Wait – what?!?!?!
I know. It’s a shocking thing to say out loud, isn’t it? In the personal finance world, these words are damn near heresy!
Day after day, we’re constantly inundated by news stories, articles, and blog posts about how we’re not saving enough money or that we’re not saving enough for retirement and that we’re in debt up to our eyeballs!!! For the most part, I agree with those sentiments. However, I’ve learned that the journey is just as important as the destination. Everyone is entitled to find ways to enjoy the Now, instead of depriving themselves until happiness, joy and fun can be attained Later. Finding the balance is key.
Today, I want to say something different to you. You should spend some of your money on those things that make you the happiest. I’m suggesting that you really focus on and prioritize those little luxuries that you normally sacrifice but which, ultimately, make your day a little bit brighter. Once you’ve figured out which one of your luxuries is the most special and magical to you, I want you to go and spend some of your money on it.
The other stuff is still very, very important. I want you to take care of it first before you implement my excellent advice:
- Money set aside for emergencies? Check!
- Mortgage/rent payment good to go? Check!
- Fridge stocked with healthy food? Check!
- All bills paid as they come due? Check!
- Retirement monies automatically skimmed from paycheque then being invested? Check, check, check!
Excellent work! Now it’s time to take whatever’s leftover and spend a little bit – not all of it – on something that makes your heart smile. It might be something as simple as a rich, decadent dessert at your favourite restaurant or pie shop. Perhaps travel is what sets your soul alight and you’ve been saving up for your next vacation. Or maybe you just want the soothing comfort that comes from a 90-minute hot stone massage. Might it be possible that you need to take a mental-health day to spend the afternoon at the ballpark watching your favourite team? Or sitting on a beach? Or whatever you want to do with your day off?
You work very, very hard for your money and you deserve to enjoy it. You owe it to yourself to pay cash for the little things – or the big things – that make you happiest. Once you’re taken care of the necessities, you really ought to be spending some of your cash on the flourishes that make your daily grind a little less burdensome. Life is meant to be enjoyed, despite its challenges! Sometimes, spending cash to experience that joy is perfectly healthy and utterly normal.
Notice that I said “cash”? I mean it! I want you to pay for your luxuries in cold, hard cash. (And if you absolutely must pay for them with your credit card, then I want you to have the cash before you make the purchase to pay off the credit card bill when it comes due.) Your luxuries – whatever they are – will be all the more sweeter if they don’t result in any regret later stemming from a debt hangover.
I want you to find the balance between Now and Later. It’ll be good for your soul to indulge yourself every once in a while. If you’re being responsible with most of your money, by setting aside funds for your necessities and your life’s goals, then it’s okay for your to be a teensy-weensy bit frivolous with a portion of your disposable income.
Go ahead! Indulge yourself a little bit. What do you want that you haven’t had for a long time? If you have the money, then go and get it!