• Wednesday, November 29, 2023
businessday logo


Why you should allow yourself splurge


Do you feel guilty when you spend money? Do you sacrifice things you enjoy in order to save as much as possible? If you are well on your way to reaching your savings goals, then you are seemingly in control of your budget and finances or are your finances in control of you? An occasional splurge is not necessarily a bad thing. Here’s why.

Positive reinforcement 

When you are already cutting down debt and meeting your savings goals, you should give yourself some positive reinforcement. Being responsible with your money should be fun, too. When you let yourself have that tablet personal computer or mobile device you wanted, you may become even more motivated to earn and save more. If saving money becomes hard labour for you, then you are probably less happy than you might otherwise be, but that does not have to be how you live.

Break your routine 

Most of us have a daily routine that is fairly set in stone and that can sometimes make life quite monotonous. When you allow yourself to spend a little money on something that you normally wouldn’t, your life might just get more interesting for that day. It’s been found that the non-routine days are usually more memorable, and having those memories is definitely worth the money spent.

Some splurges have long-term benefits 

Some splurges can benefit your life for the long-term. For example, the more expensive brands of handbags and shoes simply last longer than the cheap ones. Other examples of splurges with long-term benefits include upgraded clothing. There are many things that you could splurge on and use for years to come.

Price and availability are never constant 

It is hard to predict how fast the prices of things you want will go up, so sometimes it is actually cheaper to enjoy what you want today. Worse, the product you want can completely go out of stock when you wait too long, and that defeats the purpose of saving and enjoying the fruits of your labor.

Ultimately, the money you make is meant to be spent. As long as you are not falling deeper into debt and hurting your savings goals, it is completely OK to enjoy your paydays and treat yourself a bit. Everyone should have a “fun fund” to spend without guilt, splurging on good food and short-term trips because having those experiences makes one’s paycheck more real than just a number in a savings passbook.