Living in the 21st century means we naturally enjoy the instant satisfaction of buying something new. This feel-good excitement associated with shopping is an irresistible pull that keeps us coming back. But when trying to meet key financial objectives, discretionary expenses are usually put aside. Indeed, aiming for goals like solidifying a sturdy savings account, acquiring a car or a house, or even saving for a holiday, becomes increasingly challenging if you indulge in impulse buying.
However, those who narrow down their spending too considerably towards a financial aim may lose track. Just like dieting, excess restriction often leads to bigger indulgences than if you allowed yourself small treats more regularly.
Therefore, once you hit a financial milestone, even while working towards others, it’s crucial to responsibly celebrate your success. Here are six budget-friendly ways to reward yourself when you reach a financial goal:
1. NIGHT OUT
Usually, when money-saving is the aim, leisure activities such as dining out, movie nights etc. are among the first things to be axed. So, when you hit a financial target, consider treating yourself to a fun night out. Provided you’re not exorbitant with your choices, an evening out can be an affordable reward. You could opt for a budget-friendly restaurant, attend a local free concert, or even head to a movie theatre.
2. DIAL DOWN AND RELAX
With the steady increase in responsibilities and chaos of everyday life, carving out some relaxation time becomes a real challenge. Well, pampering yourself could be the perfect reward. Consider using a discounted spa voucher, or even spending a leisurely evening in the comfort of your home with a warm bath and a manicure.
3. TAKE A DAY OFF
Given your job allows, and it doesn’t effect your pocket, why not take a well-deserved day off? Plan a day full of all your favorite activities. Whether it’s catching up on sleep, attending that fitness class you’ve missed, or just having a movie marathon; devoting a day to the things you love can be a gratifying (and inexpensive) treat.
4. INDULGE IN A SINGULAR SPLURGE
Achieving a financial goal shouldn’t trigger a spending spree. But, if you’re maintaining strict financial discipline, rewarding yourself with a small indulgence is perfectly fine. And if it’s something you’ve wanted for a while, it’s a considered purchase and not an impulse buy – meaning it’s likely you’ll get good value for your money.
5. OCCASIONAL UPGRADES
Oftentimes, budget limitations mean settling for cheaper or generic brands for your regular shopping needs. On reaching a financial goal, allow yourself a week or two of upgrades. This will make buying the groceries and toiletries you really want feel like a well-deserved reward.
6. LEARN SOMETHING NEW
Another constructive way to reward your successful savings is by learning something new. Whether it’s a cooking class, a new book, or starting guitar lessons – these can be cost-effective rewards that also add to your skillset.
Setting financial goals can, at times, feel like an everlasting process. So, when you finally cross the finish line, it’s certainly reason to celebrate. However, it’s vital not to lose sight of your finances by overspending or dipping into debt. Instead, reward yourself modestly as a way of honoring months of discipline and to renew your motivation for future goals.
So how long has it taken you to achieve your financial goals, and what would be your ideal reward?
