Finance News

The easiest way to splurge and never really feel unhealthy about your self

After a year of bans and restrictions, almost everyone is ready to let go and shake off the pandemic cobwebs. But self-medication shouldn't be limited to once a year. Let's see why the casual luxury is such an important part of an effective budget – and how to keep yourself from overdoing it while pampering.

Why splurge is important

People on a strict diet often indulge in cheat meals, usually once a week, where they can eat whatever they want. For a day they don't worry about carbohydrates, calories or grams of sugar.

Splurging is a similar concept. Whether you're dieting or planning your budget, indulging in the occasional treat can help you avoid burnout. If you can add a financial tidbit here and there, you won't feel like your budget is always the enemy.

Plan your expenses

It's fun to be spontaneous, but when it comes to self-medication, it's best to plan ahead. The best kind of luxury is one that you won't regret a day later. Instead of buying the first what you see, start collecting a list of splurge ideas.

Use the goal function in the Mint app, a notes folder on your phone or the wish list function on Amazon. You can also keep a physical wish list in your wallet that you can use when shopping in person.

Anytime you want something that is not in your budget, add it to the list. When you're finally ready to splurge, check out the list. This ensures that you really value what you are buying and get a lot of use out of it.

Make it meaningful

If possible, treat yourself to an experience or a memory, such as a day trip with your partner or an evening in a karaoke bar with friends. Research shows that people like to spend money on events rather than on physical items.

This largely depends on what is most important to you. If you love interior design, buying a new rug for your home can mean more than a weekend getaway.

Create splurge rules

While limbering is important, there are a few basic rules to keep in mind. Never use a credit card or loan to fund an indulgence. A splurge should be something you can afford, not something you owe it to you.

If you're looking to splurge, look at your budget first to make sure you can afford the cost. If you can't, think about ways you can make more money, e.g.

Some people find it helpful to have simple rules about their consumption habits. For example, allocate 10% of each stroke of luck for a splurge. Strokes of luck can include tax refunds, bonuses from work, discounts, and birthday checks from grandma.

Rules ensure you don't go overboard, which can be especially helpful when you're also trying to pay off debts or save for a down payment.

If you work overtime, freelance, or have a part-time job, half that income can be used for fun and the other half for long-term savings.

Always stick to the rules that you create, even if tempted to break them. They help you find a balance between saving and saving.

Avoid splurging too often

When we're stressed, tired, or anxious, retail therapy seems like a simple answer. But be careful when using moral licenses to justify frequent spending. Moral licensing is the concept that you deserve to do bad if you've done good before.

For example, if you worked until 9:00 p.m. Every night you might decide it's okay to buy a $ 200 wallet. But working hard doesn't necessarily mean you can afford a $ 200 wallet.

Remember, splurges are like dessert. Eating dessert for fun can get you a little sugar rush, but you won't gain weight. If you eat dessert three times a day, you are likely to see a drastic change in your health.

If you fall off the car, be nice to yourself. Remember, one shopping spree won't destroy all of your good habits. Offer yourself grace as you would a friend. Go through your budget and see what changes you can make to fix the error, such as: B. the reduction of take-outs or other bonus purchases for a few weeks.

Place your goodies

If you feel like you are treating yourself too often, there is no need to get cold to reset. Keep the same rewards, but try to keep them apart. For example, instead of getting a manicure every two weeks, choose it back once a month.

Prioritize your splurges. Make a list of all of your non-essential expenses and sort them from what you enjoy most to what you least enjoy. Ask yourself how sad you would be if you had to eliminate or reduce every single expense. This will help you figure out what really makes you happier.

Don't bring a friend

It may seem counter-intuitive, but having a friend with you isn't going to help you splurge. They can encourage you to buy more and go over your budget. And when you see them shop around with no regrets, you might be wondering why you are budgeting in the first place.

Shopping alone gives you more time to think and consider whether you really want something. If you still want to go out with a friend, choose someone who is not afraid to call you. Let them know your budget in advance and ask them to help you stay on track.

Sign up for Mint today

From budgets and bills to free creditworthiness and more:
Discover the effortless way to stay on top of things.

Learn more about security

Mint iOS App Store

Author's photo

Zina Kumok (130 posts)

Zina Kumok is a freelance writer who specializes in personal finance. As a former reporter, she has covered murder trials, the Final Four, and everything in between. It has been featured in Lifehacker, DailyWorth, and Time. Read how she paid off $ 28,000 in student loans at Conscious Coins in three years.


Related Articles