How to Find a Balance Between Spending and Saving
Find out how rewarding yourself can motivate you to save more and enjoy your personal finance journey.
Did you probably get too used to saving that you now find it hard to spend your money?
Are you afraid that the moment you begin spending, you might find it hard to remain financially disciplined?
It’s not surprising that a lot of money management lovers soon end up as extremists. You get in love with managing your finances to the point where you begin struggling to spend money.
Not that I am nudging you to spend more; but I surely recommend you find a balance between spending and saving.
Rewarding yourself occasionally motivates you to save more for future spending and on your other money goals.
Those who know me can attest to how I am a mixture of both; one moment I am all about saving money and the next minute I am at the beach having fun.
If there is one thing I have been able to do, it is to crack the code to spend while also saving. Believe me when I say you can achieve both. This you will come to learn by the time you are done reading.
I happen to know a few who have deeply embodied the art of saving money. Simply because they derive more pleasure in keeping money than spending it. That is a great trait and I continually encourage that, but only to the extent that it doesn’t drain you.
I am more of the opinion on finding a balance between spending and saving.
The point is, overdoing things can somewhat be risky and draining. We can’t overlook the possibility of you waking up one day and spending all of your savings at a stretch simply because you feel choked.
In as much as your financial journey isn’t going to be an easy ride, it also shouldn’t be too demanding.
Adopting this strategy sure has worked for me. Spending enables me to have a taste of how much of my desire I can afford by saving.
It spikes me to think of ways to generate more streams of income.
And further encourages me to save more.
This is why I need you also, to find a balance between spending and saving. And a way around this can be by being frugal.
As you should learn from Ramit Sethi —
“Frugality, quite simply, is about choosing the things you love enough to spend extravagantly on — and then cutting costs mercilessly on the things you don’t love.”
The first remedy therefore would be to identify what you would love to spend your money on.
I, for instance, enjoy having fun in my own way, because I never would allow the pressure to live up to society’s standards to define how I spend my money.
I enjoy solo dates or going out with my closest circle — those whose lifestyles are very much predictable and financially align with mine. I am not the type you would find at a club being caught between splitting bills on drinks I can’t even consume. Rather, you are more likely to find me with my friends who are more interested in going on a rainbow picnic.
Having identified what I enjoy spending money on, I would go all out to eliminate spending money on other areas that do not satisfy my craving. It prevents you from spending extravagantly on things you shouldn’t. Instead, you should opt for affordable entertainment that offers you more satisfaction.
Once you can pick out your most satisfying desire from your long list of needs, you can focus on saving by abstaining from spending money on things that are solely based on pleasing others (society’s standard).
Your ability to be frugal affords you the capacity to save more while also spending on the things you love.
My previous article below on financial discipline also provides insight into ways you can uphold your financial discipline and retain your saving culture. Do take a moment to check it out.
In conclusion, as much as you are determined to save, it is totally okay to reward yourself along the process so you don’t burn out on your way to financial freedom.
I must say, my desire is for you to enjoy the ride. So kindly go easy on yourself.
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