When to Splurge

When to Splurge

When life’s challenges become overwhelming, stress is sure to follow. Stress is not only bad for your health, it can ruin relationships, cause a decline in job performance, and negatively affect your health and financial decision-making. The key is to know what reduces stress and figure out a way to keep or increase that activity in your budget. For example, a gym membership may seem like a luxury when there isn’t enough money to go around, but exercise is a known stress reliever. Or maybe an annual island layover is essential to recharging your batteries. Whatever the activity may be, don’t scrimp. A vacation is one of the most rewarding things that you can spend your money on, and it’s something that appeals to all family members. Psychological research has long shown that experiences make us happier than material possessions. Especially if you’re frugal throughout the year with everything else, when it comes to family vacations: splurge.

Products that save you money
More than ever, it makes sense to spend money on appliances and gadgets that will save you money in the long run. Price tags and labor are cheaper, and the extra efficiency will pay off in repairs and maintenance, lengthen the life of what you have, and help you avoid spending money on brand new equipment. The amount you spend may be a fraction of the replacement cost.