This Is the Best Day of the Year To Spend Money
Written by
Gabrielle Olya
Edited by
Molly Sullivan
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
If you’re more of a saver than a spender, you might feel guilty about having a splurge day — even if it’s just once a year. But if you plan ahead and set a budget, there’s no reason you shouldn’t allow yourself the occasional indulgence.
Figuring out when to splurge is part of the planning process, so here’s how to know the best day of the year for you to spend money — sans guilt.
Splurge on Days That Are Meaningful to You
Instead of picking a big sale holiday like Black Friday as your day to splurge, consider picking meaningful days in your personal life to treat yourself.
“It’s more than OK to splurge once in a while, especially on meaningful personal milestones like birthdays or anniversaries,” said Olle Pettersson, personal finance expert and editor at Finansplassen, a financial advice platform. “In fact, planned indulgence is part of a healthy financial mindset. If you’re typically frugal, giving yourself permission to enjoy a special treat or experience once a year isn’t reckless but realistic.”
Waiting for a sales event, on the other hand, may lead to unnecessary spending.
“While sales like Black Friday can offer great value, those events can often encourage impulsive buying on things you don’t actually want or need,” Pettersson said. “A birthday splurge tends to be more intentional and personal.”
How To Have a Responsible Splurge Day
To ensure your splurge day doesn’t end up putting you in a bad financial position, plan out when you will spend and how much you can afford to spend.
“Enjoying a splurge day responsibly involves balancing indulgence with mindfulness and planning,” said Jonathan Morales, division director, community and business development at Chase. “On a splurge day, I suggest setting parameters for yourself to help avoid overspending. Planning your splurge day in advance can allow you to build excitement about the day and getting what you want, without the worry that it’ll derail your financial goals.”
More From GOBankingRates
Sources
- Olle Pettersson, Finansplassen
- Jonathan Morales, Chase
