Connect with us

Hi, what are you looking for?

Money Management

The Balance Between Taking Care of Yourself and Overspending


Avoid draining your savings for short-term gratification.

This past year has been undeniably challenging for everyone. Personally, I have to confess that I might have used some of my stimulus money on things that were more for fun than practicality. Facing fear and sadness, I sought comfort in purchasing nice things to lift my spirits, a sentiment many easily address through online shopping. While I don’t regret those purchases, it’s crucial to understand the boundary between treating oneself occasionally and indulging excessively in impulsive desires.

Spending money can be satisfying, right? When you have a surplus of cash, you often feel compelled to spend it on something. Buying something enjoyable can provide a sense of financial security, allowing you to feel more comfortable with your finances. However, it’s essential to ensure you are genuinely financially stable. Life revolves around distinguishing between wants and needs. Needs encompass essentials like housing, food, healthcare, and other vital expenses that are indispensable or highly necessary. Wants refer to small indulgences that may not serve practical purposes but bring joy. Despite the significance of maintaining emotional well-being, wants should always come after fulfilling your needs. If you can’t afford to buy groceries, prioritizing a new TV and games isn’t prudent.

Depending on your financial circumstances, focusing on fulfilling your needs before your wants may be more challenging. Although it may be less exciting, you might need to adjust your self-care routine. Instead of extravagant purchases, consider incorporating smaller pleasures into your daily life. Perhaps enjoy pizza on weekends, buy a new video game monthly, or visit a dog park weekly. These simpler and less costly activities can still provide immense joy without straining your finances.

You May Also Like

News

Peloton, known for their stationary exercise bikes and treadmills, has faced significant financial challenges over the past year. The company experienced a surge in...

News

Amid the ongoing global supply chain challenges, many retailers in the United States are grappling with surplus seasonal stock, leading to increased storage costs...

News

With the continuous increase in gas prices, a decrease in consumer confidence, and the ongoing conflict in Ukraine, the European economy faces significant challenges....

News

As the demand for electric vehicles grows and the push for environmental sustainability increases, automakers are gearing up to focus more on the development...

News

Today, Brian Armstrong, the CEO of Coinbase, conveyed to his team through a company-wide email that due to declining stock and crypto values and...

News

Recently, Peiter “Mudge” Zatko, a former cybersecurity specialist at Twitter, published a whistleblowing document on the platform. Zatko highlighted several security issues with Twitter,...

News

Zelle is a popular peer-to-peer payment service that allows individuals to send and receive money, similar to apps like Venmo. It is widely used,...

News

Recently, after Chinese President Xi Jinping secured a third term, there was a sharp decline in the stock market in Hong Kong. Investors became...