As 2025 begins, many have set resolutions for the new year. As a 20-year-old college student, I’ve decided 2025 is going to be a year of intentional spending.
It’s easy to say, “I want to save money.” It’s just as easy to forget about the number in your bank account and find ways to spend money. Hanging out with friends, a few pieces of clothing here and there, going out to eat, a new book — we too often let the little things we spend money on slip through the cracks of our awareness.
On the plus side, saving money doesn’t require a total lifestyle change. Small, intentional changes can make a big difference.
The “don’t buy” challenge is an easy way to practice intentional spending. This challenge requires you to make a list of items you don’t truly need to spend money on and make a commitment to not purchase them in 2025. It’s easiest to do this challenge by making two lists: things you absolutely cannot buy and things you can buy.
For the “don’t buy” list, you should reflect on what items you tend to spend more money on than necessary. This could include fast fashion, makeup, video games, coffee or even items at the checkout line. The “can buy” list should include items that you need in your life. This can include groceries, necessary clothes and shoes, regular payments and gas. The “don’t buy” challenge is an excellent way to practice discipline with your spending habits, forcing you to take a step back from mindless spending by encouraging reflection.
Another important tip to keep in mind is that more money does not mean more spending. Most of us receive regular paychecks, and with the promise of many more it can be easy to spend money. Instead of spending money on frivolous material goods, focus on allocating some of your paycheck toward savings, paying off debt or investments.
Stop treating pay raises and bonuses as money to be spent, and view it as an opportunity to procure secure finances. A great way to do this is to split your direct deposit. Most employers allow employees to put a designated percentage of their paycheck into a savings account. This is a great way to put your money away before you have the chance to spend it.
We all know how easy it can be to lose track of the inputs and outputs of our checking accounts. Monthly budgets are a helpful way to keep better track of where your money goes and plan for future spending. Budgets are a great way to allocate money for all of your predicted expenses, such as mandatory payments, groceries, pets, credit card payments and recreational spending. This allows you to estimate how much money you are expected to spend each month and compare it to your income.
Similar to the “don’t buy” challenge, it’s a great way to bring awareness to your spending habits and make the necessary adjustments to meet your saving goals.
Practicing intentional spending will not only help you save money, but also help you realize that life is not all about material goods. By eliminating unnecessary expenses, you’ll be able to practice discipline and reach your money-saving goals in 2025.
