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Mommy Jenna

Splurging Strategically: How to Treat Yourself While Saving for a Big Purchase

We all seem to be saving for something big, whether it is a house, a car, a wedding or other things, sometimes it seems as though we will never reach our financial goal. Here are some tips to help you save money without feeling deprived, by splurging on little things once in a while.

Open a Savings Account

Open a targeted savings account, that way you can keep your savings separate from your daily expenses. When you decide to treat yourself you can use your daily account rather than your savings. That way you won’t feel so guilty and your savings won’t end up being consumed by something else.

Make Serious Cuts

Take a long, hard look at your monthly budget and see where you can make some serious cutbacks. Take lunch to work instead of eating out every day, cut back on your lattes, and use the bus instead of your car. These little adjustments will make it easier for you to meet your financial goal faster.

Treat Yourself

Even if you’re saving up for a big ticket item like a Dodge Challenger, if you want to stay in control of your savings and not go on a rash spending spree, it pays to give yourself a treat now and again. It will make you feel energized and stop you from feeling that you’re being too hard on yourself financially. Give yourself small treats that won’t derail your budget on a regular basis.

Splurge Responsibly

If you’re planning a mini-splurge, don’t go impulse shopping. Figure out something that you would really like, something that will bring you joy. Even better, what about something you really need, like a new pair of winter boots or a new tablet. Remember, a purchase that will last, will keep you happier longer.

Experiences vs Material Things

When it’s time for a splurge, consider treating yourself to a new experience rather than more material things. How about a spa day, a weekend horseback riding or a week of yoga classes? You may feel more fulfilled after a new experience and it’s good for your health as well as your pocket.

When It’s Time to Make The Big Purchase

You’ve finally reached your financial goal and have enough money to make that big ticket purchase, congratulations. Now, take a deep breath and step back for a minute. Don’t go rushing out to the store. Become an informed shopper. For example, if you’re purchasing a car, shop around showrooms for the best deal, if it’s a vacation you’re planning, check the flight deals so you can buy your ticket at the best time.   

When you’re working hard toward a big financial goal, it’s very easy to feel guilty about spending money, but sometimes you really need to cut loose and enjoy yourself. Just remember to spend responsibly and treat yourself to something you’ll really enjoy.

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