Recently, I’ve found myself making a considerable number of costly purchases. However, they weren’t personal indulgences, like a new bag, but items for my children. Each time I plan such an expensive acquisition, I find myself compelled to meticulously scrutinize every detail, asking myself: Do I truly need this? Will it simplify my daily routine? What would be its cost-per-use?
It’s reached a point where even buying a pack of gum incites a thorough thought process, weighing up whether it’s truly necessary. My thoughts invariably deviate towards my budget and how each purchase will influence it. I am all too familiar with the hardship of having insufficient funds in the bank, a situation I’m determined not to revisit. So, even though my financial health has improved drastically, I exercise great caution before making any purchase.
Through experience, I’ve formulated a few guidelines that help me decide when spending more than usual is reasonable. For instance:
1. SPECIAL OCCASIONS:
My husband reached the significant age of 30 this year, yet due to his ongoing studies for an important test, we have yet to celebrate this milestone. When we do, I anticipate we’ll indulge in an upscale dining experience, which is a rarity for us but something fun to enjoy before our twins arrive in a few weeks.
2. AFTER SAVING UP:
On numerous occasions, I’ve set aside money over several months for a particular purchase. These savings funded a new laptop, a special anniversary trip, among other things. In fact, I saved $10,000 for my twins’ expenses which proved beneficial due to our higher than expected medical bills. Having such savings wasn’t feasible a few years ago; I’m grateful for my changed circumstances.
3. DAILY USE ITEMS:
During Christmas, I treated myself to a Keurig coffee machine. Although spending $85 on a coffee maker may seem extravagant, it’s been well-utilized multiple times a day. I’d deem this a better investment than a seldomly worn pair of $85 earrings. Therefore, the frequency of use is a key factor for me when contemplating a new purchase.
Ultimately, everyone’s spending comfort zone will vary. One should only proceed with a purchase if it is affordable and does not create financial strain or familial discord. Occasionally indulging in something that enhances your life, like a cleaning service, might be justifiable, provided you make compensatory adjustments elsewhere in your budget. In essence, it is all about balance, and these rules have been tremendously helpful in maintaining it.
