DO YOU HAVE THE URGE TO SPLURGE?

It’s fine to treat yourself, just don’t go overboard…

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We’ve all heard the phrase: “Go on, treat yourself!” It’s become a popular mantra in a world that encourages self-care and personal rewards. While treating yourself can be healthy, it’s crucial to manage the ‘urge to splurge’ and treat yourself and your hard-earned money with respect. There’s a whole psychology behind the behaviour, so we’ve sourced some practical advice for responsible indulgence.

UNDERSTANDING THE MINDSET
The ‘treat yourself’ mentality often stems from a desire for instant gratification. We live in a world of convenience and quick fixes, and we’ve become so used to it that we don’t question it. It’s easier than ever to succumb to the allure of impulse purchases. However, true happiness often comes from delayed gratification, and financial well-being is rooted in long-term planning. Before buying on impulse, ask yourself if the short-lived joy of the purchase is worth the potential long-term financial stress.

EMOTIONAL TRIGGERS
Emotions play a significant role in the urge to splurge. Many people resort to ‘retail therapy’ when feeling stressed, sad, unappreciated or anxious. Understanding the emotional triggers behind your spending habits can help you make more mindful choices. To become more self-aware, keep a spending journal. Note your emotional state each time you make a purchase, and use it to look for patterns.

MANAGING THE URGE 
Start by setting clear financial goals. Whether it’s saving for a vacation, an emergency fund or retirement, having specific objectives can help you resist impulsive spending. When you know what you’re working for, you’re less likely to squander your money on unnecessary purchases. Create a budget that allocates a portion of your income to savings and a small portion to treats. Stick to this plan to avoid overspending.

THE 24-HOUR RULE
This is a great tool for curbing impulsive spending. When you feel the urge to splurge, wait 24 hours before making the purchase. This waiting period allows you to reconsider whether the item is a genuine need or just a momentary desire. During the 24 hours, you can also do some research on the item, read reviews and compare prices. You might find that your initial enthusiasm wanes.

The ‘treat yourself’ mentality is not inherently bad, but it must be managed wisely to protect your financial well-being

FIND ALTERNATIVE REWARDS
Instead of splurging on material things, explore other ways to reward yourself. Spend time with loved ones, pursue a hobby that makes you feel good, or treat yourself to experiences like a special picnic or outing. A spa day or a nice dinner is also fine, as long as they don’t blow your ‘treat’ budget.

Experiences tend to provide more lasting happiness than possessions. Make a list of non-material rewards you can enjoy instead when you’re tempted to spend impulsively.

The ‘treat yourself’ mentality is not inherently bad, but it must be managed wisely to protect your financial well-being. By understanding the psychology behind impulsive spending and having clear financial goals, you can treat yourself in a way that respects both your hard-earned money and your long-term happiness.

Financial responsibility can coexist with self-care – finding that balance is key to a healthier relationship with your wallet.

Words by: Charlton Knight
Photo: Gallo/Getty Images