Here's part 5 of a series from Money magazine that lists their 10 New Years Money Resolutions:
Resolution 5: Spring for a splurge
Everyone deserves an occasional indulgence. What's more, says April Benson, a psychologist who specializes in compulsive shoppers, "if you deprive yourself too much, you're set up for future binges." In other words, rewarding yourself with a planned purchase now helps stop you from blowing your budget with impulse buys later.
1. Pick the prize.
2. Make it real.
3. Create your game plan.
4. Stay on track.
5. Buy it.
My thoughts:
I'm more of the "buck up" sort of guy, so this isn't my favorite resolution, but I understand how those with money challenges need this. Just don't let it get out of control. I have a family member who makes a habit of rewarding herself and never makes any progress financially as a result. Too much of a good thing is not good for your finances.
That said, saving up for a special purchase is a good idea. We just did this and went to the Great Wolf Lodge. It wasn't money-related (it was a reward to our kids for doing well in school), but it could have been. Anyway, since we'd been there before, our kids were highly motivated to do well and they did everything they could to earn the trip. ;-)
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