It’s fun to go out and treat yourself to some personal purchases. The itch is especially intense after you’ve just received your first paycheck. You feel loaded, and you haven’t let your bills and monthly payments dampen your mood yet. After you’re back home from that shopping spree, however, it all sinks in.
You don’t have to run your finances to the ground to feel happy. Be a responsible spender and look at your spending habit with critical eyes.
Adding Shopping to Your Monthly Budget
Everyone needs a budget to help them manage their finances better. But many are confused about the right way to do it. The goal of budgeting is not so you can limit yourself and feel like you can’t use any of your money right now. Rather, it’s a way to look at your basic expenses and how much you should be earning to continue living the life you chose comfortably. If you want to go shopping, you can do so, and experts say you can even use up to 30% of your earnings for that. But first, save 20% of your salary and use the 50% for your basic needs, including utilities and bills, which you should be paying before everything else.
Knowing Where to Spend Your “Fun” Budget
Now that you know you have 30% to spend on yourself, use it wisely. You can do so much more with your money if you strike at the right time. For example, looking for Obermeyer sale items mean you get a high-quality jacket with some leftover money to purchase other items of clothing. You can also go out with your friends, provided you wait for happy hour to get discounted drinks or pre-game before heading to the bar. Even if you prefer to stay at home and splurge on more luxurious self-care routines, you don’t have to pay full price for comfy pajamas or scented candles. If you know you’re getting the best deals and you’re not going over your fun budget, you will not feel guilty about any of your purchases.
Accepting the Challenge
Spending is not something to be afraid of. Spending irresponsibly, however, needs to be taken as a serious matter. You are not being told to stop wasting your hard-earned money, but it’s something you worked hard for so it should be something you can be proud of as well. Next time you think of what you’re going to spend on, ask yourself how it will add value to your life. If it’s a matter of choosing one high-quality item that you can wear for years, think of the cost per use and the textile waste you will generate. Most importantly, think of what your choice will tell everyone about your life. If you’re trying to build a successful career, you’ll need to invest in a wardrobe that can translate that vision to reality.
Next time you look at your bank statement, don’t look at it with fear or guilt. Instead, look at it as a challenge to improve your spending habit to reflect your aspirations better.