5 Reasons Why It’s Okay To Splurge On Yourself (And How To Do It Responsibly)
People often talk about the importance of saving money to prepare a better future for yourself, but a less popular but equally as important topic is the notion that it’s okay to splurge on yourself every once in a while. After all, it’s normal to want things that make you better, experienced, and more confident because your time is valuable, and you must invest it in ways that will make you feel fulfilled rather than stressed out.
Splurging is all about giving yourself a treat and allowing you to spend more than usual on something you love – like fancy dinners, cool trips, or that designer jacket you’ve been eyeing. While saving money has its clear benefits, splurging, when done responsibly, can offer a rewarding experience and contribute to personal happiness and satisfaction.
Think of it as a bit of luxury you’re giving yourself, and there should be no guilt associated with doing this occasionally as long as your splurge is within your means. Just remember to always practice moderation when splurging, find a balance between rewarding yourself and being responsible with your spending, and make sure your indulgence does not negatively impact your financial situation or lead to unhealthy habits.
The Psychology Of Splurging
Items and experiences with a high price tag are frequently advertised as superior in quality, more exclusive, custom-made, or providing enhanced facilities and amenities. And while these claims may sound like some marketing ploy to make you to buy more, studies show that consumers tend to purchase high-priced items or services because they believe that the increase in product quality will result in an even greater enhancement of their experience.
According to research, the cost of an item can significantly influence your perception and enjoyment of your purchase. For example, a joint study by researchers from The California Institute of Technology (Caltech) and Stanford University revealed that participants rated one wine as superior when they were told it was pricier. Additionally, functional magnetic resonance imaging (fMRI) scans showed that they derived more enjoyment from drinking the wine simply because they believed they were consuming a more costly product.
In a separate experiment, participants were given placebo painkillers. Participants who believed their placebo medication cost $2.50 per unit indicated more significant pain reduction during successive shocks than participants who were informed their pill was merely 10 cents each.
Benefits of Splurging
Ultimately, indulging in self-splurge is more than just an act of self-pampering – it’s an assertion of self-worth and a way of reviving yourself from the drudgery of life. If you are still not convinced, here are more reasons why it’s okay to treat yourself occasionally:
1. It Fosters Self-Love
Self-love means recognizing your value, being kind to yourself, and understanding your needs. Similarly, splurging is like treating yourself to something special that makes you happy and satisfied, which is essentially about acknowledging and prioritizing your own needs, thus helping you build a healthy relationship with yourself and reinforcing a more positive mindset.
2. It Improves Productivity
Splurging is like rewarding yourself for your achievements, which can positively impact your productivity and efficiency. This is because self-reward trains your brain to associate productivity and hard work with joy, thereby enabling you to stay motivated and fight procrastination while also giving you a sense of progress and accomplishment.
3. It Breaks Monotony
Life can become monotonous and mundane if you don’t occasionally break away from routine. In this sense, splurging on yourself can provide a much-needed change of pace and excitement, helping keep your mind engaged while preventing burnout and maintaining your overall well-being.
4. Encourages Personal Growth
Paying for valuable experiences or skills is an investment because it contributes significantly to your personal and professional growth. While it might be expensive, enrolling in a course, attending a workshop, going on a trip, or purchasing tools or materials for honing a skill can enrich and prepare you for future opportunities.
5. Bolsters Mood And Relieves Stress
Splurging on something you’ve been longing for or doing something enjoyable that brings you happiness can work wonders for your emotional and mental health. Whether you indulge in a little shopping spree or treat yourself to a luxury vacation with a private jet rental, splurging can help alleviate the pressures of everyday life, reduce your anxiety, and relieve any built-up negative emotions.
Factors To Consider Before Splurging
Allowing yourself to splurge once can be beneficial as long as it’s done right and you always keep your financial goals in sight. So before you spend a load of money on a fancy treat, make sure your financial safety nets are all set and properly taken care of: have at least six months’ worth of expenses in a contingency savings account, ensure satisfactory retirement savings, and reduce any outstanding liabilities such as student loans and credit cards payments.
When planning for your next splurge, you should also determine an amount you can comfortably part with that will not interfere with your savings or jeopardize your ability to meet your regular bill payments on schedule. Focus on maintaining a healthy balance, allowing for both occasional luxuries and the consistent growth of your financial safety net – and if your desired indulgence necessitates financing, consider it a warning sign.
The wisdom to discern between ‘want’ and ‘need’ is essential because indulgent purchases and luxuries should not compromise your financial security or disrupt your lifestyle. Additionally, take into consideration the enduring pleasure that your purchase would provide. If you’re going to make a significant expenditure, choose one that gives you long-lasting joy, such as upgrading your kitchen or making your home more comfortable. These types of purchases often provide more sustained happiness than transient material items.