There are many ways to splurge without breaking your budget. Some people feel that splurging is unnecessary, especially when trying to save for a goal. But if you don't treat yourself from time to time, there's the risk of frugal fatigue. Rather than eliminate spending altogether, here are seven ways to splurge without breaking your budget.
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1. Splurge for Free
There are several ways to splurge without going broke, including splurging for free. If you have a rewards credit card, take advantage of the points that you’ve accumulated. Depending on how often you use your credit card, you might be able to redeem your points for travel, merchandise, gift cards or cash.
2. Resolve to Splurge Only Once a Week
Based on your income, realistically limit the number of times you splurge each month. Some people might be able to splurge on a weekly basis, whereas others can only splurge monthly. Whichever interval you choose, make sure that it's affordable and it won't send you into debt, or cause you to fall short on cash at the end of the month.
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3. Set a Splurge Budget
Not only should you limit the frequency of splurging, you should also limit how much you spent. Splurging does not suggest spending hundreds on indulgences. A splurge can be a $5 item or a $20 item. The ideal is to treat yourself without overspending. If possible, use cash and leave your credit cards at home. If you pay by credit, pay off balances each month. Based on your budget, determine how much you can afford to spend on a weekly or monthly basis.
4. Go Small and Get More
Let's say you set aside a $50 splurge budget for the month. Rather than spend this money in one place, spread out your splurges over the month. Focus on smaller items and you’ll get more bang for your money. For example, instead of buying one purse, you might spend your $50 on a pedicure, expensive lattes or inexpensive costume jewelry.
5. Recognize Weaknesses
At the same time, recognize your weaknesses or limitations. In other words, if you tend to lose your mind and overspend when visiting certain retailers, stay away from these stores to avoid going over your splurge budget. Also, avoid shopping with friends who spend a lot of money. This might intensify your urge to spend, causing you to overspend.
6. Comparison Shop
Even if you're splurging, it doesn't hurt to comparison shop and check out different retailers before making a decision. Visit local retailers and then check prices online. By doing so, you might find an item on clearance or sale, which can save you money and allow you to buy more without going over budget.
7. Take Advantage of Discounts
If you tend to splurge at a specific store, sign up for this retailer’s email club and receive information regarding sales and discounts via email. This way, you can get the things you want without paying full price. As a result, you can either buy more, or save and roll any surplus funds into next month’s splurge budget.
Splurging is an excellent way to treat yourself for working hard, and it can also provide a temporary stress relief. The key is moderation and only buying you can afford. What are other ways to splurge without breaking your budget?
Comments
vickeisha: Great article! I so needed this, on a new saving goal.
Misty: Good article.
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