Jan 29, 2025

Money Levers: Spend with Purpose

Money Levers: Spend with Purpose

Traditional finance advice tells us to track every penny and cut back on everything—but that rarely works. Instead, take a step back, craft a vision for your ideal life, and align your spending with what truly matters.

I believe you should spend freely on what you love, as long as you cut back on what you don’t. Money should be used meaningfully, and this exercise will help you identify your priorities. Since most conversations about money focus on restriction, it takes practice to spend with intention—so be patient with yourself and your partner.

Step 1: Identify Your Money Levers

Once you’ve clarified your vision (email me if you're unsure how), assess your money levers, where you’d like to spend more and where you’d be willing to cut back. Your choices may differ from your partner’s, and that’s okay.

Start by answering these questions:

Now, where do you love to spend money? Your spending reveals your values. If you’re unsure, scroll through your photos for clues. Common money levers include:

Step 2: Cut Back on the Right Things

When cutting back, don’t trim a little from everything. Instead, focus on your biggest expenses, the areas where real change creates financial freedom to spend more on what matters.

Key areas to assess:

  1. Housing & Cars: These are often the largest expenses. Downsizing can make a major impact.
  2. Eating Out: A common blind spot where quick adjustments free up extra cash.
  3. Invisible Costs: Review subscriptions, travel expenses (transportation, tips, taxes), and other overlooked spending.

Step 3: Redirect with Purpose

Every dollar you cut should be redirected toward something meaningful—your Yes Levers, paying off debt, saving, or investing. Instead of focusing on every small decision, prioritize key numbers: fixed costs, savings, investments, and guilt-free spending.

To succeed, be patient, communicate openly, and make trade-offs together. When you're aligned on your Yes Levers, you won’t dwell on what you cut—you’ll be excited about what you’re creating.

Resource: Ramit Sethi’s Money for Couples (2024)

Melissa Dotson, CFP®, CSLP®

Financial Planning Associate

Melissa came to Narwhal in the summer of 2018 following the completion of her master’s degree in financial planning from the University of Georgia, where she also earned her bachelor’s degree in consumer economics. Her interest in the field started with learning about consumer behavior, specifically its relation with complex moneymaking decisions. Melissa recently received her CFP® Certification in January 2021. Working with a CFP® professional can help you find the path to achieving your financial goals. Your goals may evolve over the years as a result of shifts in your lifestyle or circumstances such as an inheritance, career change, marriage, house purchase , or a growing family. Melissa is here to help you through that process. When she’s not working, Melissa enjoys cycling, cooking, and spending time with her beagle and two nieces.

Let’s start the conversation.

At Narwhal Capital Management, you’re more than just a portfolio, and it’s not all about the numbers. Let’s start with a meeting about your needs and future goals.