It’s Thursday, and you know what that means: time for another round of awesome personal finance articles hand-picked by ESI of Rockstar Finance!
Confession time: I have become a little addicted to online flash sales. I’ve recently spent about $300 on fall wardrobe additions thanks mostly to emails telling me there’s 40% off everything at LOFT or Banana Republic. I love clothes, and I did need a couple of things this fall (like a mid-weight, long coat that actually fits over my sweaters). Thankfully, a couple of the things I bought on impulse ended up not fitting, or being itchy, so I’ve returned about $120 of what I spent — but what if I’d ended up loving each of those items?
Here’s the thing: I don’t believe in feeling guilty about “frivolous” spending. I love clothes, and I love feeling confident and cozy in whatever I’m wearing. Plus, with the returns, my clothing purchases fall within my budget for the month — and if one of those purchases is a sweater with a dachsund on it, who cares?
That’s why I loved this post from Making Momentum, all about how to prioritize things in your life for the benefit of Future You and Today You. I really love this savings idea for guilt-free spending:
The whole reason I’m trying to take control of my money and life is so that I can enjoy today AND tomorrow.
Spend less and eliminate as best possible what “doesn’t matter.” So that I can be spending more on what provides value to my life and those around me — travel, experiences, a nice meal every once in a while, making my girlfriend smile with a surprise, etc.
Therefore, I’m re-instituting a 5% guilt-free fun fund. What’s that? 5% of my take-home pay each payday is set aside to spend (or save) on those things of value. Big or small. Material or experiential.
No spreadsheets, no cost-benefit analysis. Guilt-free spending.
Do you have a fun-money rule that you save up for? I’d love to hear about it!
1. Wedding Spending Rules To Follow If You Don’t Want To End Up Broke And Alone – Financial Samurai
“Controlling wedding costs is arguably much more important than overspending on an engagement ring, because at least with the engagement ring, it can be reused (aghast!), resold or passed down. I’m certain if you follow my wedding spending rules, your marriage will last longer and you’ll have more wealth than if you spend what the average American does on a wedding.”
2. How to Overcome a Gambling Addiction – A True Story – Money With A Purpose
“When I was winning, I felt very smart and important. When I was losing, I was very comfortable in my victimhood. I was unlucky. Unluckier than most. Woe is me.”
3. 5 Money And Life Focuses For Improvement I’m Putting Higher In Priority – Making Momentum
“Making momentum with your money and life is themed in the framework of compounding small wins to continue to move forward. Therefore, I need to be honest when I’m coming up short in certain areas and not pushing ahead as best possible.”
4. The Top 7 Money Excuses That Hold You Back From Financial Independence – My Money Design
“I love to talk to people about money! Yet I can’t help but notice how many times a conversation ends in ‘I could never do’ or ‘why that will never work for me.’ These excuses are the lies we tell ourselves to make it seem better when we’re not where we want to be with our money.”
“It’s not just a matter of making a lot of money; unless you win the lottery or receive a big inheritance, you’re going to have to work really hard and plan for it. Along that journey, there are certain qualities that will make the path much smoother, and make you far more likely to succeed.”
6. Why I Returned My Engagement Ring (But Accepted the Proposal) – Stefanie O’Connell
“…I know what happens as soon you say the words, ‘I’m engaged.’ Whether it’s your best friend or a total stranger, there’s an inevitable screech followed by a reach for your right hand to assess what’s on your finger. And I don’t have anything on my finger. Not because my fiancé didn’t give me an engagement ring. But because I gave it back.”
7. Fool Me Three Times And I Give Up – Collaborative Fund
“Like Pavlov’s dogs, the learned condition we lost after the triple-hit trauma of the 2000s was accepting that average, normal, typical results are what you should expect to happen most of the time – practically all of the time – even if outliers are more impactful.”
Image via Unsplash