4 Best Ways To Spend Money Guilt-Free When You Have a ‘Saver’ Mindset
Written by
Nicholas Morine
Edited by
Rebekah Evans
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It’s not always easy to escape the guilt of spending, particularly “carefree spending,” if you are naturally possessed of a budget mindset or behavioral pattern. It can feel like torture to open up your wallet for non-essentials if you’re one of these sorts of people — but thankfully, some financial experts have a few suggestions that can help lighten the load without making you go broke.
Know Your Minimum Save Rate, Then Give Yourself Permission To Spend
Katie Gatti Tassin, author of the popular Money with Katie blog and podcast, was quick to gesture toward the importance of knowing your minimum save rate. She advised using a tool akin to her own brand’s wealth planner to do so, although alternatives exist.
“Recognize that if you’re already hitting your saving and investing goals, the leftovers are intended for spending,” she said.
“Where people get themselves into trouble is creating a budget wherein all spending considerations are determined upfront, then the saving and investing decisions are made using whatever’s left over. If you’re the type of person who has a hard time spending, I have a feeling that wasn’t your approach to your budget. Honor the fact that you’ve prioritized your saving and investing goals and give yourself permission to spend what’s left,” Tassin added.
Ignore the Compound Interest Calculator (Sometimes)
Extreme savers might get caught up in the power of the compound interest calculator and the attendant shame that comes with even life’s smallest indulgent spends, according to Tassin. She gestured toward the example of an $8 burrito, one that many hardcore spendthrifts would punch into the compound interest calculator to show $1,000 value after 30 years.
But today is today and bringing a sustainable and enjoyable balance to life is important for those who may be a bit too tight with money.
“Take a step back and don’t let anyone weaponize compounding: Ask yourself (really, ask yourself) what balance feels right to you. In fact, take it to its logical extreme: What if you really did look at a compound interest calculator every single time you wanted to buy something? Would you lock yourself in your basement with a bag of rice and a can of beans and re-read old Goosebumps novels from middle school to avoid risking spending a few bucks on your own happiness?” Tassin said.
“Life is hard. Especially during a pandemic. If a few little pleasures brighten your day and enable you to keep this plan for the long-term, those pleasures themselves are an investment in your own longevity,” she added.
Wrestle With ‘Spending Guilt’ and ‘Frugality Disease’
Sam Dogen, otherwise known as the Financial Samurai, bared his heart to readers in a September 2024 blog post wherein he admitted to continually wrestling with both the headlined issues of “spending guilt” and “frugality disease.”
After purchasing a quality pair of shoes at a slight discount as a luxury earned from extra work conducted specifically as an experiment in allowing himself to spend, Dogen found himself so wracked with guilt over the purchase that he was unable to wear them for a single step outside. He described himself as wrestling with a significant urge to return the purchase, despite having since earned even more online (excess) income in the interim.
Here are a few of the general tips advised to help combat this type of mentality — and open yourself up to new ways of spending — according to Dogen:
- “Stop letting frugality lead to lifestyle deflation. Enjoy your hard work and sacrifices from time to time. Otherwise, you will regret working so hard and stressing so much.”
- “Conduct a regret minimization exercise to help you be more intentional with your life.”
Realize It’s an Ongoing Process
And finally, the Financial Samurai reiterated his commitment to helping others break the too-frugal mindset that he also exhibits.
“By highlighting my monthly personal credit card expenses, I fear it’ll make me want to spend even less. I even write posts expounding there’s no point making money if you don’t spend your money to will myself and others to stop being so frugal. For the life of me, I can’t break free from my spending habits,” he said.
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