The Fiscal Fitness Podcast, Episode 3: Splurging or Sabotaging?
Splurging. We all do it. But when is it ok to splurge and when is it not? What constitutes a splurge? How can you splurge without sabotaging your budget, finances and goals? Should you feel guilty after a splurge? We will dive into those questions and more in this week’s “The Saver and The Spender”.
First of all a splurge shouldn’t make you feel icky after you do it. A splurge is something that is infrequent, budgeted and adds value to your life. Some people like to buy Starbucks every couple of weeks or go on a cruise once a year.
Buying Starbucks every day or buying a new Blueray every Tuesday is not a splurge because once you start buying something regularly it just becomes a recurring expense. What are your splurges? In today’s podcast we will talk more in depth about splurging, how to do it correctly so you aren’t sabotaging yourself and how to feel good about it.
Every financial decision you make should be budgeted. Whether it is one single cup of coffee or a vacation to Hawaii. Doing otherwise puts you on a track to get fast and loose with your finances and start using debt to buy what you want.
This week’s topics:
U.S. Olympic medal winners get taxed on prize money and value of medals!!
Splurging without guilt and without sabotaging yourself
Carmen’s Corner: How to budget for your child’s allowance
Budget Brag: Erica pays for holiday gifts with cash by saving money every paycheck throughout the year
And much more…
Here is the gift giving budget guide we talk about in the podcast: