While there is a long list of money rules you should follow, there are some that it may be time to break. Allowing a little wriggle room may actually improve your mental health and help you live a more balanced life. Undoubtedly, you need enough money to pay for the necessities, but spending some on yourself shouldn’t be frowned upon.
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Complete deprivation so that you can save some extra money may be doing more harm than good. Self-care is an integral part of wellness, so think about spending a little money on something that brings you joy. Consider these 7 financial rules you can break to better care for yourself.
Rule No. 1 To Break: Never Putting Money on a Credit Card
Yes, it is a good rule of thumb to avoid buying things with high-interest credit cards. Getting out of credit card debt can be extraordinarily difficult. However, if you are causing yourself stress and anxiety trying not to put an important purchase on a credit card, you need to reconsider.
Credit cards are not all as evil as they are made out to be. If you are disciplined, many credit cards offer perks that could make it worth your while. Shop around and look for a card with a low-interest rate that offers a reward like travel points or cash back. Then, use the card when you need it and pay it off as you can. Carrying a small balance is not the end of the world and can help you get through a tough financial situation.
Rule No. 2 To Break: Pinching Every Penny
Restricting yourself too much on anything is never a smart idea. Too many people completely deprive themselves, only to have major setbacks later. While setting a budget and sticking to it is essential, think about areas where you can set aside some discretionary spending.
Write down the things in your life that make you happy. Is it grabbing a latte with a friend or getting your nails done? When setting your budget, factor in that coffee or manicure. Maybe instead of going every week, you cut back to once a month. This way, you are still able to do the thing that brings you happiness while being strategic with your spending.
Rule No. 3 To Break: Putting Bandaids On Things
If you are trying to save money, it can be tempting to simply put a bandaid on something that needs fixing. The problem is, in some cases, the longer you wait to get the right fix, the more expensive it becomes.
Whether it is a leak in your house, the brakes on your car, or a health issue, address the problem and get it fixed. No bandaids. No trying to do it yourself to save a buck. These methods can cost you big in the long run. DIYing is usually not the best idea if you don’t know what you are doing.
Rule No. 4 To Break: Cancel Everything
Many financial gurus may tell you to save money by canceling every subscription from magazines to streaming services. The typical advice is to cut them all and use the money to pay off debt or put it towards your emergency fund.
While it is probably true that you do not need five magazine subscriptions or six different streaming services, you don’t need to cancel everything. You can reduce instead of completely eliminating. Many of these things would fall under entertainment, so build a small allowance for that into your budget and enjoy.
Rule No. 5 To Break: Bulk Buy to Save Money
It may be surprising to find out that buying in bulk can be costly and wasteful. Yes, some things make sense to buy in jumbo size, but not everything. Stick to the things you know you will use or eat, but don’t go overboard.
Scrimping and scrounging to make every meal can get cumbersome and repetitive, leaving you frustrated. Also, it can be very expensive to buy large quantities of stuff up front. If you are strapped for cash, skip the bulk buy.
Rule No. 6 To Break: Do Not Spend Anything on Yourself
New parents may need to hear this more than anyone else: It is ok to spend money on yourself. Again, completely depriving yourself could backfire. Taking a little time (and money) for self-care and mental health is perfectly acceptable and should be encouraged.
Rule No. 7 To Break: Get a Side Hustle
While some people have the capacity and flexibility to take on a side hustle, many don’t. Adding a second job to your already overloaded schedule may burn you out, outweighing the benefit of the added income.
Plus, if you are always working, how are you supposed to enjoy the money that you are making? Consider the extra costs associated with the gig too. Do you have to pay for childcare or transportation? These things may significantly cut into any extra money that you may be making.
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