If your goal this year is to spend less money, sooner or later you will probably fall short. Consumer psychology says that is not unusual.
Research by Deloitte has found that, in a survey of more than 100,000 adults in 23 countries, nearly 80 percent said they made at least one splurge purchase to lift their mood. Only 42 percent said they could afford the indulgence.
And the preferred splurge? Food and drink, which suggests that dining is both soothing and entertaining.
With some splurge or another on everyone's horizon, you might consider incorporating a splurge into your budget. If you feel really deprived, your budget goals are going to look like chains instead of freedom. Financial advisors say to follow these tips when on the verge of a splurge:
* Shop within your budget. Don't tap your emergency fund or spend your rent money. Don't put yourself into monthly debt or obligations.
* Focus on quality. Buy high quality items that you actually need, will use, and last for a long time.
* Buy experiences. A concert, a show, dinner at a favorite restaurant with friends or family — these activities are a little indulgent and fun at the same time.