When tightening the belt around your finances, many people start to feel that they will never get to splurge on something special again. Every penny counts when you’re trying to eliminate debt from your life. Does that mean, however, that you have to deny yourself any and all treats?
Of course it doesn’t mean that. Like binge-dieting, cutting all of the fun out of your budget is the surest way to guarantee that the changes in your financial diet will only be temporary. When debt elimination is your goal, you’ll quickly find you need to change your ways of spending and spending to saving and then spending.
Using this train of thought, you can still purchase the occasional treat for yourself without gaining any extra debt. You’ll just have to learn to control your impulse shopping. When you’re at the mall and feel the urge to purchase something, such as the sweater in the department store window, don’t rush in with your credit card. Instead, look at the sweater’s price tag; you now have your new savings goal.
The next step in your save and then spend plan is to start the saving phase. You can pick a place to put your savings, in a jar on your desk or in a shoe box in your closet are great ideas, and get started. Whenever you manage to save an extra dollar or two, sock them away in your hiding place.
Now, don’t be tempted to steal from your jar when you’re short on cash. In no time you’ll find that you’ve stashed away enough money to buy that sweater. Then feeling triumphant you can head back to the department store as you realize that goal you’ve been working towards. Imagine the extra satisfaction you’ll get each time you wear your sweater and remember how you sacrificed to earn it.
Once you’ve mastered the basics of the save and then spend plan, you’re ready to take on a larger goal. Do you need a new vacuum cleaner or sewing machine? These types of purchases are the perfect size for your next savings goal. Eventually you’ll work your way up to large savings goals like family vacations or home improvement projects.
Good financial principles like using savings to pay cash for your purchases will serve you as well as those good eating habits that dietitians tout. Once you’ve gotten used to paying for things as you buy them, you’ll finally find yourself on the way to freedom from debt.
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{ 5 comments… read them below or add one }
Agree with you,
becoming debt free is about behaviour change, and shift of mindset. Obviously it is not easy when you have to cut the HBO favourite movie channels, or dining out to cut the monthly expenses. But when you own the big picture, you know the end of debt will be certain.
Adopting this outlook seems to make the “splurge” more enjoyable. This way, rather than having afterthoughts of guilt, they can be more joyful, because its something you’ve worked for.
What a great post
Good point. To make REAL progress toward debt freedom we have to develop patience. Saving for purchases is central to success.
Yup! Surely not using a credit card will already help as you pay will only buy as you go..
Good advice! So many people live with the fast food mentality these days -want it now – use a credit card to buy it now and worry about paying for it later.
In addition to that splurge jar, practicing the envelope budgeting system helps to keep the funds where they need to be. And if you have some left over in the envelope at the end of the month you can always put it in the jar!
Happy saving!