Aspirational Spending

Leave a comment
Uncategorized

Last night I decided to upgrade my WordPress plan to WordPress Premium. I got my own domain name (www.envisionjoy.com) and started customizing my template. In many ways, I think that paying for something helps to motivate me. It’s something that I like to call Aspirational Spending. Aspirational Spending can be a positive motivator, but done incorrectly, it can be a detriment to your wallet and your psyche.

Aspirational Spending is what you do when you buy something because you desire to improve your life. So you buy a bike because you envision yourself as a super fit bicyclist, or a new kitchen appliance because you want to become a gourmet chef. The purchase is exhilarating precisely because it helps you to picture what you want your life to be.

However, you need to plan your budget wisely. I’ve learned this the hard way, when I was spending way too much on an unlimited yoga membership that I only occasionally used. In the tech world we have this idea of the Minimally Viable Product. Recently I’ve been thinking, what if we applied that idea to our personal lives as well?

For example, before spending a lot of money on a paint set, easel, brushes etc… if you’ve never been much of an artist, why not start out with sketching with pen/ pencil and paper?

Or if you’re looking to start reading books more frequently, rather than buying several expensive hardcovers, just go to the library and pick out a good book there.

Of course, if you’re anything like me, knowing how to spend money when it comes to Aspirational Purchases is a consistent battle.

Let me know in the comments what your thoughts are!

Leave a Reply