WILL SPLURGING SAVE YOU TIME?
If spending extra money can save you time or energy, the payoff can be worth the cost.
For example, in addition to her recent window purchase, Smith also decided to hire a home cleaning company once a month. Cleaning her house, along with the rental property she operates, had become overwhelming.
“I am finally ready to spend this money and take this off my plate, and it feels good,” Smith says.
ARE YOU PAYING FOR QUALITY OVER QUANTITY? In some cases, such as with clothing or toys, purchasing a low-cost option can translate into a lower quality product that doesn’t last long, Sirianni says. Paying more can mean the item lasts longer, ultimately saving you money.
“We love to aim for quality over quantity,” Sirianni says, even if that means paying a little extra upfront.
WHAT ARE YOUR SPENDING TRIGGERS? Certain triggers can push us to spend more than we planned, and Sirianni says studying those triggers can help us avoid them. That way, we can make more intentional choices when it comes to the save-or- splurge decision. “Do a 90-day transaction inventory. Collect bank statements, credit card statements. Get it all in one place,” she suggests. From there, figure out where you are spending the most money. What time of day does the spending happen? Who are you usually with? Does spending happen in a common location? If you find you’re often making regrettable splurges late at night, for example, try avoiding shopping in the evening.
“Figure out the patterns and habits, then make a plan,” Sirianni says.
DOES THE PRODUCT OR SERVICE ALIGN WITH YOUR VALUES? When Smith is trying to decide whether or not to buy something, she often tries to look at the decision through a non-financial filter: her values. For example, she wants to support local, women-owned small businesses, and the cleaning service she hired fits that category, so moving forward was an easier choice. “I’m putting money back into the community versus stress-shopping on Amazon, which takes money out of my community,” she says.
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