5 times spending money is good for your soul
It isn't often that personal finance advisors recommend spending money. But sometimes, it doesn't hurt. Pinching your pennies, reviewing your budget and managing your spending are all important, but focusing too much on your finances can leave you feeling down. Check out some reasons why splurging from time to time is okay if it brightens your spirit.
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1. When You're Giving to Charity
Giving money to a good cause can help you feel good about yourself. You contribute to a worthy cause while expressing your concern for issues bigger than your own. Some charities even offer to match contributions during certain times of the year. This will make your donation spread even further.
By giving to charity, you can also score a tax deduction before the end of the year. As long as the nonprofit you're giving to is a registered and qualified organization, you'll be able to get credit for your generosity.
2. When You're Trying to Relax
Sometimes you just need a break. You can get your dose of relaxation by taking the day off from work to indulge in a Netflix binge, hitting the spa or meditating in your own home. Even if you have to spend a little cash to unwind, taking the time to relieve your stress can be healthy and invaluable as you move forward with your normal day-to-day responsibilities.
Related Article: How to Splurge Responsibly
3. When You Want to Have Fun
Just what the doctor ordered: a plain ol' good time. Once in a while, you might have to kick up your heels, let your hair down and enjoy yourself. Keep your usual budget in mind when you consider how much you can afford to spend on extraneous activities. Whether it's bowling, enjoying a concert or going out to dinner, it's important to make room for something that brings you genuine joy.
4. When Spending Time With Family and Friends
Nothing feels as good as seeing the people you love. Whether they live down the road or across the pond, don't let a lack of funds keep you from those you care about. If you can't afford to visit your friends or family, consider splitting the travel costs with those on the other end. If they live close, you could carpool or use another mode of transportation that's cheaper than flying.
Related Article: Thrifty Travel: 3 Quick Tips for Saving Money on Hotels
5. When You Want to Try Something New
Whether you're traveling to a new location or tasting a food you've never eaten before, there's nothing wrong with wanting to try new things. New experiences give you a broader perspective. Plus, they can boost your confidence and make you a more well-rounded person.
You might need to leave some room in your budget for splurging. It's a good idea to plan ahead and start saving if you want to experiment with something new. The anticipation can only add to the experience.
Splurging every once in a while can actually help you stick to your budget later down the line. If you don't have a lot of disposable income, you can look for deals or discounts that'll lower the costs of your expenses. Ultimately, it's all about finding a balance between fulfilling your needs, living within your means and saving for the future.
The post 5 Times Spending Money Is Good for Your Soul appeared first on SmartAsset Blog.
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