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Splurging Is Fun, but When Is Enough, Enough?


Everyone loves to splurge and buy their favorite things!

That’s what you work so hard for; to be able to go out with your family, to be able to throw a get-together with the people you love and to be able to have fun! Unfortunately, spending money on these things isn’t always the best financial decision for you. There are times when you might need to save more money than usual. So you might want to consider when it’s a good time to splurge and when it’s not, before you’re placed in these types of circumstances where you have to make quick decisions.

When to Splurge

1. When you can afford it without worry

If your pocket book has ample money in it – so you won't go into debt – for your splurge, then go for it, and enjoy!

2. When it doesn’t interfere with your financial goals

You set financial goals for a reason, and it feels good to know you've stuck to them. If your splurge doesn't interfere with these goals and you can afford it, then no harm no fowl.

Checking the Way You Want It

3. When the pros outweigh the cost

There may be times when a splurge makes sense if the pros outweigh the costs, like purchasing a new computer. For example, if the computer will help you advance in your studies or something of that sort, then it might make sense to reevaluate your financial goals and debt to see how to make purchasing the computer work. This is a grey area, or fine line, so to speak. What's important is that you've thought through this type of splurge by creating a detailed list of the pros and cons to see if it's truly worth it and if you can make it work within your budget. 

When Not to Splurge

1. When you have buyer's remorse

Buyer's remorse is not fun, and it's a sure sign that you probably shouldn't have splurged. Why have something if you're only going to feel guilty about having it, or you're going to worry about not having enough money for the necessities? You can always return an item if possible if this scenario describes you.

2. When you splurge too much or too frequent, so it doesn’t evoke much joy

If you're constantly spending or buying items for yourself or your children/family, then it can take away the reward or treat that the occasional splurging can emphasize or represent.

Splurging Is Fun, but When Is Enough, Enough?

Everyone loves to splurge and buy their favorite things! That’s what you work so hard for.

3. When you will end up paying more for it in the long run

If your splurging means racking up credit card debt, then reconsider. If you don't pay your balance in full or within a reasonable time-frame, then you could end up spending a lot more than the original purchase price due to credit card interest.

PrimeWay is here to help you manage your finances and find the perfect savings and investment opportunities, so you know you have some extra money to splurge in the future if you so choose! For more information, click here. You can also do some basic budgeting by reviewing our Budgeting module to determine where you might have some room to splurge. The goal is to stay in the black!

And if financial splurging isn't in your budget for this June, then consider splurging in other ways, like on that extra piece of cake, or a long bath with candles. Enjoy!

Author Bio


Since 1937, PrimeWay Federal Credit Union has been a not-for-profit organization dedicated to providing superior financial services to members in the Houston area. We offer more personalized services than you'll traditionally find at more conventional financial institutions. Our hallmarks are low interest rate loans, higher dividends on deposits and excellent member services.

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