When we overspend, we often make ourselves avoid feeling guilty about it. We may make up excuses to justify it, saying that it was a “special occasion.” But what exactly is a special occasion?
Special Occasion Defined
Source: The Babe Report
A special occasion happens infrequently – typically once a month or even longer. It could be something that happens once a year or maybe once every couple of years. For example, if you view a special occasion as a wedding or graduation, then those events happen maybe once every other year. But a special occasion could also be a wedding anniversary or birthday, so that happens at least twice a year.
What is not considered a special occasion? Something that you do daily or even weekly. Going to work is not a special occasion. Grocery shopping is not a special occasion, either.
Eating out should be considered a special occasion, but it’s not if you do it every night. This is where the line becomes blurred. At first, maybe you ate out only twice a month. Then you became busier at work and you grabbed dinner from a fast food joint on your way home every night. Now you eat lunch and dinner while at work.
It’s okay to plunk down a few hundred dollars every now and then on a night out with friends or a weekend getaway for you and your significant other. You should have fun with your money. But it’s breaking your budget if you do it all the time.
No More Excuses
So it’s time to stop making excuses. Spend money on real “special occasions” like yearly vacations, a happy hour with friends you haven’t seen in years or taking your child to the movies on his or her birthday. Overspending every day just sets you up for financial failure. You’ll end up further and further in debt, and it can take years to get out of it.
Time to Get Motivated
Need to get motivated to save money and stop the never-ending splurging? Here are some tips:
How do you define a special occasion? Is every day a special occasion when it comes to spending? Sometimes special occasions just happen. Sometimes a friend visits from out of town or that new car suddenly goes on sale. In these situations, you can’t wait weeks. You just have to adjust the rest of your spending accordingly. Maybe you can’t eat out at work that week or perhaps you have to postpone a shopping trip.
Use the tips above to help curb your splurging so you’re not spending money unnecessarily. By coming up with a solid definition for “special occasion,” you save more money by not giving in to impulse buys - and we could all use a little extra money.