What if you could save and splurge at the same time? It might sound counterintuitive, but with a little bit of planning, you might be able to.
Once you’ve thoroughly considered an impulse or unexpected purchase and decided you really, truly want that item, dig a little deeper into your bank account. Do you have enough cash available to both buy the item and put the exact same amount into your savings account? If you’re considering something small, like a donut to go with your morning coffee, you might say, “Sure, I’ve got $3 to put in my savings right now. I’m getting that donut.”
As the impulse buys get more expensive, the math becomes a bit more challenging. If you’ve been eyeing a pair of boots that cost $100, you may not have enough money to be able to move another $100 into savings and still be able to buy groceries to last until your next paycheck. If that’s the case, it’s a sign that you probably shouldn’t make this purchase right now.
On the plus side, if you transfer money to savings every time you make a purchase that’s outside of your ordinary spending, you may find your savings balance adds up quicker than you could ever imagine.