The One Thing That Can Ruin Your Budget

You’ve had a bad day: do you treat yourself to a coffee and a cupcake, or maybe a soothing massage? Maybe you make a trip to the mall, and buy that DVD set you’ve been eyeing, for an incredible deal. Unfortunately, decisions like these can sabotage your financial security! Don’t forget one of the major pillars of successful money management: spend less than what you make.

Here are six ways you can avoid the temptation to “splurge”:

• Moderate, not Eliminate: You’ve been working hard. You deserve to be rewarded, but be sure to do so responsibly. Before you make a purchase, ask yourself if you need it. Could you replace the item or service with something cheaper? Instead of getting a massage every week, could you get a massage once a month, or every few months?
• Keep Receipts: At the end of the month, review your purchases. You may find little expenditures like manicures and candy bars add up!
• Stick to the Budget: Take time to create a budget that meets all your financial needs, but still allows you to save. You can consider setting money aside for a “splurge fund,” but you may realize those funds serve you better in your savings account.
• Doubt the Deals: When you buy a $100 non-necessity at 40% off, you aren’t saving money; you’re spending $60 that could have helped you in an emergency!      
• Make Time to Save: Designate a day or week as a “no-spend” period. Unless a purchase is a necessity, like gas, don’t make it!
• Get Support: Share your non-splurging goals with others. Seek out like-minded friends and family who won’t encourage superfluous spending.

Instead of buying on impulse, dedicate yourself to growing your retirement and emergency fund. You’re rewarding yourself now, and in the future! To learn more about how to improve your financial life, visit Syncis at http://www.syncis.com/blog/