Whenever I hear the word splurge, an indulgent, unplanned, and impulsive buy automatically comes to mind. It's the kind of buy that usually results in a guilt trip. When it comes to splurging, it's so easy to get carried away and before you know it you've maxed out your credit card with a whole bunch of items you really can't afford.
Believe it or not, a little splurge here and there is actually healthy. No, that's not the shopaholic in me speaking, it's true! A little spending makes life just a little more enjoyable. After all, you should be allowed to spend your own hard earned cash every so often, right? The trick to not breaking the bank is planning and preparing a splurge that still works into your spending plan. So the next time you decide to treat yourself, keep a few of these tips below in mind!
Go over what you already have
It’s very easy to get used to what you have, but when it comes to shopping, there’s a BIG difference between what you need and what you want. If what you want is a pair of a new shoes you really could live without, evaluate how often you’d actually wear them and how much of your money you'd have to suck out of your bank account to get them. In the end it might not be all that worth it.
I’ve come to realize that I actually save a lot more with smaller and more frequent splurges. Anyone who knows me knows I love to collect and wear dresses often. So a $200 dress I’m probably going to wear once doesn’t really make all that sense for me. I’d rather cough up $30 for a new cute frock once a month. Everyone is different, but keep in mind that a small treat can allow you to re-adjust financially faster and experience happiness more often.
Recognize bad habits
Do you really need to buy a new pair of shoes every week? Or has it just become a mindless habit at this point? Small splurges and mindless habitual shopping is not the same thing. Whenever you splurge you should have a purpose and it should make sense financially. If you’re excessively shopping for items you really don’t need and are probably not even going to really use, you’re just wasting your money and breaking your budget for no good reason.
I find myself feeling less guilty when I splurge on a really good deal rather than when I purchase something at retail price. A hard-to-find luxury item at a good discounted price doesn’t just save you money but many times allows you to actually enjoy the splurge. And isn’t that why your splurged in the first place? To enjoy a few minutes of happiness?
Keep a budget
This is obviously the hardest part, but always try to recognize how much you can actually afford to spend. Maybe cut back on other unnecessary spending and figure out how you will be able to quickly and efficiently accumulate the money back. If the splurge is going to cause you to be late on a bill or constantly worry about scarcity, walk away and try to resist the urge.
Shop for others
Spending on someone else can actually make you feel happier than shopping for yourself. I notice this every holiday season. It might also entice you to stay within your planned budget.