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Don’t Save! When to Say YES to Spending Money

Spending money gets the short end of the stick, whereas saving money gets all the praise. Frugal spenders and big savers can be so laser focused on how “bad” spending is, that they never stop to enjoy their money. Spending money is terrifying for underspenders! It’s not the “right thing to do.”

With an obsessive save, save, save mentality, underspenders experience distress, anxiety and guilt every time they open their wallets. We’re here to tell you that’s no way to live your life! Say YES to spending. Still unsure? Following the guidelines below can help you feel more comfortable and confident about making a purchase.

Befriend Balance

Financial wellness is like living a healthy lifestyle. For most of us, it’s unrealistic to eat 100% clean and exercise every day. Similarly, it can be a struggle to only pay for the basic essentials and save everything leftover. Splurging on something doesn’t have to be a Hawaii vacation or $50K brand-new car either. If you’re on a tight budget, your splurge could simply be a specialty coffee drink — something small to bring you joy you deserve!

Invest for the Long-Term

Knockoffs and off-brand alternatives can save you a buck, but will it cost you more in the long-run? Something may have a bigger price tag because it’s higher quality. You won’t need to replace it as often or fix any damages.

Also, consider if this purchase will bring long-term pleasure. For example, a pricier mattress is likely to outlast a cheaper version and boost the quality of your sleep significantly. In a lifetime, we spend 26 years sleeping and seven years trying to fall asleep, which totals 33 years spent in bed on average. Why not make the most of it with a quality mattress for a good night’s rest?

Save Up

Get the best of both worlds and save for your splurge. This way, you can feel good about the responsibility of saving, while allowing yourself to still spend money. Most would agree that paying for an experience is more fulfilling than buying stuff. You gain memories, not possessions. Create stories, not clutter. And nurture relationships, not shopping. So set up a dream vacation or weekend getaway fund. Once you reach your savings goal, plan your trip and enjoy it free of financial guilt or worry.

Pursue Your Passion

Passions give meaning to our lives. What we love to do can cost money, but when we part ways with our cash, we bring happiness and purpose into our lives. What are you passionate about?

  • Cooking: Make room in your grocery budget to cook a delicious meal once a week.
  • Outdoor Adventures: Gear is expensive! Plan to buy a piece of gear every month.
  • Making a Difference: Add a donations category to your budget or grow savings for a mission trip.
  • Job Love: Sign up for continuing education so you can progress your career and potentially increase your earnings with a raise and promotion.

Practice Patience

Let’s say you have your eyes locked on a large purchase. To be 100% certain about buying it, give yourself some time to research competitors, as well as weigh the pros and cons. A good rule of thumb is to wait 72 hours and revisit the purchase. Is it still something you desire? Is now the right time to buy? Is there a more affordable option that doesn’t sacrifice quality? After researching and waiting to buy, you can arrive at a decision you can feel good about!

Life’s too short to agonize over every dollar you have, right? Saving is smart, but try not to save your life away. So anytime you’re questioning a splurge, refer back to this guide to help you make the best decision.

The material presented here is for educational purposes only and is not intended to be used as financial, investment, or legal advice.