Let’s be honest—most budgets feel like a diet. You start strong, cutting out all the “bad” spending, but before long, you’re frustrated, tired, and right back where you started. Sound familiar?
That’s because traditional budgeting focuses too much on restriction, not intention.
If you’re a single woman over 40 managing your finances solo, you don’t need a one-size-fits-all budget—you need a spending plan that works for your real life. That’s where intentional spending comes in. Instead of just tracking dollars, you’re aligning your money with what truly matters.
In Step 3 of the Smart Money Management Series, we’re building a realistic, flexible spending plan using my Needs, Wants, and Future framework. This method keeps you financially secure while still allowing you to enjoy life.
💡 This post is part of the Smart Money Management Series — your step-by-step guide to financial confidence for independent women. Visit the Solo Money Hub » to see all 6 steps and grab your free Starter Kit!
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Why Most Budgets Fail (and How to Fix That)
Before we build your spending plan, let’s address why budgeting has felt so hard in the past.
The old-school budget approach:
🙅♂️Categorizes every penny with no flexibility.
🙅🏽Makes you feel guilty for every “unnecessary” purchase.
🙅♀️Ignores your actual lifestyle and what brings you joy.
An intentional spending plan:
👍🏻 Gives you freedom within a structure that works for you.
👍🏽 Helps you spend on things that bring value while eliminating what doesn’t.
👍🏿 Accounts for your future, not just your present.
If you’ve ever tried to budget and given up, it’s not because you lack discipline—it’s because the method you were using didn’t fit your life.
💡 Fact: According to Debt.com, 27% of people avoid budgeting because it’s too time-consuming, 20% say it makes them feel guilty, and 29% believe they don’t earn enough to bother.
That’s why an intentional spending plan is different—it’s not about restricting yourself or obsessing over every dollar. It’s about aligning your money with what actually matters to you, so you can feel financially secure without feeling deprived.
Step 3: How to Build an Intentional Spending Plan
Instead of a strict budget, we’re going to structure your money into three simple categories:
1️⃣ Needs: The Essentials (50-60%)
These are the must-haves—the things you need to keep your life stable and running smoothly.
❇️ Rent/Mortgage
✳️ Groceries
❇️ Utilities
✳️Health Insurance
❇️ Transportation
💡 Tip: Many people overestimate what’s truly a “need.” Before assuming you must spend a certain amount, ask yourself: “Is there a way to reduce this cost?”
2️⃣ Wants: The Joyful Spending (20-30%)
This category is where most people either overspend or feel guilty spending at all. But the goal isn’t to cut everything out—it’s to make sure your money is going toward joy, not mindless spending.
☕ Eating out & coffee runs
✈️ Travel & entertainment
🛀 Hobbies & self-care
🎧 Subscription services
💡 Fact: A 2023 NerdWallet survey found that 83% of Americans say they overspend, and 84% of those who budget say they exceed their monthly budget.
3️⃣ Future: Security & Growth (10-20%)
This is where your financial stability and future freedom live. Without this category, you’re stuck in a paycheck-to-paycheck cycle.
🚨 Emergency Fund
💰 Retirement Savings
📊 Investments
⛓ Debt Payoff
💡 Fact: A Bankrate survey found that 57% of Americans can’t cover a $1,000 emergency expense, forcing many into debt when unexpected costs arise. Also, about 33% have more credit card debt than emergency savings.
This is why future planning is non-negotiable, especially for single women managing finances alone.
How to Put This Plan into Action
Now that you know where your money should be going, let’s get it all on paper (or screen).
Step 1: Track Your Current Spending
Before setting percentages, see where your money is actually going. You can use a notebook and pen, your notes app on your phone, or even make a voice memo every time you make a purchase. You can transcribe it daily so you still have a record of all of your spending.
If you need more structure and guidance, I’ve made the following tools to go with this Smart Money Management Series below.
📌 Use my Solo Money Starter Kit to track your spending, just by using the form displayed earlier on this page. Or, use the PIM Squad Join box below – this gives you access to the entire Freebie Vault.
📺 Prefer a walkthrough? Watch my Solo Money Starter Kit video at the bottom of this page!
Step 2: Compare Your Current Spending to the Needs, Wants & Future Framework
Are you overspending in one category? Neglecting another? This awareness will help you adjust intentionally rather than randomly cutting costs.
💡 Want an easy way to calculate your Needs, Wants, and Future spending percentages?
📊 Grab the Solo Money Companion File in the Solo Money Shop—this automatically calculates your percentages and tracks your progress!
Solo Money Starter Kit Companion File
the Google Sheet file that expands on the FREE Solo Money Starter Kit pdf
Intentional Spending in Action: A Real-Life Example
Let’s say Sarah, 48, recently went through a divorce and is now managing finances solo for the first time in years. She was spending $500/month on takeout and shopping, not because she truly valued those things but because she was avoiding the stress of dealing with money.
Once she tracked her spending and applied the Needs, Wants & Future method, she realized:
🥡 She could cut her takeout in half and put that extra $250 toward her emergency fund.
✈️ Instead of impulse shopping, she started a travel fund for a future solo trip.
💰 She finally set up automatic contributions to retirement savings—something she had ignored for years.
She didn’t cut everything out. She simply redirected money toward things that actually mattered.
Final Thoughts: Progress, Not Perfection
✅ Start by tracking your spending (Solo Money Starter Kit ✅).
☑️ Compare your expenses to Needs, Wants, and Future.
✅Make small shifts toward spending with intention.
☑️ Revisit your plan each month and adjust as needed.
📺 Watch my Solo Money Starter Kit walkthrough here!
🛍️ Grab the Solo Money Companion File in my shop to start tracking today!
👉 Next up in the Smart Money Management Series: Step 4 – Build a Financial Safety Net on One Income!
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PIM Community Question:
What’s one area of your budget you’d like to be more intentional about? Let me know in the comments!
