Carl Richards is a Certified Financial Planner™ and creator of the Sketch Guy column, appearing weekly in The New York Times since 2010. The following article is reproduced with permission from his weekly newsletter and his website can be found here.
Greetings, Carl here.
Today – I want you to spend some money.
Yep… that’s right, spend some money!
As we talked about last week, the first step in developing a better relationship with money is learning how to be better at spending it, and my friends, that is going to take some practice.
So today, pick something and buy it.
It can be something that you have been thinking about for a while (and have the money for), or it might be something you buy every day (hello morning coffee!).
Here’s the catch: for this transaction, we’re going to do things just a little bit differently.
Notice
Here’s all I want you to do differently today: notice 3 things:
- That you spent money
- What you spent it on
- How much you spent
That is it.
No shame. No blame.
No feeling bad or even trying to fix it.
I don’t want you to try to change it.
The entire point of this exercise is just to NOTICE.
Isn’t That Interesting
For this part of The Spending Practice, I want you to use very specific language when you spend this money.
Here’s an example.
Let’s say you go to your favorite taco truck for lunch.
It costs $12.37.
When you pay for it just say to yourself (maybe even out loud…cause you’re crazy like that):
I just spent twelve dollars and thirty-seven cents at The Taco Truck for lunch… Isn’t that interesting…?
This is super important. In fact, it might be the entire key to becoming a world-class spender:
No judgment.
The entire goal is to just notice.
I want you to treat this like you are an objective observer of this behavior.
A Warning
I first wrote about versions of this in my New York Times column, and I’ve heard from thousands of people about their experience so I know there is something I need to warn you about:
The little voice in your head: As soon as you pay attention to the fact that you spent some money, a little voice will show up in your head.
You know the one I’m talking about.
For some of you, that little voice has been following you around for 40 years. My has!
It will tell you that you failed again. Spent too much or that you shouldn’t have done it.
For now…we are just going to gently change the subject. Don’t listen but also don’t resist or fight with that voice (secret: if you resist, it will persist).
Just return to the fact that you are SO interested in what just happened by repeating:
I just spent X on Y… Isn’t that interesting?
Bonus Points
To make this exercise even more powerful I want to hear from you, so after you spend the money and say that secret phrase…send me an email.
Just copy and paste this text and add the details:
Yo Carl!
I did The Spending Practice today.
I spent [insert dollar amount] at [insert place] on [insert thing].
Isn’t that interesting?
Love you Carl! (ok you can change that if you must)
– [Insert your name]
I will read and reply to every email…in fact, I can’t wait!
And believe me, I will not be judging you. No shame or blame around here. I will just be saying:
(Say it with me)
Isn’t that interesting?
So go on now… spend some money!
-Carl
