June 18th is National Splurge Day, a day dedicated to throwing caution to the wind and getting yourself something nice.
After all, what good is all the financial restraint in the world if you never get to enjoy the fruits of your labor?
National Splurge Day is a day for you to give yourself something nice. However, we believe it’s important that you treat yourself, not cheat yourself.
Here’s an unofficial guide on how to go (just a little) overboard on National Splurge Day.
Leave Your Savings Alone
If you want to participate in National Splurge Day without messing up your financial future, stay away from your savings account.
Instead, use some extra money that you have kicking around in your checking account.
Your savings should be for emergencies only and as much as we might like for it to qualify as one, National Splurge Day in not a financial emergency.
Set a Budget
Everything should be budgeted, including splurging on yourself.
Figure out just how much you can afford to frivolously spend, then stick to that number and don’t go over it.
This might undercut the frivolous nature of National Splurge Day, but it’s not worth worrying about how you’re going to pay your bills this month (or next).
Think About What You Want
Over the course of a year there are probably fifty things that you want to buy yourself but don’t think you should spend the money on.
Before you hit the mall this National Splurge Day, give a good amount of thought about what you want to spend the money on.
Go over the things that you’ve thought about buying over the course of the year. Now decide which of them you can afford based on your budget.
Putting some thought into your purchase will make National Splurge Day all the more rewarding.
An addendum to this: Go for something you want, rather than something you need. A new radiator is an emergency, something that you can dip into your savings account to buy.
A new set of stereo speakers is more what you’re in the market for on National Splurge Day.
Pick Something That Will Be Fun All Year
A high-priced meal out might be just what you think you want, but once it’s in your belly, the thrill is gone.
Try to aim for things that are more lasting, things that you can look at and use throughout the year.
Look at the list of things that you wanted to splurge on. Now pick the single item you think you’re going to get the most enjoyment out of on a regular basis.
When you take the price of something and divide it by the number of times that you’re going to use it, you get closer to a truer approximation of its actual value to you.
Don’t spread your splurging out. It creates a bad habit of spending money on things that you don’t really need.
Instead, spend the entire budget on the one big item that you really want. This will help you choose something that’s really going to make a difference in your life.
In keeping with the last point, what are you most likely to remember? Ten small, relatively cool things or one simply spectacular thing?
Now is not the time to buy the high-powered juicer that you and your partner would like to get as a joint purchase.
It’s the time for you — both of you — to get something that’s very important to you as an individual.
Splurging always has an element of selfishness to it. So when it comes around this year, split the budget in two and let each of you get something extravagant rather than going in on something together.
“The Unofficial Guide to National Splurge Day” was written by Nicholas Pell.