It takes discipline to stick to a budget or a spending plan. And while most experts agree that the occasional indulgence is important to staying disciplined, the nature of those indulgences matters.
Photo by chao-ye.
We’ve told you before that it helps to indulge in one financial vice to keep your overall spending in check. People often create a too-strict budget that they end up breaking because it’s just too unrealistic to keep up with.
Budgeting for splurges can help with that. However, rather than budget for one giant splurge, it might be more helpful to budget for cheaper, more frequent splurges. As financial planner Rebecca Schreiber tells Bankrate: be “good to yourself often instead of being good to yourself once.”
Everyone’s budget is different, so your splurge amount will vary. And everyone’s interests are different, so your vice will vary, too. But the point is: pick your indulgence, assign it a spending amount, then focus on treating yourself frequently rather than all at once. This works for the same reason that it works to set smaller milestones for your goal. It makes your financial plan more accessible, less overwhelming, and, therefore, easier to follow.
This might not be a method for everyone. But if you’re having trouble sticking to a budget, you may give this a try. Read Bankrate’s full post for more detail on fighting budget burnout.
Peppy Ways to Fight Budget Burnout [Bankrate]