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Stop Overspending And Start Splurging Wisely!

Creating and sticking to a budget can be dull and difficult, but you can make life a lot easier some careful planning and forethought. Realistically, no matter how much you want to live within a sensible budget, the temptation to overspend on impulse buys is an ever-present danger and one sudden purchase can ruin your budgeting plans.

Trying to achieve a healthy financial state, organising your bills and paying your debts, doesn’t have to be all about doing without, though. If you build a ‘splurge fund’, an amount of money ear-marked for those impulse buys, into your budget you could actually save yourself money.

Manage Your Funds

Even the word ‘splurge’ might make you think of large, unplanned luxury purchases that throw budgets into turmoil. But you can plan, prepare and work them into a spending plan. Set aside a little money each month from your regular outgoings, either in a special bank account or just kept in a jar, for when temptation strikes.

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The idea is to learn how to manage your funds without feeling deprived of the pleasure of spending on treats. Deny yourself the ability to spend a little something on a couple of inessential luxuries once in a while and you’re more likely to lose control of your spending at a later point. Having a splurge fund gives you a clear idea of what you can afford to spend on luxuries.

To free up money from the budget to put towards your splurge fund, review your current spending habits and cut back on the things that don’t matter to save for the things that do. Look at the things that you regularly spend cash on and rethink where your money goes. Lots of money is dribbled away on the little things that people buy from habit. You could swap expensive salon shampoos for supermarket own brands, stop buying take-out coffee every morning or popping out to eat every lunch time and save on transport by arranging a carpool to travel to work.

Shop Smarter

You can shop smarter to save money. Look out for deals, special offers and sales and don’t go to places where it’s too easy to spend money. Have clear objectives about what you want and what you need before you go shopping. Any money that you save can be put into your splurge fund.

If you’ve set aside a little money each month, then when the time does come for a little retail therapy, spend responsibly and get the maximum pleasure for the least amount of money. Just because you are splurging, it doesn’t mean you can’t still save money to splurge again later.

Wait for a while, whether it is one hour or a week, when you see something you want to splurge on. Research and compare what you want, check to see if there any deals on your planned purchase and don’t spend until you have that surplus of money saved. There is a definite sense of financial maturity with delayed gratification and none of the guilt of hefty interest payments on a credit card.

This guest article was submitted by Francesca, a financial blogger from the UK who writes for SO Switch (http://www.soswitch.com). Be sure to share your tips for smarter shopping by leaving a comment below, or Tweet her @franki_blogs.

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One Response to Stop Overspending And Start Splurging Wisely!

  1. Pingback: Cash Out: Sort Out Your Coins at Home | Thousandaire

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