We’ve all been through periods where we zealously try to save money. We’ll bring our lunch to work for a few weeks in a row, eat noodles a couple times a week and dust off our old financial planning books. It feels great for a time, but it can bite you in the end.
Image: jayfish (Shutterstock).
Trent from The Simple Dollar warns that these binges aren’t sustainable, and you’re just setting yourself up for a crash later.
You begin to miss old hobbies and old treats. You want to go out with friends and live.
So you slip a little. Or, maybe, you slip a lot and you just go on a big spending splurge.
You feel guilty about it and try to reclaim the magic that had you moving in the right direction… but it just feels gone.
These financial binges are just like binge diets. You may lose some weight for a few weeks, but eventually you’ll bounce back to your old ways and gain it back. It’s much better to map out a financial plan that’s sustainable and aligned with your priorities. If you love getting out of the office for lunch, you can anticipate that packing a lunch every day isn’t a sustainable sacrifice, and you can save that money by cutting something else out of your budget that you can actually stick with.
Frugality Binge [The Simple Dollar]