Unveiling the Truth Behind This Niche Splurge
By Tom Seest
Is This Niche Splurge Worth the Price?
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Fans of Parks and Recreation may recall Tom Haverford and Donna Meagle’s mantra from Parks and Recreation: “Treat Yo’ Self.” But unbridled spending can have dire repercussions: regrettable purchases may become debtor’s regret!
Maggie Baker of Maggie Baker Financial Advisors does not advise giving up all the things that bring you joy; rather, she provides some best practices for strategic spending.
Is This Niche Splurge Worth the Price?
Table Of Contents
Have You Ever Splurged on Something That Completely Changed Your Niche Game?
Financially-speaking, the phrase “treat yo’self” can be an attractive one; however, many don’t understand how to balance splurging with other aspects of their budget. According to a 2015 poll conducted by TD Bank, half of American adults admitted making impulse purchases that later ended up costing them money; yet when used responsibly splurges can actually help you make better financial decisions in the future.
Baker recommends taking an approach of first determining if something is a need or want before spending. A need is something necessary, like transportation; while wants tend to be upgrades such as fancy convertibles.
Consideration should also be given to how often your purchase will be used, she notes. A quality couch that gets daily wear may justify its high price tag while a cheaper table that may only get used on special occasions might not.
Baker advises consumers to steer clear of anything that gives them buyer’s remorse, which indicates overspending or poor decision-making. If something gives you buyer’s remorse, this could be an indicator that something went wrong with their purchase or decision making process.
Baker suggests making small indulgences a regular part of your savings plan to help build momentum towards your long-term goal. For example, if saving for a beach vacation six months out is daunting enough, plan a new beach bag every month or book dinner dates at trendy taquerias every five months as ways of keeping yourself engaged, so when it’s time for spending, your enthusiasm won’t diminish instead of become demoralizing.
Have You Ever Splurged on Something That Completely Changed Your Niche Game?
Is This Niche Splurge Really Worth the Hype?
Many are willing to make sacrifices of various sizes in order to save for an expensive purchase. Unfortunately, it can be hard to discern when spending is justified based on our emotions and sometimes what seems like a wise financial choice can actually backfire on us. In a recent YouTube video from Maggie Baker a Philadelphia-based psychologist specializing in money issues who has written “Crazy About Money: How Emotions Confuse Our Money Choices”, and Jeff Concepcion founder and CEO of Stratos Wealth Partners help readers discern when it’s acceptable and when adhering to an savings plan.
Spend your money wisely. An investment that may be well worth your while would be investing in a new kitchen table if it is used three times every day, while spending on an expensive television may not make financial sense.
Is This Niche Splurge Really Worth the Hype?
Can You Resist the Temptation? Show Off Your Splurge with a Photo!
Tom Haverford on NBC’s “Parks and Recreation” frequently exhorts Donna Meagle to “Treat Yo’ Self!” While I believe in treating yourself from time to time, it is also wise to consider which purchases truly warrant spending more money. Longer-lasting purchases that may need replacing more frequently, such as mattresses or ovens, could make more financial sense than cheap alternatives that quickly break or become obsolete; examples would include mattresses with better support or quality ovens for your kitchen.
Can You Resist the Temptation? Show Off Your Splurge with a Photo!
What Makes This Splurge Worth Every Penny?
With layoffs permeating every industry and food prices skyrocketing, many are searching for ways to treat themselves without incurring debt. But it is essential to know when spending your hard-earned cash is worthwhile so as to not later regret making the purchase.
Your money could go toward anything that makes you happy, from dining out at an expensive restaurant or purchasing new clothes – but how do you know when splurging is truly adding value to your life? Below are some helpful splurge-related insights from financial experts and real-life smart splurgers, to help guide when and how often to indulge.
Before making any splurges, it’s important to determine whether they meet either your needs or your desires. A necessity might include something essential like transportation while wanting is more for fun like having the freedom of driving a convertible around town.
Once you’ve determined whether the purchase is a need or want, the next step should be weighing its advantages and disadvantages. For instance, if purchasing a computer increases spending but you need it nonetheless, think about how the computer could benefit you now and in the future – such as helping advance your career.
Williams stresses the importance of setting and sticking to a budget in order to prevent your splurge from leading to debt or any financial strain. She advises looking for ways to save money elsewhere or selling off items you no longer require as ways of cushioning the blow.
Another way to make a splurge more affordable is to search for coupons and deals prior to making the purchase, using sites such as Groupon and RetailMeNot to find the lowest price on your item. Finally, take into consideration how often you plan to use it to determine if you can afford its long-term costs; if possible, break payments into smaller installments over time if necessary.
What Makes This Splurge Worth Every Penny?
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