It can be hard sticking to a budget and enjoying the things you love at the same time. However, you can’t hold back on your craze for shopping forever. Sometimes, you have to go on a shopping spree. But do you have to dent your budget every time you splurge? Not at all! Try a few of these smart tips to buy the stuff you love without breaking the bank.
Be Practical and Real with your Budget
Being practical is not as easy as it sounds. Making a practical budget is easy when you calculate your earnings, necessary expenditures, and savings. However, restraining yourself is not all that easy when you see that deal on your favorite gym trainer shoes you always wanted.
Get real while making your budget and do not ignore the little indulgences you get into. Do not deny that once you make a budget, all your desires would vanish away. Keep your budget a little flexible, but be careful not to overdo your expenses more than you should.
Spend on What You Love the Most
Before taking care of your splurges, you must define what they really are. Maybe trying out every new restaurant is your thing. Or you could be one step behind becoming an influencer with all your make-up craze and a list of must-haves beauty products. Take note of your past splurges and trends, and you will know exactly what little luxuries are most important to you.
After that, determine how often and big you can go with your shopping. Do you need a guilt-free fancy Sunday brunch or a weekend night with a hangover? Perhaps, you dream big and need to save for a vacation trip. Know what you really want and cut down on other urges that you can easily avoid.
Open a Targeted Savings Account
For this, you need to have a smart savings plan. You are supposed to steer away from your savings account. The money you save here is less likely to go into your regular savings and be consumed for something else.
Once you open a target saving account, you will watch your money go month by month. And as it grows, you are to stay away from it.
Create an Account for Splurges
You can have some portion of your pay to deposit automatically into an account for splurges. Dedicating a little amount of your income to your indulgences can help you stick to that amount and not go overboard your budget.
Regardless of how tempted you are to shop, pay your essentials first. Do not let the budgeting and little splurging deviate you from emergency funds, mortgage and retirement savings, which are must-haves.
Set the Limits and Stick to Them
You may have $50 in you splurge account but what you want costs $150. When such a thing happens, ask yourself, is it really worth overextending? Keep in mind that the priority list of your splurges and budgets. When the desire is too strong, it would be more rewarding when you get it after you have saved up enough. You will value your splurges more because you know you have waited for and earned it.
If you love shopping, you have to put in some efforts to afford it. With a few of these smart rules in life, you can buy just about anything you like without worrying about making both ends meet.