What we spend our money on says a lot about what matters to us. And as the cost of living continues to rise, deciding what deserves our money — and what doesn't — has become increasingly intentional.

For Terrisa “Terri2Kool” Stewart, technology and notebooks remain two weaknesses.

“I'm a professional nerd. As a member of the IT department, I literally get paid to support the systems and applications that keep my day job running.”

That makes a new device or piece of software particularly tempting. Offline, her weakness is stationery.

“I'm also an offline girlie. I enjoy journalling, so if I see a cute notebook or have a new idea for taking notes, I am quick to go to the Bermuda Bookstore and see what notebooks they have.”

She has learnt to take inventory before buying either.

“I suffer from shiny object syndrome. If it's something new or newer, my first thought is that I could use it when, in fact, I already have something similar.”

Subscriptions are where she deliberately tries to save. She checks for forgotten free trials and subscriptions she no longer uses, while paying annually for those she does if it works out cheaper.

The rising cost of living has also made her more deliberate about purchases.

“It's forced me to be more intentional. I take longer to make purchase decisions to avoid unnecessary impulse shopping. Before, I would buy and figure out the consequences of my choice later.”

Her approach starts with her non-negotiables — rent, groceries and gas — before moving on to “nice to have” expenses such as extra fitness classes, subscriptions, travel and staycations.

Savings have recently become another non-negotiable.

“I have struggled with saving discipline for years. This summer, I finally said enough is enough. I reached a point where I was tired of saying I had a savings goal of $1,000 but doing absolutely nothing to achieve it.”

She now uses automatic payroll deductions to build emergency and car maintenance funds.

“I no longer have to decide how much money to save for those two savings goals, because it is already done for me.”

For Ms Stewart, money well spent ultimately comes down to how she feels afterwards.

“Money well spent is when you don't regret spending it,” she said.

Even when money is tight, she reminds herself: “Taking care of my basic needs is money well spent.”

For Verde Brown, who runs Frugal Bermuda, years of watching her spending have led her to a somewhat unexpected conclusion: sometimes the financially responsible choice is to spend the money.

She is particularly willing to spend on experiences with the people she loves.

“Travel, family time and creating memories have become much more important to me than accumulating things.”

That perspective changed after losing her brother last year at just 45 years old.

“It made me realise that tomorrow isn't promised, and there is little point in spending your entire life being financially responsible if you never allow yourself to enjoy what you've worked so hard for. He never even got to enjoy his retirement years.”

That hasn't made her careless. She still plans ahead, searches for deals and looks for value.

“But I've learnt that the cheapest option isn't always the best option. Sometimes spending more means creating a better experience, saving precious time or making memories that will last for ever.”

Ms Brown deliberately saves on things that don't add much value to her life, including constantly upgrading technology or buying something simply because it is new.

Groceries are another area where she watches her spending closely. She plans meals, knows her staples and shops once a week to avoid unnecessary purchases.

Rising Belco costs have also made her more diligent about energy consumption, including switching off the water heater and unplugging appliances that aren't being used.

But there are some expenses she refuses to compromise on, particularly her daughter's education and extracurricular activities.

“I see it as I'm spending her inheritance on her now to hopefully help her in the future. She only gets one childhood, so I do try to balance being frugal and helping her get the best for her future.”

Preventive maintenance is another priority, whether that means servicing the car, maintaining the house or looking after her health.

“Keeping something in top shape helps cut the cost down in the future.”

Ms Brown’s definition of value has also evolved as her family's needs have changed. She spent part of the summer travelling with her parents, including her father, who walks with a cane. Rather than choosing the cheapest options, they took taxis and Ubers and stayed in centrally-located hotels.

“The purpose was convenience and minimal walking. It wouldn't be fair to ask him to walk to save $50.”

She also thinks increasingly about who benefits from the money she spends.

“I often tell my daughter, your money is your power. If someone is rude to you, why support their business?”

That can mean shopping locally or buying from a thrift store because she wants to support a more circular economy. And photographs while travelling, which she once routinely declined to purchase, are now worth buying because she sees them as memories.

Ms Brown’s spending may have evolved, but her commitment to financial responsibility hasn't.

“I've built a financial foundation through saving and making responsible decisions, because that foundation gives me choices. I want to be able to say yes to experiences and the people I love without creating financial problems for my future self.

“But being able to say yes now is only made possible by all the things I've said no to before. Money is a tool.”