How often does your financial planner tell you to spend more money? Not too darned often. So take advantage of my good mood and spend baby spend.
- Retirement – If you aren’t putting at least 10% of your income towards your retirement, then you definitely need to be doing more. Yes, technically you’ll be saving more now but you’ll absolutely be spending more later.
- Maintenance – I’m I the only one who feels like I get an oil change every other week? What about air filters for the house? No thank you. Maintenance spending is very adult and therefore very boring. However, you’ll spend preventative pennies keeping assets like your car and home healthy compared to what you shell out for major repairs due to neglect.
- Quality – Investments aren’t just for the stock market. Yes, in most cases quality costs more. But by saving just a little longer for the bedroom furniture of your dreams or simply for a nice set of kitchen knives, you’ll be making a true long-term investment in your happiness while simultaneously saving the money you’re wasting on ongoing replacements. No, you can’t always get what you want (just ask the Rolling Stones) but with a little prioritization, you can squeeze some amazing luxuries into your life.
- Experiences (Instead of Things) – Having a financial plan is all about maximizing the happiness you get from your money. This study from the Journal of Positive Psychology shows how people who spend their money on experiences, rather than on things, get a greater return on their investments. They probably also have less stuff in their attics. I’m just sayin’.
- Groceries – No, I’m not giving you permission to shop at that pricy grocery store or to buy more fruit that you’re going to let go bad. You know what I’m talking about. The more you eat at home (less expensive), the less you’re eating at restaurants (more expensive) and… THE MORE MONEY YOU’RE SAVING! Funny how spending can turn into saving.
- Debt – Minimum payments are for pansies. Crush debt or be crushed by debt.
- Your Health – How can you spend more on your health? No pricy gym membership required. Try simply spending/dedicating more of your time to your health. Think of it as maintenance for your body.