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Maintaining a budget requires self-control. Experts widely agree that allowing yourself the occasional indulgence helps to stay on track, but how and when you indulge matters.
We've previously mentioned that allowing yourself one financial weakness to maintain control over your spending can be helpful. People often create a budget that's too rigid, which they inevitably break because it's too unrealistic to maintain long-term.
Budgeting for indulgences can be beneficial. Instead of planning one large splurge, it might be wiser to allocate for smaller, more frequent treats. As financial planner Rebecca Schreiber advises Bankrate: be “good to yourself often instead of being good to yourself once.”
Each person's budget differs, so the amount you splurge will vary. Likewise, your interests and vices will differ. The key is to choose your indulgence, set a budget for it, and then focus on indulging regularly rather than all at once. This approach works much like setting smaller milestones toward your goals: it makes your financial plan more achievable, less intimidating, and easier to stick with.
This approach may not suit everyone, but if you're struggling to maintain your budget, it could be worth a shot. For more insights on overcoming budget burnout, check out Bankrate's full post.
Photo by chao-ye.
