Budgeting could be somewhat tasking sometimes, right? It requires a lot of discipline, restraint and self-control.
If you often find yourself feeling guilty for splurging on some fun activities like shopping, vacation or eating out, I’m here to tell you that it’s okay to treat yourself often, as long as you aren’t sabotaging your budget and financial goals in the process.
A budget should be well-balanced so that it includes allocations for splurges and occasional flexing. Flex money helps to ensure you plan your splurges ahead of time, so you can stay disciplined and avoid going overboard.
Here are some ways to include splurges into your budget, without wrecking your finances:
Allocate A Certain Amount
When it comes to spending, planning is everything. If you don’t have a specific amount of your money allocated to flexing already, it’s advisable to do so. Make a list of the fun things you spend money on, evaluate them and decide which ones are important. After doing this, set an amount (aka flex money) you intend to spend and ensure you don’t exceed it.
Learn to Draw The Line
Firstly, it’s essential to know when and how to draw the line. There’s a difference between occasional flexing and lavish (aka lau lau) spending. The former will definitely not affect your finances as much as the latter. Avoid impulsive/ unplanned expenditures and avoid living above your means. Always look for more affordable options and know when to stop.
Top Flexxzone Picks
Skills That Will Help You On Your Journey To Financial Freedom
The Moment Of Truth: 10 Money Questions To Ask Yourself
Help Your Bank Account, Review Your Lifestyle
Spend on What You Need and Enjoy
If you’re going to spend on fun things, make sure they are things you need and enjoy. If you decide to go on a shopping spree and you end up buying more stuff than you need or you choose to purchase something out of pressure, you’ll end up regretting it. It’s advisable to plan your spendings and buy what you like and need.
Always Keep Your Finances In Mind
You might have heard your friend say that he budgets 40,000 naira for flex every month. Does that mean you should estimate that exact amount, knowing fully well that your income levels are different? Absolutely not. When it comes to money management, one size does not fit all. Forty thousand might affect your finances differently than someone else’s finances, so it’s super important to focus on yourself and live within your means.
Evaluate your Past Spendings
Look back at your previous splurges and evaluate how they made you feel after. Did they make you feel happy and fulfilled or upset and regretful? This will help to guide you on future flexing plans so that you can approach spending more wisely.
You can decide to dedicate a particular account for your allocated flex money, while you add it to your budget. Doing this helps you stay disciplined and prevent future regrets that could result from unplanned and lavish spendings.
Hey Flexxer! Now’s the perfect time to open a Flexx account with FCMB, if you haven’t already. It’s a pretty stress-free process and you get access to seamless banking solutions. Wanna get started?
Click HERE!
Leave a Reply