First off, let me apologize for taking a few days to refocus. I didn't feel like I was in the right mood to put up another post, and I had a lot of things going on in the real world this week. Either way, I've gotten up today and motivated myself to come up with a new idea for today's topic. Since it is Sunday, I'd like to use a topic that reminds me a little of my days in college. Today I'm going to talk about the importance of having fun and yes, spending money. Since I've done nothing but discuss frugality and saving money, I'm going to take some time today to tell you about the other side of financial management.
Spending money can be just as important as saving money. It gives you a sense of freedom and accomplishment to spend your hard-earned money. It allows you to take a break from the daily grind of financial management and lets you enjoy some of the benefits of all of your labor. Now notice I said "some." This is the key word because spending has to be managed just like you manage your saving. I'll discuss a few ways that you can spend money while still being smart and even saving while you spend!
Budgeting for free spending is recommended by Dave Ramsey. I feel that this is a good way to avoid buyer's remorse as well. Most people don't budget for their spending and ultimately spend more than they can afford to spend and have a moment of sadness known as "buyer's remorse." This will especially happen as the purchase becomes larger. The most recognizable case is when someone purchases a new car. However, when you plan for spending, it allows you to spend it without conviction. Depending on your level of income, your free spending budget may be small, or it may be very large. This is really all up to you and your ability to delay gratification. If you are looking to save and invest more, you most likely will only set aside a small amount for free spending. Either way, it is important to have it in your budget.
With all the new apps available to help you earn money back, spending has never been more fun than it can be today. There are several things on the app store that will pay you cash back for purchasing through their site or by attaching an offer and scanning your receipt when you make the purchase. These are great ways to save money while you spend! What better way to add to your saving or investing pile? Simply take the cash back you earn on these purchases and add it to your investment or savings accounts. This will allow you to earn small amounts over time that will earn interest and grow your savings and investments with little effort at all. Combine these cash back and savings apps with a round-up savings feature on your debit card and your well on your way to saving money without even trying. I'll leave links at the bottom to some of my favorite apps that I currently use to save money while I'm spending. They're also links to help you earn a bonus for trying them out through my referral.
My favorite app that I just recently started using is Ibotta. This app will allow you to earn cash back at hundreds of retailers. The offers change and are available for periods of time, usually about 5 or 6 days at a time. My personal favorites are the offers for grocery purchases like bananas, shredded cheese, milk, orange juice, and bread. These are common items and earning 50 cents back on each of these purchases can actually add up quickly when you consider the number of times you purchase them. In order to earn the rewards, you simply go into the app and click on the offers that you plan to use at the store where you will be shopping. Once you're done, you scan the receipt or take a picture of it and the app will credit your balance. They even offer 50 cents back for scanning a receipt and claiming an offer! Getting paid for your purchases and just for using the app is such a great idea. Once you've earned at least $20 in cash back, you have a couple of options for spending it. You can have it credited to your Paypal or Venmo account, or purchase gift cards to several different retailers. I personally would take the cash, but it's up to you.
Another of my favorites is Ebates. This app seems to be geared more towards online shopping, but it will gives you cash back typically on a percentage basis on purchases for select retailers. They do include some in-store offers for your local retailers, but it is more valuable for online shopping, in my opinion. I've already earned money on it as well as Ibotta. Ebates will send you quarterly payments to your Paypal account or you can choose to have a check mailed to the address on your account. With today's shopping environment going mostly online, I can see how this app has gained popularity. They even offer an add-on for your web browser that will allow you to link their offers to your purchases without having to use the app! That is extremely convenient and why I recommend them above every other online cash back app that I've found on the market.
Make sure that you're are allowing yourself some freedom to spend your money. Life is too short to do nothing but hold yourself back. Delaying gratification doesn't mean eliminating it altogether. As long as you're smart about it, you can still spend money whenever you want. If you've budgeted for it or even saved for it, it's yours to spend. Don't let your push to be smarter with money allow you to feel like you can never spend it again. That could be more damaging than spending everything you have. Maybe not financially, but psychologically. Giving ourselves a break is vital in maintaining the motivation to keep going on your journey. Never forget your goals, but also never forget that we're all human. We need to allow ourselves to be human and have some fun. We're not robots and trying to act like a robot will make you miserable. Take some time to go look for something that you really want today. I didn't say you have to purchase it today. Just go and find something you've been thinking about purchasing, and create a budget around buying it some time in the near future. The timeline you set will likely depend on the size of the purchase and your income. Set a goal and reach it. You have savings goals so you need to have spending goals as well. I hope this has helped provide some relief from the regiment of saving and paying off debts. Everybody have a Sunday Funday! Make sure to click my links below if you want a free bonus to try out the apps listed in today's post.
Link to Ibotta $10 Welcome Bonus
Link to Ebates $10 Welcome Bonus
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