Being someone who likes to be frugal it can be uncomfortable to waste money. You want to streamline your budget and keep it lean and mean. The problem, though, is that if you do not live life and try to enjoy it then you will get bored with it awfully quickly. We all waste money at some level, and if watched is of no issue. How much money is it ok to waste each month? The answer to that question is relative to your specific situation and one that my wife and I found ourselves in a few months ago.
You Can Be Frugal and Still Waste Money
Many will tell you that cutting the cable cord is a great way to lower expenses, especially if you’re looking at how to save money around the house. I have a confession to make though, we have cable and love it. Not only do we have cable, but we also added HBO a few months ago. I know, it seems counterintuitive to someone who prides themselves on being frugal but I believe that it is possible to still be frugal and waste money on certain things at the same time. When my wife and I decided to add it we looked at our budget and knew that it could withstand it and also that it offered several programs that we enjoy. While I do not agree with all of his beliefs, my wife and I love watching Bill Maher. I also love getting my Boardwalk Empire fix each week. The point is that we’re frugal in many other areas, so we can spend money on something frivolous like this as a result. At the end of the day we work hard and being able to enjoy something simple is worth the money spent in the long run.
Is it ok to Waste Money?
Again, I know this might be flying in the face of what you might normally read on a daily basis, but when done to a certain extent wasting money is perfectly fine. Mind you, I am not saying you should get your credit card and max that sucker out, but finding something you like and enjoying it from time to time. This will make life much more enjoyable and in the long run help you appreciate the things you work hard for.
How to Budget for Money Wasting
When I was wallowing in credit card debt, I was an expert at wasting money. It was a kind individual who taught me the power of having a budget in order to help me get on the right path. She gave me two pieces of advice upfront: Pay yourself first and budget money for yourself. The second thing could be on whatever I wanted; she told me to view it as a “free money” category. She said that if I did not waste money on myself on even the simple things then I would fail at my debt repayment. And you know what, she was right. The thing with this though is that you have to budget for it. After you match your expenses versus your income you should have some money left over. Take a small portion of that money and notate it as money for you. Whether it be buying a coffee once a week or going out to eat once a month, use that money for yourself and nothing else. Not only will this make life, in general, more fun, but you’ll find that you’ll appreciate it much more as you worked hard for it.
Where Do You Waste Money?
What do you waste money on? Is there something you love to spend it on that others might think to be crazy?
Image by ubrayj02 / flickr
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