Greetings, and welcome to the thirty-third edition of Wallet Wellness in 2024 - your weekly source of practical personal finance tips to elevate your money management skills! 

We hope you had a chance to check out the last edition where we discussed tips on how to save for your children’s education. In today’s edition, we explore ways to “treat” yourself amidst overwhelming bills.

As always, be sure to check out the Concept Corner below for a deep dive into the money concept of the week. 

Let’s dive in!  

MONEY254 TIP OF THE WEEK

How To "Treat" Yourself Even When Bills Are Overwhelming 🥵

Amidst paying bills, taking care of family responsibilities and managing loans, it almost feels like treating yourself is a crime, especially with the rising cost of living. Right? 

When was the last time you bought yourself something or took a moment to reflect on and appreciate how hard you've worked?

It’s easy to feel guilty about rewarding yourself, as it often feels like an unnecessary indulgence.

This week, let’s explore how you can still reward yourself without compromising your financial health, even when bills are overwhelming.

1. Pay Yourself First 💰

Prioritizing your future self is a key to financial well-being. When you pay yourself first, you’re saving or investing before spending on other expenses, ensuring you’re building wealth even in tough times. And even though it might not immediately feel like it, building a financial safety net is the first step towards “treating” yourself.

• Build Your Savings: Set aside a percentage of your income before paying bills. Even if it is just as little as 5% of your take-home, you are already doing something for yourself. Read More.

• Automate the Process: Consider scheduling transfers to your savings or investment account immediately after payday. Read More.

• Reward Through Growth: Watching your savings grow can be just as rewarding as a splurge. It brings a feeling of accomplishment. 

2. Create a Wishlist Calendar and Budget for It 🗓️

Treating yourself doesn’t have to derail your financial goals. By planning your rewards, you can enjoy life while staying financially responsible.

• Budget Intentionally: Allocate a small portion of your income toward future treats. Eg. a vacation or buying yourself a gift. Read More.

• Space Out Purchases: Use a calendar to plan when and what to buy without overwhelming your budget.

• Prioritize Wisely: Focus on what brings lasting happiness instead of impulse buys. Read More.

3. Find Ways to Reduce the Pressure/Live Within Your Means 🏠

Reducing financial pressure can create room to reward yourself guilt-free. It’s all about trimming the fat from your budget to allow for some enjoyment.

• Review and Adjust: Identify expenses you can cut or renegotiate, like school fees or loan terms. Read More.

• Reallocate Savings: Use any savings from trimming your budget to fund fun activities. Read More.

• Balance is Key: Enjoyment doesn't have to come at the expense of financial security.

4. Learn to Appreciate the Little Things 😍

Small joys often have a big impact on well-being. Focusing on meaningful, low-cost experiences can satisfy the need to treat yourself without straining your wallet.

• DIY Fun: Opt for homemade meals or DIY projects instead of expensive alternatives. Learn More.

• Time Over Things: Enjoy activities like walks, board games, or catching up with friends. Read More.

• Celebrate Progress: Acknowledge and appreciate even the small wins in life. 

5. Reward Yourself with Things That Matter to You 🤔

Make sure your rewards align with your personal values. By doing so, you’ll feel more fulfilled and avoid overspending on things that don’t bring you joy.

• Know Your Values: Spend on experiences or things that resonate with what truly matters to you. Read More.

• Share with Loved Ones: If you value relationships, consider rewarding yourself with shared experiences. Such as a movie or dinner in with family, a picnic etc.  Read More.

• Avoid Discontentment: Thoughtful spending prevents the regret that often follows impulse buys.

Treating yourself is not about indulgence—it's about acknowledging the hard work you’ve put in. Even with the weight of financial responsibilities, you deserve a moment of joy. With thoughtful planning, you can reward yourself without guilt and continue moving toward your goals.

CONCEPT CORNER

The “Clutter Trap”

The "Clutter Trap" is when tempting deals like "Buy 2, Get 1 Free" push you to buy more than you need. While the offer seems great, the savings may be minimal and it can lead to unnecessary spending that throws your budget off track. Learn More.

Money Psychology

Why You Struggle To Save – Money Psychology

…Research shows that behavior, whether positive or negative, reinforces itself when repeated. Saving, just like exercise, may feel like an insurmountable task during the early days, but once it gets to a certain threshold it almost becomes second nature…Read On. 

MONEY254 #MONEYTOK

Money Personality!? What is Yours?

Whether you're naturally inclined to save or more prone to spontaneous spending, understanding your money personality can empower you to make wiser financial choices. In today’s #MONEYTOK we explore 5 money personalities. Watch the video and read the article to learn more.

@money254hq

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That's it for the thirty-third Wallet Wellness edition of 2024! We hope these financial tips have added some energy to your weekly hustle. Stay tuned for more practical insights in our next edition of "Wallet Wellness" next week and watch out for Money Weekly.

Also, don’t forget to download the Money254 App on the Google Play Store, and remember that we can help you compare over 300 loans, savings accounts, current accounts, and more if you’re thinking about your next product.

Cheers to your wallet's well-being!

Money254 editorial team.