Book Report
The Art of (Sometimes) Spending Money

One of the most valuable things you’ve taught us is how money can buy you freedom. It allows for hobbies you can enjoy guilt free, time with your family, slow mornings and stressless evenings. It’s what your money has control over rather than what it can buy you – time. After reading The Art of Spending Money it’s made me realize that saving plays a larger role than making money in one's time. Your savings are your freedom – they’re an investment into time and your future.

Housel proposes that you figure out what you want from life (and your money) by writing yourself an obituary, then backtracking to figure out how you can live up to it. I liked this idea and had written an obituary after ceremony one night in January – I’ve included some of it here.

“I had a full life. One that was full of love, lightness and laughter. It was spent in connection and community both at home and afar. My home was filled with warmth and kindness – gentle mornings and slow evenings. Tenderness was the cornerstone of it all. My time was steady, spent basking in the small moments.”

Based on my obituary I know that I want to use my money as a tool to connect with people I love – spending time with friends and family, hobbies, having a home to host in, and traveling. But also as a tool that allows me to slow down and really enjoy those things. The key to spending (or saving) money is to have the financial and personal freedom to take time away from work to travel with my family or to simply have a day for myself when needed.

Housel talks about how context gives meaning to how we spend – shopping, running errands or having a meal with someone has always been the primary way of connecting for me. It’s my default when reaching out to friends and until I started writing this I didn’t question or understand why. My favorite memories with mom growing up were doing those activities with her. It was the time I got with her that was just mine, and why I value it so much now with others.

He uses the, “What would you want/need if stranded on an island?” question in this book, then notes it’s not always the best way to decide what is worth spending on because everyday life is different from island life. This question is a great tool to discover our own personal essentials, but he’s right to have us questions beyond the bare necessities. A similar question I like to think about is, “If I was the only person left in the world would I still want x,y, or z?”.

I want my money to allow me to enjoy my hobbies, my time with people I care about and to build/own a home. I understand now that my savings are what will allow me more of that as I get older. I also realize that finding a balance of “everything I need and a little bit of what I want” is at the forefront of my spending this year.