Urge to Splurge

Financial Tip Friday – Beat the urge to splurge and save!

During your debt free journey, you may find yourself wanting to spend money. Find out ways to beat that urge to splurge and save instead.

Financial Tip Friday is brought to you in partnership with the 1st National Bank of Dennison.  

At a time where you can buy anything with a click of a button, it’s hard to save money. There’s temptation everywhere with social media. Items and experiences look so tempting, no matter the expense.

When you’re on a debt free journey, periodic spending can add up quick.

For example, you can say goodbye to $10,000 in a year by spending $27 a day! Every purchase adds up quick.

Here’s four tips to resist the urge to splurge.

1. Relax and Think

A lot of times we want to splurge it’s on impulse. By taking a moment to actually think about what you’re buying, you can make an informed decision.

Step away from whatever you’re thinking of buying. Try and take a day to see if you really want that purchase. Most of the time, you’ll realize it’s not something you really need. If you’re still thinking about it or feel the need to purchase, see if it fits in your budget this month.

2. Look at Your Budget

If you followed our previous tips and made a monthly budget, take a closer look at it.

This budget lets you know what you’re making and spending this specific month. Some people budget for splurges. It may also be a month where there’s no wiggle room for extra money going out.

Your budget will be able to bet tell you if you can afford it or not. Remember, it’s best to stick with your budget on your debt free journey and to make sure you don’t run out of cash during the month.

3. Think of Long-Term Goals

You’re probably on a debt free journey because you want a better life down the road.

Before splurging, think about what you want to accomplish in the next few months or even years down the road. This may help you decide if whatever you want is really worth it.

It might take a while to accomplish these goals, but it will be so satisfying when you do. Although periodic spending might seem gratifying in the moment, it might not keep that feeling in a few weeks.

Think about what is best for you and your goals!

4. Call Family and Friends

Your loved ones may know your financial journey and want to help you out when possible. Try reaching out to them.

If you’re trying to decide if a purchase is sustainable, your loved ones could be a great voice of reason. They may try and help find something similar for less expensive. Friends and family can also give you a different perspective.

They will help you stay away from poor spending decisions or let you know when something’s worth it.

Either way, what happens with your finances it up to you.

Whenever possible, try to resist the urge to splurge with these four tips.

Financial Tip Friday

1 thought on “Financial Tip Friday – Beat the urge to splurge and save!”

  1. When it comes to conquering the challenges of saving money, I can agree that speaking to friends and family members goes a long way. Their insight provides perspectives that you wouldn’t have had otherwise.

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