Financial security is universal goal. Unsurprisingly, pretty much everyone on Earth likes to be able to feed their families and pay the mortgage or rent. So, with that in mind, this post only applies to those who can afford to splurge. I’m in no way suggesting here that anyone should go out and “blow” their savings on lip filler and diamond manicures. Not even that gorgeous Chloe handbag you’ve been eyeing up. Today I’m discussing making sensible, carefully thought out purchases. I’m not a financial adviser, but I know this much: It’s a good idea to seek advice before making any big money decisions.
With the serious talk out of the way, it’s time to get our imagination hat’s on (it’s like a thinking cap, only more exciting!).
While it’s incredibly important to have savings to fall back on, there are times in life when it’s totally fine – in fact, when we owe it to ourselves – to splurge on a big purchase. Here are a few examples:
When you’ve planned your splurge.
“Planning a splurge” may sound like an oxymoron but it’s absolutely doable. With a healthy attitude towards money and the right financial tools, we can set limits and avoid the kind of disasters that often come with splashing out.
A quick search of any app store will pull up tons of tools that can help. There are wedding planner apps, holiday planning apps, business planning apps. Whatever your splurge, there’s a tool that can help you plan it.
I found this handy calculator that, depending on your circumstances, helps to build a clear picture on how much money you would need to fund your dream project.
When you’ve waited long enough
An old neighbour of mine splashed out on an expensive BMW on his 60th. It had been a dream of his for decades, but although he could afford it he wouldn’t take the leap. It wasn’t until his wife practically twisted his arm that he finally gave in and gifted himself the car. Now that’s some serious relationship goals!
Many people get so used to giving to their family and helping their dreams come true, that it’s almost as though they forget how important their own dreams. So, if you’ve been waiting for years to take that round the world flight, or to renew your wedding vows in a romantic beach ceremony, or to sail down the motorway in a big fancy car, and you can afford to do it, then DO IT!
When it will further your career.
We’ve all heard that old adage; “You’ve gotta spend money to make money”. For example, starting a business can be expensive, but if you have a great idea and a strong business plan then you owe it to yourself to take a chance and make it happen. You’ll never know how successful it could be if you don’t try!
Education is another way to invest in your career, and it can pay dividends. A master’s degree could help to bag a promotion or raise in your current career. Or maybe a total change of direction is needed and it’s time to start an undergraduate degree in a new field.
When your health requires it.
I’m a big believer in investing in health, and although many health services are offered on the NHS or provided by social care and charities, sometimes the waiting lists involved can cause further stress which only serves to worsen health. It could be time to decide if it’s worth going private.
There are also times when health care isn’t an emergency, but it could still change our lives for the better. Examples would be orthodontic treatment, cosmetic treatments for things like unwanted body or facial hair, or skin removal after a huge weight loss. These are potentially life changing treatments, and there’s nothing more splurge-worthy than improving your quality of life.
What do you think? Have you ever made an expensive life changing large purchase? Let me know below.