trip to the movies. But how much money?
And so I started experimenting.
I love mini experiments (and my family are very indulging!!!). ‘Life’ experiments are a great way to question and see whether something really does add value to your life or if it is habitual, overindulgent or just pure wasteful. And mini-experiments are far less confronting or overwhelming than taking on a massive change or coming up with random budget line items to stick to like a diet.
Here are a few ideas:
Skip the takeaway coffees for a week
An article about spending isn’t complete without the suggestion to cut your coffee spending right?! I don’t’ drink coffee so I will refrain from judgement. But why not try skipping your takeaway coffees for a week and switch for a homemade brew. How does it feel?
Cap your total entertaining spending for the month
A few years ago now, I decided to try and limit our monthlong entertainment, kid’s activities and eating out spending over school holidays to $250. You can read about it here. There were far less milkshakes at coffee shops and amusement type places, but I can say with certainty that reducing our spending had zero effect on our fun factor. All that was required was just a little more time, organisation and a little more creativity.
Have a week or a month without eating at restaurants
According to a study last year, the average Australian household is spending over $100 a week eating out. This blew mind! It seems a lot! Though in my younger days, we probably spent far more than this.
What have I discovered personally from restricting meals out? A planned evening out with good company and quality food gives us great joy. Racing up at the last minute to grab takeaway chinese is just a convenient way to consume food – no joy there. Frozen meal back-ups in the fridge give the same outcome!
Choose the $10 bottle of wine, rather than the $20 bottle (or dare I say, go alcohol free!)
I must say, we don’t drink too much these days, but for the occasional glass of wine I’ve discovered a few $8 bottles I actually really like. Why spend more than double, if the $8 bottle does the trick right?!
Don’t buy any new clothes for a month
Not quite an experiment, but after watching The True Cost, a movie about the effects of the fast fashion industry on the environment and those that make them for us, I went on a hiatus from buying new clothes for several months. It helps that I can’t stand clothes shopping these days! But for me, this had zero effect on my happiness. Though when my jeans ripped, it did take a bit of time to trawl through the local op shops to find a pair that fitted!
Cancel your gym membership for a few weeks
Do you go to the gym, or to yoga classes? (or perhaps you have a membership and never use it?!!)
I have cancelled my membership to my yoga studio on occasion and the outcome for me is interesting. Do I feel any less happy? Not really. I still do a few runs or walks, so I get a little exercise. But do I get up eagerly to do a morning yoga session at home? Absolutely not! Conclusion for me – if I want to practise yoga, a membership gives me the accountability. If I had to give it up I could without sending me in to a spiral of despair! But it’s good for my mind and body, so it stays for now.
Give yourself a grocery budget and stick to it for a month
So, this is my next challenge. Reducing my grocery bills and seeing whether I feel deprived!!
I’m going to have a crack at a meal planning system designed by a mum of 2 who has reduced her dinner meal costs to $42 a week (check out her story here). I will be honest, I’m sceptical of this one working for me. I’m a big advocate of buying ethical, local, quality produce – even if it costs more. It makes me feel good, knowing my spending is aligned with my values. But I love a good experiment, so stay tuned for my insights!
So why not pick one little challenge and give it a shot. Note how you feel during and after the experiment.
Do you feel deprived? Much the same? Or even happier?
Was it hard? Time consuming? Did you feel more creative? Constrained?
For all the experiments I’ve tried, the biggest conclusion has been that I need FAR LESS than I imagined. And for the most part, reducing my spending has had zero effect on my happiness, contentment or joy. Do we still eat out, buy take away pizza sometimes, buy the occasional $20 bottle of wine? Sure. But I know I don’t need much to be happy, and that’s comforting to know.
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