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Spending that we do outside of our necessities is called discretionary spending.
It basically translates to, “I want that!” as opposed to, “I need that.”
Now that we know our core personal values, we suggest making some time to sit down with your bank statements or your completed Know Your Numbers tool and go through any spending that is discretionary.
We have created the tool below to help you list everything out so you’re clear on the actual amounts you are spending. Go through it and write down how much money you’ve spent on these items over the last month (or past 12 months to be more thorough) and then you can work out where you can reduce money, or allocate it to other areas that you value more highly.
Working out your discretionary spending will show you where you have money available to allocate in different ways.
Discretionary Spending Calculator