Personal Finance

3819 readers

1 users here now

Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. Join our community, read the PF Wiki, and get on top of your finances!

Note: This community is not region centric, so if you are posting anything specific to a certain region, kindly specify that in the title (something like [USA], [EU], [AUS] etc.)

founded 1 year ago

MODERATORS

WandererLagomorph799@lemmy.ml

nieceandtows@programming.dev

nieceandtows@lemmy.ml

How to curb unnecessary consumer impulses? (lemmy.sdf.org)

submitted 1 year ago by wesker@lemmy.sdf.org to c/personalfinance@lemmy.ml

12 comments fedilink hide all child comments

I am very lucky to have a chunk of disposable income every month. However, I want to invest and save most of it, because I recognize that disposable income can quickly disappear given the right circumstances.

My problem is a time old one, that I struggle with material desires, and how easy it is to treat it as play money.

Does anyone have any advice how to offset those impulses or otherwise make it easier in the moment to check myself?

you are viewing a single comment's thread
view the rest of the comments

[–] davetansley@lemmy.world 3 points 1 year ago

I have a line in my budget called "disposable" which is a fixed amount per month that I'm perfectly happy to spend on me. It covers entertainments, videogames, books, anything that isn't strictly necessary, but is enjoyable.

I keep this largely the same every year, not even adjusting it for pay rises etc. It's a non-negotiable amount (unless things get really dire!) and helps me to understand what I have available to "waste". Keeping it at a static amount helps to divert any extra into savings and investments, and helps me to avoid lifestyle creep.