When it comes to money, it’s easy to focus on numbers—budgets, returns, and debt ratios. But real financial success isn’t just about building wealth. It’s about understanding how you define financial security and aligning your money with what matters most to you.
For many people, financial planning becomes a numbers game—saving, investing, forecasting. But the most meaningful financial plans are built around something deeper – your priorities. Whether it’s providing for your family, seeing the world, or making a difference through philanthropy, your financial plan should reflect your values.
However, in a world obsessed with more, we also want to provide some tools to help you define what “enough” looks like for you, not a neighbor across the street. We have all heard the stories of how excess spending has blown up the most seemingly peachy of financial pictures. Therefore, it’s important to clearly define what principles you value most and avoid falling into spending traps.
Knowing Thy Self
For many, the idea of creating a strict budget can be daunting, and the idea of reviewing their own spending makes them shudder. Even if we go into the process open minded, we are often too hard on ourselves and the negative emotions associated with that tendency can kill any motivation we had going into it.
Another way to approach budgeting is known as “values-based budgeting”, which starts with identifying what really matters to you and staying mindful of those values when you spend and establish longer-term plans.
As such, before crunching numbers or building any financial planning scenarios, you need to do a self-evaluation and consider some of the following guiding questions:
- What do I value most in life? (e.g. time, freedom, relationships, creativity, etc.)
- What do I want more of—not more things, but more experiences or states of being?
- Where in my life do I already feel fulfilled?
- What patterns do I engage in that I know are not the healthiest?
Next, write down your top core values. If there’s more than five, review them again to see what takes priority. It’s important to be specific when identifying these core values, as they will be the foundation of your financial plan and will serve as a guide to help you stay on track.
Simply stating that family matters to you isn’t enough, as that applies to most people and doesn’t provide any direction. Something like “providing financial security for your family should something happen to me” or “take an annual trip to see grandparents” are a better start.
Defining “Enough”
According to the Q2 2020 Truist National Financial Confidence Poll, “Half of Americans say that they buy things they don’t really need.” This has become much easier to do when you can make purchases right from your phone and with the increased availability of credit cards.
However, as Brian Ford, head of financial wellness at Truist states, “one of the keys to finding happiness with money is to stop spending on stuff you don’t actually care about in life.” Thus, it’s important to define what “enough” means for you and your family. This is the dollar amount you need to:
- Cover essential expenses.
- Support your lifestyle goals.
- Save and give according to your priorities.
There will always be expenses that are required, and we recommend you pay for those, even if they don’t provide you with joy or directly align with your goals. To begin creating a budget and answering the “enough” question:
- Start by reviewing bank and credit card accounts for regular spending.
- What monthly expenses are required?
- What other patterns can you identify?
- Add in line items associated with the core values you established and determine if your spending is currently aligned.
- Establish or maintain a reserve to cover 3-6 months of expenses and budget for uncertainties.
Tools to Keep You on Track
- The Joy-to-Cost Ratio
When considering a purchase or commitment, ask:
- How much joy does this actually bring me?
- Is it worth the time or the money it costs?
- Would I buy/do it again if I had the choice?
- Will this purchase cause me to stress about paying for essentials or saving for priorities?
This reduces impulse spending and comparison-driven upgrades.
- Comparison Detox
You can’t define enough if you’re always scrolling someone else’s “more.” Periodically:
- Take a social media fast.
- Unfollow accounts that trigger FOMO (fear of missing out).
- Reconnect with offline hobbies and people.
- Apps like Freedom, Opal, or Digital Wellbeing (Android) can help limit time on comparison-heavy platforms.
If your social scrolling often leads to having an email pop in your inbox with the subject line “Order Confirmation #…,” try to find ways to adjust your habits to cut down on spontaneous purchases, which can derail your money goals.
If you can identify what the biggest triggers for impulse buys are for you, you can play defense against yourself and prevent purchases that only provide short, immediate gratification, and don’t align with your bigger picture values. If it’s those extra 25% off sale emails from your favorite stores – try setting up email filters so you don’t see those unless you have a specific reason for shopping.
- Periodic “Enough Check-Ins”
Once a quarter or twice a year, ask:
- What have I said “yes” to that no longer serves me?
- What can I let go of without regret?
- What does enough feel like today?
- Has my spending strayed from my goals and if so, has anything changed that requires you to reevaluate?
Your definition of “enough” will evolve—and that’s okay.
Final Thoughts
Money isn’t the goal. It’s the tool. And the best financial plan is one that funds the life you want—on your terms.
Whether you’re driven by love for your family, a hunger to explore the world, or a heart for giving, let your financial plan reflect what truly matters to you. This will help turn wealth into meaning, fulfilment, and overall happiness.