There are times when it makes sense to splurge on an item – one of those investment pieces that you know is absolutely worth the money. And there are other times when it is best to save on something, because why not?
But when do you splurge and when do you save? That amazing dress you saw in a fashion magazine … is it really worth spending half of your paycheck on? The answer is probably no. Unless that dress is maybe your wedding dress you are considering.
Keep in mind, the “splurge” and “save” are completely subjective here. Maybe splurging to you is $100. Maybe splurging is $300 or $500. On the other hand, maybe saving means you are spending $15 and not $100. But saving may be $100 (instead of $500) to you. That isn’t for me to decide. But I can tell you where you should spend those hard earned dollars and where you should save.
Splurge items are the ones that you are going to put your money into. They are the purchases that you need to put some thought in to. No one wants to make a split second big purchase and then realize 3 hours you made a HUGE mistake. Consider the math – if you spend a lot on it, but you wear it a ton, your price per wear is much lower, which makes it a great investment! And yes, I use this math reasoning all of the time with my husband!
Most items you should probably save on. But there are a few that you should DEFINITELY save on.
So these are my tips to keep in mind when you are trying to figure out when you should splurge and when you should save. The two things I would keep in mind are – how much are you going to wear it? And how does it make you feel?
Are there items you always splurge on? Or things you would never splurge on?