Money for Any Reason You May Need!

How to Splurge Without Going Broke

These tough economic conditions arenق€™t contusive to spending lots of money on luxury items. You can still splurge without going broke, though. This is the US and there are lots of potential opportunities for you to enjoy yourself. Itق€™s important to buy luxury items every so often. It keeps you sane and it gives you something to look forward to. This in turn makes you a more optimistic person and better able to confront whatever life decides to throw at you. Even if you are struggling to save, you can still spend without going broke. Here are a few tips for how to do so.

Everything in Moderation

The first tip is to only do it every so often. Itق€™s tempting to treat yourself as often as you can, but this just puts pressure on your finances. By only splurging once a month or so, you make sure you arenق€™t dragging yourself into debt as a result. Furthermore, by saving longer you can spend more when the time comes to buy something ostentatious. What would you rather have, lots of little treats or large, life-changing treats?

Look for a Deal

Some people make the mistake of thinking spending lots of money means not looking for the best deal. You should view it as any other purchase. Search for the best deal by shopping around and comparing. You might even want to consider buying some things on a second-hand basis.

Set Limits

Once we start spending itق€™s hard to stop. We continually say to ourselves ق€œone moreق€ until we realize we have no money left. Set soft and hard limits before you buy anything. The soft limit is ideally what you want to stick to. The hard limit is what you will absolutely not break no matter what. This keeps your finances in check. If you have problems sticking to your limits, bring along a close friend or family member to restrain you should you start to lose control of your spending.

Credit Cards

Never use your credit card to splurge. Youق€™ll end up paying back more than you spend. Credit card debt is the single most common form of debt in the US. And itق€™s often caused because people refuse to wait until they earn the money before they spend it. The interest rates are high and it means youق€™re getting a bad deal. If you canق€™t afford to splurge right now, donق€™t. Wait a few weeks until you have some extra cash.

Wait for the Sales

Sooner or later, every item is discounted. It might be a marketing technique or a desire to get rid of old stock. Take advantage of these sales by waiting for them. The best times to splurge without going broke are after Christmas and the New Year, during the height of summer, and on Christmas Eve where retailers are making some last ditch attempts to shift stock.

Increments

Often times when we buy a single thing in one day, it gives us a great feeling. This is due to the endorphins in our brains that make us happy. These lose their potency over time. If you buy something else on the same day, you will feel less happy. This is an addiction, which causes thousands of Americans to spiral into debt each year. Itق€™s the pursuit of materialistic happiness. The best thing you can do to avoid falling into this trap is to buy only what you came for. If necessary, just take enough money to buy a single item. Return the next day or the day after and purchase something else. Itق€™s not only the fact youق€™re saving money that this is a good idea, itق€™s the fact youق€™re also increasing the excitement due to the anticipation of buying something new. The feeling of splurging will be that much greater.