Saving and spending are a constant balance that has to be maintained unless you like the idea of crippling debt ruining your life. Unfortunately, no matter how many dollars we save, the fear of debt never quite goes away and it can be even more debilitating than actually being in debt. It is ironic, but when we fear something so strongly, it can have worrying negative effects on our health.
An unhealthy obsession with frugality is no better than actually being in debt. If you are in debt, you can at least take control of your situation and learn from your mistakes. When you are being extremely frugal and paranoid about all of your expenditures, you will never learn to get away unless you will do it hard enough. According to everydayhealth.com, being incredibly frugal could actually be a sign of mental illness.
Therefore, to prevent yourself from becoming depressed and saving every single penny in fear that you will lose all of your money, here are some pointers to remember and remind yourself that it is okay to spend money.
Budgeting
Live a little
Spending money should directly affect our happiness. For instance, if you are used to buying cheap snacks, value bundles and other budget items, then how about changing it up once a week or a few times a month? For instance, treat yourself to a fancy meal at one of your favorite restaurants, or add some extra cream, chocolate or toppings onto your coffee on the weekends. Indulge yourself a little and treat yourself to something nice, be it food, games or even some hobby-related items.
There are plenty of ways to spend some money and get some thrills, excitement or joy. For instance, buyonlinelottery.com offers a good breakdown of different lotteries around the world. For a couple of dollars, you could have a chance of winning big and even if you do not, the excitement alone of waiting for the numbers to be released is enough to warrant the cost.
Plan ahead instead of saving
When you save money, it needs to have a purpose. You cannot just save money for no reason and it is not a good idea to hoard money and lower your quality of life while not having a use for that money. Plan so you can make realistic financial goals and make use of budgeting so you can stick to those goals. If you are already saving money, then you are probably quite good at budgeting and managing your finances.
Loosen that tight budget for some time and give yourself a bit more freedom. Write up a financial plan for the next couple of years and give yourself something to look towards or save for. It does not have to be your retirement fund and it does not need to be the deposit for a mortgage when you move home. Think small goals, for instance, saving up a few thousand dollars for a new car or a new laptop for work and leisure. Just remember that it is no use saving up money if you do not have a purpose for it—give yourself a bit of space.