Last Updated on November 19, 2020 by Mark P.
With so many stores in the palm of our hand, it can be difficult to manage your “splurge spending” into a small fixed amount. Of course, you deserve to spend money on yourself, every once and while. But the ease of shopping and simple spending can lead you to lose track of that splurge spending, turning it into regular spending.
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Turn Off App Notifications
DoorDash, Amazon, any other application you use to shop will send you notifications. When there are deals or you have shopped in a while they will call to you, “Hey, buy something!”
You can get rid of those noisy notifications with just a few clicks through your settings. You don’t have to delete them, but you don’t have to fall victim to their ads either.
The easiest and most common splurge spending is on eating out. The best way to manage this is to stock your home with healthy and satisfying foods so you can ignore the call of delivery. Before you go grocery shopping make a realistic list of the foods you need – and want.
Grocery shopping properly is essential to managing those tempting take out splurges.
Record Every Expense
Put that spending on paper to see how frequently you are succumbing to spending. Using a budget tracking tool will help analyze your spending, by seeing the monthly number of dollars you spend on a take out a month you may realize you need to cut some orders.
Thankfully there are tools that automate this process for you, but you still need to check those results. Examine your expenses and visualize how much your spending is costing you.
Have an Allotted Budget
Have a budget for “splurge spending”, have a specific dollar amount you allot yourself for that spending. It will help you control that click of your favorite shopping app when you know you have already spent that $50 on pizza.
It’s a simple spending technique, almost like giving yourself an “allowance” for the fun things in life.
Have a Savings Goal
It’s easier to hold onto your money when you have something you are saving for. You won’t want to break your allowance if that money has a plan. Have small short and large overtime goals for your money. Maybe you’re saving for a major spending splurge like a vacation, or a responsible investment like a home. Just like your allowance, have a set amount you put into savings.
Watch your money grow instead of leaving it open for your wishlist. Each deposit is one step closer to the goal, and hopefully an incentive to limit that spending.
It’s not easy to resist the urge to splurge, but by limiting your temptations and tracking your budget frivolous spending is manageable. Give yourself an allowance for splurge spending, treat yourself but don’t break your budget! When you set up a savings account and have a goal for your money that splurge will feel more like a dent in your dream.
Use proper budgeting and shopping to keep your splurge under control.
Read more money-saving tips from TheDealExperts here!