This post is part of a 13 money resolutions for 2013 series. You can check the first post for an updated list of the following ones.
Here we are. Nearly three weeks and twelve money resolutions later, looking at the last one of the series.
Enjoy.
If you have worked hard, it is time to relax and remember that money isn’t meant to be hoarded, but enjoyed. There are several ways that money can bring you enjoyment.
Enjoy your comfort
I used to be a broke student. I had a yearly $5K scholarship that was supposed to cover tuition (thankfully free with the scholarship), housing, food and all other expenses. Life was lean. Now that I can enjoy having a bit more money, I still try to stay frugal, but do not skimp on comfort. As soon as we moved in the new house, we got nice bed sheets, because sleeping well is important. We got a blender and a deep freezer to cook tasty meals and make smoothies. Those things were not needed at first, and we should have spent it on house renovations instead. But having enough means you can treat yourself to finer things.
The same goes for clothes. I keep my wardrobe minimal, but enjoy nice, classic items, that will flatter my body shape. I prefer to pay a bit more in order to be fully happy with the item, ensuring I will wear it a lot. It will last longer and have a low cost per use. Probably lower than a trendy t-shirt I would wear for one season.
I still don’t own a car because BF has one that we share, if he didn’t I would have bought one since our location is really remote. After years of public transportation, cycling and walking, it is nice to have your own car. Then again it makes sense for certain people and not other.
All those things I am able to enjoy, I do not need to charge a card for. I can buy a car with cash. Money gave me that freedom, and the freedom to upgrade many little details that make my life easier and more comfortable.
Stop worrying about money and have fun. You can relax a bit on the frugal hacks and go for the paying options that will save you time and comfort. Take a taxi instead of walking home for two hours when the bus service has stopped. Get the laptop model you want instead of the cheapest one on the market. Money is meant to be enjoyed.
Enjoy your time
Having more money means that you can afford to buy time. You can choose to work four days a week instead of five, to work on a personal project or take care of your kids. You can hire a sitter when you want to have a romantic date with your spouse. You can get help to clean your house, change your oil or mow your lawn.
Usually, one only has time, or money. If you are unemployed, or still in college, you probably have a lot of time in your hands, and a small budget. If you have a job and other committment, you may have less time and more money. Your salary is basically a payment for the sacrifice of your time.
With little changes in your finances, you could have both. Eliminating the waste, reducing your bills, paying off your debt will get you to a point where you have quite a bit of money leftover. That is when you can start enjoying the time and freedom money provides.
Enjoy experiences
You can also buy experiences to share with friends or family. Being able to take your kids to an amusement park or on a ski vacation will be an unforgettable memory. And not just because you will keep paying the bill for 24 months. It will be paid for by the time you get back home.
This is a step many frugal people have a hard time taking. What? $1,500 for a holiday? $200 to take the whole family for dinner? Sure, you can make a potluck dinner at home, but once in a while you deserve a treat.
I know I don’t particularly enjoy an all inclusive holiday, as I think everything is overpriced, especially the excursions, and get bored by the pool. I know lots of families do since it is very relaxing and the kids are being taken care of. If this is your kind of dream holiday, by all means, take it! Whatever your treat, consider going for it. My treat is travel too. It is being able to pay for flights back to Europe whenever I feel like it. From Morocco, I used to go back to France eight to ten times per year. From Guatemala it should be two, or maybe three times. The point is I can afford it, and I deserve to treat myself to those experiences.
I have almost never regretted spending on an experience. Even if the food was bad at an expensive restaurant, we had a fun night out. Drinks with friends? A precious time to reconnect. Taking my little brother to a day out? Priceless.
Enjoy money
I enjoy having money in the bank. A few thousands, I don’t need millions. But I enjoy being able to sleep soundly knowing that my bills will be paid and there will be food on the table.
Remember to enjoy that feeling. You may only be starting your journey out of debt, but if you have followed those steps, chances are you are doing better already, and spending less than you earn. Enjoy the new found breathing room now that the weight is lifted off your shoulders. As the money cushion under you increases, so does your freedom and opportunity to live an awesome life.
What else do you enjoy about money?
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Very true! At times, we tend to forget money is just a tool. It is very important to save money in the bank but also save as much life experience as possible. It doesn’t matter how much money you have when you die if you never enjoyed anything that money has to offer.
Suba recently posted..Make more money: 9 reasons why you are NOT earning more money
Great post Pauline. I never feel guilty spending on experiences either – life’s too short. There’s a happy medium for everything (including frugality!)
We all need balance! I usually don’t regret my purchases but sometimes have a hard time making them.
I see that a lot in old French people. They went through WWII and food restrictions and I guess they are afraid not to have enough. But seeing my 85 yo grandparents eat potatoes almost every day and freeze because they turned off the heat when they have 7 digits in the bank helps me get perspective that I want to enjoy more life than leave a big estate after I pass.
A lot of times the enjoyment part is left out.
I certainly am guilty of agonizing over purchases and wondering if I’m living too high on the hog with my one bedroom apartment and very old used car. One thing I need to do a better job of is establishing that balance between saving and enjoying my money.
My Financial Independence Journey recently posted..Achieving a 10% yield on cost in 10 years
I was like you a few years back, I would go to great lengths to save a few pennies. Now I try to concentrate on big purchases and stop sweating the details.
“Usually, one only has time, or money.” I think that’s the biggest challenge people face today. It always seems to be one or the other (or neither!).
I agree with you that it’s important to splurge from time to time, or to at least enjoy your money. If you are working hard to gain money, but never enjoy it, what’s the point?
DC @ Young Adult Money recently posted..Why Health Insurance Premiums Will Increase for Young Adults in the United States
no point, let’s enjoy!
I think for us, money feels like freedom to spend our time as we please, not how our employer pleases.
Mrs. Pop @ Planting Our Pennies recently posted..He Said She Said: A Team of Professionals
That is great to go to work every morning because you want to and not because you have to.
It’s funny (but sad) that you’re right on the mark about frugal people being reticent to spend money on experiences. I had a client once who was diagnosed with a disease that would probably kill him in the next 24 months. They cried in my office and talked about going to Alaska, to Europe, and other places they wanted to see together. A week later the doctor called back and apologized profusely; he’d made a misdiagnosis and Mike was going to live a long, long, time. Sadly (even though his wife and I jumped all over him) his attitude changed. He went back to working long hours at work and all the vacations went on hold.
AverageJoe recently posted..College Planning Strategy: A Creative (and Effective) Option
What a terrible story! I reflect sometimes on “what would happen if I had 2 months to live”, but this guy was really put into situation, how can you forget about it the minute the threat is gone!?
Great post Pauline! Without enjoyment life gets old VERY quickly. I remember when I was up to my eye balls in debt and was getting help to start a budget and they told me to include entertainment near the top which made no sense to me. The point is that even when paying off debt you need something, even little, to enjoy or it’ll make the process too much. I think there is a balance and those memories you create are priceless.
John S @ Frugal Rules recently posted..5 Ways Routine Maintenance Pays Off
Exactly, life isn’t worth it without the occasional treat. You just have to be reasonable.
Pauline, thank you for reminding me that life is for living and enjoying. You may have already guessed that I tend to forget this – particualrly ‘enjoy your time’. I seem not to be able to just be and enjoy time so I feel my life of action clutter. Will practice!
maria@moneyprinciple recently posted..Credit Scores – Knowledge Is Power
Little by little, until you find the right spot between enjoying and enjoying too much!
Great post Pauline! I am happy that we are able to live in a warm, safe, comfortable home and take the odd nice vacation as we work on paying off our debt. We live a balanced life on a regular basis because you never know what tomorrow might bring.
Tackling Our Debt recently posted..Fun, Easy Ways to Teach Your Children About Money – Interview
Sure, you never know. But if you have a few months of expenses saved up, the occasional treat is well deserved. When I look at the older generation like my grandparents they sacrifice a lot of things to pile up money and I would rather they enjoy their last years. It is hard to find a balance though.
This is probably the best tip of them all (for me personally) and it’s something I’m trying to focus on for this year. We have quite a few changes going on right now, so enjoying things is going to be touch for me until those all pan out…but, when they do, I hope to relax and enjoy time/life a little more.
WorkSaveLive recently posted..5 More Easy Ways Everybody Can Save Money
Those are your best productive years so of course you want to take any opportunity that arises and rightfully so. But life, marriage, fun and time off are equally important. Those plans of yours sound really exciting, I hope you can share soon!
I have really enjoyed this series Pauline
Great job!
Mackenzie recently posted..So, I Knew This Girl…
Thank you for saying so, I am glad you liked it!
I’ve also found spending enjoyment money saves money on the long run.
Over the past two years, we’ve joined the community sailing center. For only $500 we can take a sail boat out every day from May through October. It’s much cheaper than owning and maintaining our own boat. And a day out on the lake ends up being very a cheap and fun date.
If we had to think of different things to amuse ourselves every weekend, we would probably end up spending a lot more.
Pamela | Hands on Home Buyer recently posted..Hands on Home Buyer – Coming Attractions
Oh yes you probably would. If you get enough value out of it, hobbies are great. But many people have the boat, the golf, the gym membership… and end up spending more overall since they don’t go enough.
Money gives you choices! I will never skimp on comfort! When I buy a mattress I look for what works for us and then try to find it cheaper. I always spend more on shoes, I may not have many but they are comfortable. I keep them for years! My wardrobe is quality even if I don’t have a lot because it lasts longer and looks better. Iusually buy on sale or discount stores.
krantcents recently posted..Rich Man, Poor Man
Same here, I used to go for the cheap stuff and then realized the whole difference between the cheap and frugal option!
Money gives me freedom and peace of mind. Knowing I’ve got savings just in case something malfunctions or needs repair takes a lot of pressure off me. I’m still working on feeling OK to spend for nice vacations due to “guilt” but after experiencing a nice resort in Mexico for a week long adventure, I realized I could really get used to it.
Suzanne recently posted..39 Financial Advisor Marketing Ideas That Rock
It is easy to get used to it! I get the guilt, and the “will there be enough” feeling. Setting savings goals for guilt free spending can help.
That’s a great idea. Maybe call it a “vacation” savings account!
Suzanne recently posted..Financial Advisor Marketing Ideas: Create a Client Call List
So true Pauline! Being able to enjoy your money is a good thing. So many are so eager to save up our money like squirrels only to hoard it all and consequently regret not experiencing the wonders of the world even if it’s right around the corner from their own home!
K.K.@ Living Debt Free Rocks! recently posted..All Yuh Mad! Trinidad Moments
Yes, life is meant to be lived, anywhere and on your terms!
Great post Pauline. Sometimes frugal people spend their entire lives scrimping and saving. Even when they have more than enough money to enjoy life, they still don’t. It’s important to find a balance between being frugal and enjoying your money. You earned it, you might as well enjoy some of it.
Justin@TheFrugalPath recently posted..Make More Money With Improved Communication Skills
We all deserve to enjoy what we worked hard for. It is just as hard for savers as it is for spenders to find the balance.
Another great post in the series Pauline! I think we all forget about enjoying what we work so hard for.
Grayson @ Debt Roundup recently posted..Business Tips – How to Handle Customer Concerns
Thanks Grayson!
Wow 13 parts, that was impressive! I like your last post the most too. What is the point of saving money if you never get to enjoy it?!
Harry @ PF Pro recently posted..My New HSA Strategy – Rollovers and Trustee Transfers
if you think 13 parts is impressive, you should see the 365 parts series last year on simple dollar
Thank you for your kind words Harry.
You are right with money you can buy time, you can just buy but you can also enjoy the freedom it releases when we know that financially we will be ok. Money is a tool as someone mentioned above in the comments and one not to be tossed aside to collect dust. Use the tool but use it to build for today, tomorrow and learn from yesterday. Great post Pauline. Mr.CBB
Canadian Budget Binder recently posted..How I Turned My Passion and Skills Into Making Extra Money
thank you Mr CBB!
I will live frugally so that we can splurge on awesome trips. Our idea of splurge is not fancy by any means, but having someone wait on me for a while is outstanding. You should come up with 13 more!
Kim@Eyesonthedollar recently posted..Benefits of a Crappy Job
I can imagine having someone wait on you is blissful when the whole family usually relies on you and is being taken care of too. Having more family time is a luxury worth paying for.
Having cable (or sattelite tv) is just about cardinal sin #1 of personal finance, but it is one of the few things in life from which I get consistent enjoyment, so I’m keeping it.
Edward Antrobus recently posted..11 Must Have Tools for Cooking on the Road
It is a cheap hobby getting a month of entertainment for the price of two movie tickets.
I love the picture – it really makes me want to enjoy! That is my biggest resolution of the year – to have solid work/life balance and enjoy life!
The College Investor recently posted..Sector ETFs: 5 Ways to Use Them in Your Portfolio
Great resolution, enjoy
!
Really good advice. Often, I catch myself worrying so much instead of using my money to life the most enjoyable way I can. When I bought my laptop for school last year, I was so proud, because for the first time ever, I really shopped around and didn’t just get the absolute cheapest thing available, yay! And it made such a big difference for the work I need to do.
Punky Coletta recently posted..I Am One Sexy Goomba!
congrats, that is the whole difference between cheap and frugal! You have to get the best item you can afford to make the job for you, and get the best deal on that item. Cheaper often means more problem and more expensive over the long term.
Great article! I believe you have to have a balance. Sometimes you have to reward yourself for being so frugal!