Don’t Lose Sleep over Money Well Spent

Spending money isn't always a bad thing

Spending money wisely should be a source of enjoyment, not guilt.

While society has easily embraced the pumpkin spice latte, it has been less accepting of the cost. For a while, every financial blog post about getting out of debt focused on paying it off by giving up small luxuries like lattes. Publications make it seem as though people are paying off $50,000 in debt just by giving up their fancy coffee drinks. However, if you run the numbers, you’ll see that it would still take you more than 30 years to pay off that amount of debt even if you add your latte money to your minimum payments. On the other hand, if $5 lattes turn an unpleasant day into a pleasant one, then it may be worth it, so don’t lose sleep over money well spent.

If Money is Well Spent, Don’t Lose Fret Over It

According to an article in NBC News, a number of financial gurus like to pretend that every person who is in debt or unable to afford a home is tossing their money away on selfish indulgences, and if they just stop spending money like that, then they would be millionaires.

Today, along with judging people for buying lattes, society condemns those who indulge in avocado toast, which is this year’s pumpkin spice latte. If you spend $4 on avocado toast, then it somehow gives people the right to judge you and the financial choices that you make. Are you going to buy a home or save the world with that $4? No, you’re going to enjoy a tasty treat that has the potential to brighten your day.

While you should look at your money like the hard-earned commodity that it is, you shouldn’t feel bad when you use it to pamper yourself on occasion. If you’ve managed to save $50,000, it’s not a good idea to spend it all on fancy coffee drinks or avocado toast, but don’t be so tight with your funds that you never enjoy the things that make life great for you. Write a list of what’s important to you and include it in your budget. Doing this will help you stick to your budget. Here are a few things that are worth spending money on.

Fancy Pumpkin Spice Lattes and Tasty Avocado Toast

Don’t feel bad about going to a coffee shop to get a hot beverage. Today, most people go to a coffee shop because they have a meeting scheduled, or they need space to work. So, they’re paying $9 to rent the table while enjoying the perk of eating a piece of tasty avocado toast and drinking a delicious beverage.

Restaurant Dining, Movies and Having a Few Drinks

It’s easy to feel guilty over this one because having friends over for dinner and drinks or just renting a movie is much less expensive than doing any of these activities out, but you won’t necessarily have the same experience. When you’re trying to stick to a budget, you should definitely cut back on these types of indulgences. However, it’s a depressing idea to get rid of them altogether, so decide how many you can afford without breaking your budget.

When you go out with friends, savor it as the fun indulgence that it is and appreciate it fully. You should never spend money on things like this and feel guilty. Limit them and form good memories while relishing a well-cooked meal, a tasty draft microbrew or that film you’ve been dying to see.

Spend Money to Take Care of Your Health and Wellbeing

It’s important to take care of yourself especially since it’s a lot more expensive when you don’t. It’s also more miserable for you. Spending money at the doctor’s office isn’t fun, but missing work and not feeling well enough to see your friends is worse. Spending money to keep yourself healthy may include buying that gym membership, the one that costs a little more because the facility has a sauna. Or, it might mean that you need another pair of cute leggings to inspire you to attend your yoga classes.

Spend Money to See the World

If you’re the type to feel guilty when you take time off from work to travel and tend to tell your family and friends that you got a great deal because you think that they’ll judge you for indulging yourself, then take a step back to reflect on why. When other people tell you that they’re going somewhere, do you judge them? Or, are you excited for them. If it’s the latter, then they probably feel the same about you when you travel.

When it comes to travel, not only are you gaining the experience of seeing the world, but you are also taking time away from the daily grind to rejuvenate. Upon returning, you’ll be more productive and your friends and family will enjoy being around you more. Plus, planning a vacation is almost as much fun as taking it.

If You Spend It Right, Money Can Buy Happiness

A study by the University of Cambridge found that when people spend money in the right way, it can make them happier. But, you have to spend more on things that are in line with your personality.

Joe Gladstone, a researcher for the University of Cambridge Judge Business School, said, “Historically, studies had found a weak relationship between money and overall wellbeing. But, our study breaks new ground by mining actual bank transaction data and demonstrating that spending can increase our happiness when it is spent on goods and services that fit our personalities.” This means that these things are meeting the person’s psychological needs.

To find out what you should be spending money on, determine your personality traits. You may be open, agreeable, conscientious, an extravert or neurotic. If you’re someone who’s an extravert but less conscientious, then you may find happiness by spending money on socializing while a person who is agreeable would be happy spending money on their pet. Introverts are likely to find happiness spending money on books.

Spend Money in Ways that Bring You Happiness

From avocado toast to taking care of yourself, it’s important to use your sources of income to spend money in ways that ultimately bring you happiness. However, most people aren’t happy when they’re struggling to make the rent payment, so establishing balance between the two is important. Money can buy you happiness, but only if you spend it the right way. Because of this, consider the purchases that you make carefully. To learn more about spending money, visit the Personal Money Store.