How to Spend Money Wisely

Your calendar and your bank statements have more in common than you may think.

If you’re someone who logs all your appointments and meetings for the months ahead, your calendar is a good overall snapshot of how you spend your time and with whom. Your bank statements, on the other hand, provide a good recap of where your money goes.

Together, these two personal documents say a lot about you — and looking them over can even help you get a better control of your finances.

“I was talking to someone recently and they said, ‘You know what people actually value if you look at their calendar and their bank statement,'” Rachel Hollis, No. 1 New York Times Bestselling author behind the self-help book “Girl, Wash Your Face” and “Didn’t See That Coming,” tells CNBC Select.

Hollis suggests you take a look at your own calendar and bank statements to know what things are important enough for you to splurge on. Doing so helps you to be more deliberate about your spending and can help you cut back on things you don’t find as much worth from.

“As long as you know what you value, you can put your financial intentions toward that thing and then it allows you to let go of things that aren’t as important to you,” Hollis says. “If you have to choose what to spend money on, choose to spend money on the thing that matters to you.”

How looking at your bank statements and calendar can help your spending habits

Looking at your bank statements and calendar can help you see what you spend your money (and time) on so you know what you value.

Perhaps that means curbing your spending habits to only splurge on experiential things, such as dining out or traveling, because that is what is most important to you. In the pandemic world we live in now, maybe your money and time outside of work is being spent most at home on a new crafting hobby, new virtual fitness class or binge-watching a new show.

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According to Hollis, one look at her bank statement and you would know that what she most values is her health. She says she splurges on anything related to her well-being, whether it be a massage, therapy, workouts, really nice supplements, collagen powder, etc.

“If I don’t take care of my health, I can’t be a good mom, I can’t be a good leader,” she says.

While everyone certainly values good health, it may not be the top thing you splurge on. Everyone has different things that they treat themselves to and that’s OK.

“I will go get an energy healing that’s the most ridiculous thing on the planet and absolutely have no problem spending money on that where someone else might think that that was ridiculous,” Hollis says.

Bottom line

Focus on splurging only on what matters most to you so you can be more intentional about spending money, and save the rest.

“So long as you set the intention that that’s what you care about then you can make wise decisions,” Hollis says.

Information about the Wells Fargo Propel American Express® Card has been collected independently by CNBC and has not been reviewed or provided by the issuer of the card prior to publication.

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the CNBC Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.

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