How to Splurge Without Feeling Guilty (and without going broke)?!?
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How to splurge without feeling guilty (and without going broke)?!?
Splurging is the act of freely spending money on some type of indulgence or pleasure – both costly and inexpensive. It can be dining at a pricier restaurant, buying a pair of shoes or a handbag, enjoying a spa day, or simply treating yourself to a fancy coffee.
I believe everyone deserves a little indulgence, so today we’re looking at several ways to splurge the right way.
1. Create a splurge budget
Regarding how much to set aside for splurging, you have to use your own discernment. And yes, I know that’s pretty vague, but there really aren’t any hard or fast rules. Even so, following a few guidelines can help you splurge without feeling guilty.
Let’s say you’re using the 50/30/20 budgeting rule, which involves spending no more than 50% of your take-home pay on needs, 30% on wants, and 20% on savings and debt repayment. Under this budget, splurging falls in the 30% category (it’s considered a want).
However, you shouldn’t spend the entire 30% on splurging. This category also includes expenses that aren’t technically splurges such as gym memberships, subscription services, gifts, and hobbies. As far as how much to reserve for splurging, one suggestion is setting aside 5% of your income.
So if you bring home $3,000 a month, $150 can go toward splurging. You can spend it all in a single month, or save the money and put it toward a more expensive splurge. Either way, splurge money shouldn’t cut into income needed for essentials, or money needed for savings and debt repayment. This is key to splurging without the guilt.
2. Splurge for free
I have two rewards credit cards that I use – one earns cash back and other earns points. And truthfully, I can’t count the amount of items I’ve received at no cost over the years. I exclusively use my reward points for splurging, mostly on Amazon.
So if you use credit cards, or you’re thinking about getting one, take advantage of programs that give you something back in return. Use the card for everyday purchases like gas, utilities, and groceries – and then redeem your points for an indulgence. However, only charge what you can afford, and pay off your balance in full each month.
3. Don’t be impulsive
Keep in mind that although it’s okay to splurge or indulge, this ISN’T an excuse to be impulsive. So plan your splurges and always spend money intentionally. This way, you don’t have any regrets or buyer’s remorse.
I recommend creating a splurge list at the beginning of every month, or every week. This doesn’t mean that you can’t change your mind or splurge on something different. This method, however, can guide your spending so that you’re splurging without feeling guilty (or going broke).
4. Make a few splurge rules
Creating a few personalized splurge rules is another great way to indulge without breaking your budget. For example, you might only splurge with cash, or you might only splurge if you’re able to stick with your savings goals. Then again, for every (low-cost) splurge you might transfer the same amount into savings.
Rules are important because they establish limits, which keeps spending in check.
5. Focus less on material things
When some people splurge, they only buy tangible items like electronics, shoes, or clothes.
Now, there’s nothing wrong with buying these items. But if you don’t want anything specifically, maybe think beyond material goods and splurge on experiences.
You can broaden your horizons and discover new interests. You’ll accumulate less stuff, and you can create new memories.
Experiences include a wide range of things like a weekend trip to a new destination, taking a fun class, whale watching, buying tickets to a musical, etc. And I honestly believe this provides greater satisfaction than owning possessions. When you enjoy more experiences, acquiring stuff becomes less important.
6. Prioritize
If you’re going to splurge, make it really enjoyable and meaningful (especially if you’re on a tight budget).
There’s nothing wrong with splurging on something that you simply like. However, to benefit the most from an indulgence, reserve splurging for the things that you love, if possible. It doesn’t always have to be this way. But sometimes, make it really count.
Think about the things that bring the most happiness to your life, and then plan splurges around these.
7. Save time
The same way you can splurge on experiences, you can also splurge on things that save time.
Time is a hot commodity because once it’s gone you can’t get it back. And sometimes, we don’t have time to take care of everything. So if you don’t want anything materially, splurge on things that will free up your time. This might include housekeeping services, grocery delivery, meal delivery, or a mobile car detailer.
8. Upgrades count, too
Another way to splurge without feeling guilty is to splurge on upgrades. Again, consider what brings you the most enjoyment, and then see how you can make these experiences more memorable.
Are you planning an upcoming flight? If so, maybe splurge and upgrade to business class or first class and enjoy additional amenities. Or splurge on nicer accommodations while on vacation, maybe a suite or stay at a hotel closer to touristy spots.
9. Evaluate your past splurges
Also, do you have a pattern of always splurging on the same things? If so, step outside your comfort zone and try something new.
As you examine past splurges, consider whether you actually enjoyed them. Let’s say you recently splurged on a new handbag. Are you still excited about this purchase, and is it something you use regularly? Or is it just another thing taking up space?
If a previous splurge didn’t bring satisfaction, splurge on something else.
10. Choose the right splurge buddy
Even though I always recommend shopping alone, I understand that splurging is more fun with someone. For this matter, choose your splurge buddy wisely.
This should be someone who respects your budget. In other words, someone who doesn’t encourage overspending, and someone who doesn’t mock your frugal ways. With the right person by your side, you can splurge without the guilt – and without going broke!