At the end of a tiring work week, it’s easy to give in and treat yourself to a shopping spree on Amazon or happy hour with friends. Spending your money on items and activities you enjoy is healthy and can help you stay on track with your budget -- but not if you’re indulging too frequently.
In today’s world of instant gratification, it’s easier than ever for your budget to take the backseat. You may tell yourself you deserve to splurge and that you’ll earn that money back. But these small excuses build up and can set your financial goals back.
That’s why it’s important to prioritize financial self-care.
I’m Lanesha Mohip, a corporate accountant, founder of the Polished CEO and CNET expert review board member. If you’re ready to stop overspending and start prioritizing your financial health, here’s how you can get started.
How instant gratification can hurt finances
Instant gratification is the need to fulfill a desire right away. When it comes to your finances, instant gratification usually means spending your money without fully thinking through the costs of products or experiences you may not really need.
Have you heard of loud budgeting? Indulging in instant gratification is the complete opposite. Instead of putting money toward your emergency fund or retirement account, you might use your cash towards an unplanned trip or new tech gadget.
While I don’t think you should limit yourself from experiences or fun purchases that fit within your budget, indulging too often can hurt you in the future.
How to balance instant gratification and your money goals
We might indulge in instant gratification when we’re stressed or upset. And if this turns into a habit, it can cost you. Splurging on an expensive dinner that’s out of your budget may prevent you from putting money into your emergency fund that could be earning interest. And that’s fine on occasion, but if you’re not careful, it can become a routine. And soon you might find yourself wondering why you’re in credit card debt or unable to meet your savings goals.
You need to strike the right balance between self care and your financial goals. Here are a few ways you can practice financial self-care.
1. Practice mindful spending
One fundamental principle of financial self-care is mindful spending. From tempting email promotions to social media videos showing off a new product, it’s easy to fall into the trap of overspending. But if you’re intentional about what you’re spending money on, you can avoid falling prey to experiences and purchases that you didn’t plan for. And you can instead focus on the goals you set.
It’s all about prioritization. If you keep your money priorities and goals top of mind, you’re less likely to experience buyer’s remorse. For example, if saving for a family vacation this winter is important to you, think about the goal before making an impulsive purchase on your phone to avoid regretting it later.
I’m a big fan of loud budgeting for this reason. It encourages you to make your financial goals loud and clear, so people can hold you accountable and help you stay on track if you’re tempted to spend on purchases that don’t align with your goals.
2. Create a spending plan
Another essential aspect of financial self-care is building a spending plan or budget for yourself or your family.
The goal is to be able to cover emergencies easily while leaving room to accelerate paying off high-interest debt. You can include your travel plans and any gaps in income streams. It’s also a good place to write your debt payoff or savings goals. Having a 12-month spending plan helps me see what months are lean with income and which ones have booming opportunities to do more with my goals.
For this example, let’s assume your starting checking account balance is $3,456 and that you get paid on May 1. You can use my spending plan to track all your paychecks and money going out.
Let’s assume your paycheck is $2,000, bringing your balance to $5,456. With this balance in mind, here’s how you’ll use this spending plan to account for bills and debt.
| Due date | Bill name | Bill Amount | Bank account balance |
| May 5 | Rent | $1,800 | $3,656 |
| May 9 | Car insurance | $160 | $3,496 |
| May 9 | Cellphone bill | $75 | $3,421 |
| May 11 | Internet | $90 | $3,331 |
| May 14 | Credit card | $425 | $2,906 |
Once your bills are detailed, it’s time to account for any remaining purchases and savings goals.
| Category | Amount | Bank account balance | |
| Spend | Groceries | $130 | $2,776 |
| Spend | Gas | $50 | $2,726 |
| Spend | Self-care (hair appointment) | $200 | $2,526 |
| Spend | Dining out | $100 | $2,426 |
| Save | Emergency fund ($20,000) | $250 | $2,276 |
| Save | Family vacation ($5,000) | $100 | $2,176 |
The goal is to make sure every purchase is detailed, so you know where your money is going each month. If this is too daunting, you might consider using a budgeting app to help automate the process.
Read more: Mint Who? Check Out the Budgeting App I’m Using Now
3. Don’t stop learning
Investing in your financial education is also a crucial component of financial self-care. You should continue to learn money concepts to boost your confidence in making informed decisions about your finances.
Whether it’s learning about investing, understanding how tax brackets impact your take-home income, comparing different types of loans, or staying updated on the latest financial apps, investing in your financial literacy will help empower you to take control of your money.
For example, if you’re learning the ins and outs of saving, you may start with automated savings transfers. I’m a fan of automated savings features because they’re like a faucet -- you can turn them on and off as needed.
Learning about the power of a sinking fund or emergency fund can help you make more intentional decisions with your money and prevent you from falling prey to impulse spending.
Still struggling? Here’s how to stay motivated
If you’re looking for extra motivation, ask a trusted family member or friend to help you stay accountable. Surrounding yourself with a supportive community is a powerful force that can make hitting your goals a little easier.
Be sure to track your monthly goals and milestones and celebrate wins. I like to write my money goals down every week on a dry-erase board at my desk. It keeps my goals in my line of sight, keeping me focused and making them hard to ignore.
Remember, taking care of your finances isn’t a one-time event. It’s a continuous journey that isn’t always easy. Talking about money more often, keeping an eye on your budget and boosting your financial literacy can help you build money routines and habits to stay on track.
If you slip up or splurge a little too much one month, be kind to yourself -- but don’t let yourself off the hook entirely. With a little practice, you’ll find the right balance between rewarding yourself and sticking to your money goals.
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