Indulging in a Splurge

Once we realize how debts and loans can wreak havoc in our lives, we start changing our behaviors. We limit our spending and start paying off our debts, saving and investing. But in this difficult process, some of us also start developing the fear of spending money. Once I realized my shortcomings and behavioral recklessness, I became fearful of my spending patterns. I started denying myself of little things and chose to suffer instead, even when I didn’t have to. Suffering is important, but we need to make sure we don’t become extreme with it.

The way we can continue to focus on paying off our debts and aiming for financial freedom is to take some pressure off ourselves. There are times when we go overboard and it is important we release the pressure imminently by doing something that soothes us and keeps us inspired.

It is not bad to indulge in a splurge once in a while when we’re on the journey to financial freedom. But we need to make sure that we are intentional with our purchase and are buying something that adds a great value to our lives.

A couple of months back I bought myself an ADF document scanner. It was worth over $200 which is a splurge for me at this moment as I am still paying off my debts. But it was a deliberate and a well-thought-out purchase. I knew I needed it and I knew how much it could help me in accelerating my scanning process for all the papers and documents that I have at home. And now after two months, I can say I’m proud of the decision as it has made my job of scanning way easier; I’m getting rid of the paper clutter that was weighing on me in a much quicker way. In this case, this splurge was totally worth it.

There’s nothing bad with indulging in a splurge once or twice a year as you are paying off your debt, loans or other payments. But you also need to be aware of your budget and the amount that you’re going to spend. This splurge amount varies from person to person depending on the circumstances and the purchases involved. The bottom-line is that we need to give ourselves the permission to let our fears go and spend money in order to buy a product, commodity or service that would add an immense value to our lives irrespective of what financial situation we’re in.

This purchase should not be an excuse though to get back to our old reckless spending patterns. It’s only a one-time thing, and as we participate in it, we are fully aware that buying it is the best option that we have.

The most important condition for indulging in this splurge is that we’re buying something that is indispensable for the lifestyle that we’re trying to achieve.

The goal is not to live a life of scarcity and poverty but to cultivate a habit of intentional spending. As we are on our road to becoming financially free and embracing the debt-free lifestyle, we also need to start practicing intentional spending with bigger amounts as well. Because we have burned our hands buying stuff that is expensive with next to zero purpose in our lives, we start thinking that we are again acting carelessly when we try to spend a big amount of money. And that’s where we need a strong ‘Why’ behind the splurge that we are about to indulge in.

In case it is not obvious, we need to make sure that we don’t buy that item or service using a credit card or personal loan. That’ll end up bringing more debt into our lives and dig the hole back again. But we can plan ahead and save the money in advance. For instance, if you’re following Dave Ramsey’s baby steps to get rid of debt and become financially free, along with the first baby step of saving $1000 as a starter emergency fund, you can add a baby step 1.5 by padding that amount a bit, say, by saving an extra $500 so that when you engage in this intentional splurge, you don’t fall away from your tracks.

The honest truth is that there are times when we need to buy something which we cannot fit into our monthly budget and one that we know deep down within would bring a great benefit to us. This is not an impulsive purchase but we have thought about this purchase for months and we know the value that it can provide to us. But we are afraid to spend money and get in the risk of jeopardizing our financial success so far. Hence, we need to plan in advance so that we are able to buy the thing that we desire and still continue with our upward financial climb.

So, save the money beforehand and give yourself the permission to let go of the steam a little bit and indulge in a pleasurable but intentional splurge that will make your life easier and reduce some trouble or struggle that you’re facing. It’s good to remind ourselves once in a while to take it easy, relax and loosen our grip.

 


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