LRC Savings Edition - Day 4: Purposeful Spending

LRC Savings Edition - Day 4: Purposeful Spending

By TheBudgetnista -  Tags: ,


New to the Live Richer Challenge: Savings Edition?  Learn more about it HERE and sign-up.

Need to catch up? Click on the link where you left off and then come back!

Day 1: Savings Goals

Day 2: The First Law of Gold

Day 3: The Money Bucket For Savings


Week 1: Savings Mindset

Today’s Easy Financial Task: Identify your needs, loves, likes, and wants.

How to rock this task:

  •  List your basic needs like food, shelter, or water.
  •  Choose two loves and write them down.
  •  Share your loves with your accountability partners.

Today, we’re going to discuss the four questions you should ask yourself before spending your hard-earned money on anything.

Do I:

1) Need it?

2) Love it?

3) Like it?

4) Want it?

Let’s talk about your needs first.

Needs are the very basics, like food, shelter, or clothing. A need is something you must have in order to live. You need shelter to protect your family and without food you can’t survive.

Next, come up with two things you love.

Understanding what you love is key. Things we like and want tend to cost less money and take less patience to acquire. On the other hand, things we love tend to cost more and take more sacrifice to obtain.

Drawing a blank on what you love?

Consider this: If you had Oprah’s bank account, what would you do? Choose two of the things that you imagine yourself having or doing; they’re the financial loves of your life.

In order to save more money, it’s important that we make the switch to a purposeful and passionate financial life.

Needs = purpose

Loves = passion

Spending less money on likes or wants means you’ll have more money for savings and passions that add abundance to your life. We’ll talk about this more later in the Challenge. Keep in mind that you don’t have to cut out every single one of your likes and wants. It’s just important that you establish priorities.

After you’ve put some thought into each category, share your loves with me in the comments below vs. email, and your accountability partner. When you reach out to your partner ask them, "What are your loves?".

It's important to define them now. They will help you to focus when you're tempted to spend.

Also, don't forget to spread the wealth and use the social media share buttons, to share today's task with your network.

On twitter? Share what you're doing today with your friends there.

Today I'm putting my NEEDS and LOVES before my LIKES and WANTS. Day 4: #LiveRicherChallenge Click To Tweet

Ways to find me...

Twitter: @thebudgetnista

Instagram: @thebudgetnista

Facebook: The Budgetnista

Forum: Dream Catchers  (if you're not already a member.)

Live richer,

Tiffany "The Budgetnista" Aliche

A Freebie: Have you saved and printed the Live Richer Starter Kit yet? It's full of awesome freebies. Click the picture to get your kit.

Want to work through the Live Richer Challenge: Savings Edition in a workbook? It's already an Amazon Bestseller!
Click the link below and get your copy.


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Tiffany “The Budgetnista” Aliche is quickly becoming America's favorite, personal financial educator. The Budgetnista is also an Amazon #1 best selling author (The One Week Budget and Live Richer Challenge), sought-after speaker and teacher of financial empowerment.
DISCLAIMERThe views, thoughts, and opinions expressed in this website belong solely to the guest author, and not necessarily to Tiffany Aliche, or any of her partners, affiliates, heirs, or assigns.
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