legacy creative


legacy creative




Business Strategy for Ambitious Entrepreneur

blog image

How to Be More Intentional with Your Money

March 14, 20244 min read

How to Be More Intentional with Your Money

How to Be More Intentional with Your Money

I’m about to share a statistic that blows my mind. According to a 2016 study done by U.S. Bank, only 41% of people follow a budget. That means that more than half of people have no idea where their money is going. Without a budget, you can’t say for sure how your money is being spent. A budget allows you to be more intentional with your money and how it’s spent.

It’s very hard to be intentional with your money when you don’t really know the details around what is being earned, spent or saved. If you fall into the 59% of people that don’t follow a budget, I’m about to turn you into a believer! I’m sharing 6 easy steps to be more intentional with your money. This will allow you to make progress towards your goals and feel secure in your financial situation.

6 Steps to Be More Intentional with Your Money

#1 – Understand your situation

The first step to be more intentional with your money is to understand what your current situation looks like. Start by creating a budget. If the thought of budgeting terrifies you, then let’s take a step back.

Simply make a list of all the money you spend on a monthly basis on bills and necessities. Does your total monthly income cover that number? If so, then you know you have the ability to make progress in your situation, and now you can move forward accordingly.

If your total monthly income does not cover your monthly expenses, then you need to find additional means of income. At least now you know that you are behind every month – which could help explain why you are not feeling secure in your financial situation.

#2 – Think through every purchase

When you know what your situation looks like and you start allocating your income to the things that need to be taken care of, you can start thinking through purchases that are not included in your budget. Being intentional with your money means you understand how unbudgeted-for expenses can impact your situation. Whether you make the purchase or not, being able to think about it is certainly step one.

#3 – “What should I really do?”

This is a common tip that quite a few of my past and present clients use. When they are out and about, tempted to spend money on something that wasn’t budgeted for, they stop and ask themselves “What should I really do?”

You always know what you should do but you don’t slow down enough to really think it through normally!

#4 – Leverage cash for spending

Sometimes, the temptation to spend can be too overwhelming to overcome. This is especially true in the early stages. If you can’t seem to keep your debit and credit cards in your wallet, then the solution is to leave them at home! Start using cash for all of your spending (with the exception of bills). This will make it harder for you to overspend.

#5 – Associate spending with your goals

When you’re intentional with your money, you are aware of how spending impacts your current and future situation. If you want to be more intentional with your money, start associating your spending with your goals.

Ask yourself, “Does spending money on this thing help me reach my goals faster?” If the answer is yes, then it makes sense to purchase the thing. If the answer is no, then it’s something that won’t help you in the long run. Your goals mean something, material possessions don’t.

#6 – Practice gratitude for what you currently have

Wrapping us up is a very important concept – practicing gratitude. This is something that should be done in every area of your life. In terms of finances, appreciating what you currently have opens the door for you to receive more. Instead of focusing on what you don’t have, you’re able to appreciate what you do have.

As important as money is to our livelihood, it’s a shame that we aren’t always as intentional with it as we should be. If you start implementing any of the steps above, you’ll start feeling better and more in control of your finances. That is something worth working for!

Are you ready to build your business and create your legacy?

We believe every woman can build a legacy. In each woman is passion, creativity, and determination. At Legacy Creative, we help women entrepreneurs realize their dreams and push their businesses forward. Click here to apply to work with with us so that we can show you the way!

How to Be More Intentional with Your Money
blog author image

Sheridan Cotrell

I (Sheridan) used to be that visionary business owner with all the balls in the air. I had my master's degree in speech therapy and created a six-figure consulting business in that field. But I didn’t stop there. I created another six-figure business as a health coach, and then one as a business coach for good measure. But the whole time I was trading time for money. I worked a zillion hours a week. Don’t believe me? I have five kids, and in addition to the work stuff, I was an available and committed mother to my children – doing the laundry, ferrying them to activities, and on and on... By outward measures, I looked successful, but on the inside, I was mentally and physically exhausted. I had hit a ceiling in my income and every incremental increase required more from me. I was in constant striving mode, trying to push myself to constantly do more. Until it all fell apart (even typing that makes me quake remembering). I had a major health crisis that caused me to pull the plug on 95% of my business. Almost everything came to a full stop. Which was the best gift I ever received. You see, working hard and learning more skills is not enough. Heart, vision and best intentions are not enough. It’s embarrassing to admit, but I didn’t know what I was doing even though it looked like I did.

Back to Blog