5 GOOD MONTHLY SPLURGE EXPENSES TO KEEP IN YOUR BUDGET
Overview
I was doing some thinking today about the types of things my wife and I have chosen to keep in our budget. More specifically, I was thinking of less than necessary things we still budgeted for, even during times when we were working towards defined, short-term financial goals.
I actually think some “planned splurging” can be beneficial to a strong, lasting budget. I’d like to share 5 planned monthly splurge expenses that I think are okay with you here. These include:
- A Budgeting App Subscription
- Amazon Prime
- Gym Membership (Or Equivalent)
- Meal Kit Subscription
- “Fun Money” Line Item
I think these are all great things to include in your budget. Let’s look at them closer!
Monthly Splurge Expense #1: Budgeting App Subscriptions
My first suggestion should come as no surprise: keep that budgeting app subscription!
Yes, I know it seems counterintuitive for a company that is seeking to help people manage and save money to charge those same people money. But, they need to eat too. And, the small fee you pay for whichever service you choose is going to pay you back big time just because you’ll have control of your money.
Monthly Splurge Expense #2: Amazon Prime
An Amazon Prime subscription is another great monthly expense to hang on to. Let me explain.
Some people use shopping almost as a form of entertainment, and one of the best ways to save money is to stay out stores. Amazon helps you do that. With Amazon, you can log on, search for what you need, buy it, and get back to Facebook. If you do get sucked into a shopping spree, you’ll eventually have to face your total on the cart page. Unlike brick and mortar stores, you can remove an item at check out just by clicking a button if you need to. And with Prime, shipping is free. Most packages arrive in a matter of days. All around win.
This doesn’t even take into account that you’ll also have access to Amazon’s music streaming service and Amazon Video. You might be able to cut out Apple Music and Hulu right there!
Amazon Prime is just a good deal all around. Hold on to that expense.
Monthly Splurge Expense #3: Gym Membership or Equivalent
This one is a no brainer. It doesn’t matter how much money you accumulate over time if you’re not in good enough health to enjoy it.
Now, actual gym memberships can be expensive. That’s true. If you really want to trim back here, but still want to keep active, try an alternative. There are plenty of great apps with inexpensive plans that can turn your living room into an at-home gym. In the past, I’ve also used Beachbody on Demand, which gives you access to Beachbody’s huge catalog of exercise programs.
One final option here might be to start a sinking fund to purchase your own exercise equipment. My wife and I own an elliptical, Bowflex, and some dumbbell sets. We saved and paid cash, and now we can get our exercise in at home.
Regardless of the path you choose, my advice is the same: Prioritize your health and fitness in your budget.
Monthly Splurge Expense #4: Meal Kit Subscription
Now this one can be pricey if you choose wrong. I’ll admit that up front. But, if you’ll actually cook what’s shipped to you instead of going out to eat, meal kits can be a great way to save a little in the food budget.
My wife and I used EveryPlate for a long time, and loved the experience. Having the ingredients shipped to us in small amounts each week with a variety of simple recipes made it possible to enjoy a lot of quality meals without leaving our home. We did eventually move away from this because our evenings started to get busier and the level of cooking can be time consuming.
But, if you fancy yourself a chef and enjoy variety in your meals, definitely check out some meals kits!
Monthly Splurge Expense #5: “Fun Money” Line Item
Lastly, I cannot say enough about the importance of some “fun money” in your budget. You need something that is just for you to do whatever you want with.
Here’s how my wife and I do it: we each have a line item in the budget called “Alex’s Fun Money” or “Angela’s Fun Money.” Those are set up as sinking funds so we don’t feel required to spend it or lose it. In other words, it rolls over each month if there’s any left. We can spend our money on anything we want to with no questions asked.
Think of it as an adult allowance.
For the sake of your sanity and your budget, have some money earmarked for you to do anything you’d like to do. You’ll be much less likely to overspend somewhere else in your budget if you do this.
Conclusion
And there you have it! As firmly as I believe in budgeting, I also believe budgeting’s true purpose is not to limit your spending, but to give yourself permission to spend.
And these items are worth the splurge.
So again, 5 planned monthly splurge expenses that I think are great to include in your budget are:
- A Budgeting App Subscription
- Amazon Prime
- Gym Membership (Or Equivalent)
- Meal Kit Subscription
- “Fun Money” Line Item
As always, regardless of your money goals, you can “Bank on a Budget” to get you from where you are to where you want to be!
For the sake of your sanity and your budget, have some money earmarked for you to do anything you’d like to do. You’ll be much less likely to overspend somewhere else in your budget if you do this.
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Do you have any splurge expenses you choose to keep in your budget?
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