Set Your Money Signals
Finding ways to simplify decision making when it comes to spending money
Money Mindset Steps
On a piece of paper draw a stoplight with three circles in avertical line. Label or color the circles red, yellow, and green.
Next to the Green Light list purchases that you don’t have to think twice about. These items can always be purchased because it's a part of your plan, it’s something you already know you need, or it’s something you find valuable to your life.
Next to the Yellow Light list purchases where you need to pause and ask yourself a few questions to determine whether you should buy it. You might phone a friend and ask their advice, take a poll, do some research, put it on hold for the moment, or save up for a yellow-light purchase.
Next to the Red Light list purchases you never spend money on. It’s not even a question, you don’t buy it. Can you think of some things that you might be tempted to spend your money on but don't really want to?
- What did you take away from this experience? What have you learned about your spending behavior?
- Did this help you think about how you might spend money differently in the future?
- How do the different signals reflect your values? Or do they not reflect your values?
As a facilitator share your own spending signals. If you can’t think of one, here are some examples: coffee (Green), lunch out (Yellow), candy bars, or cookies (Red)