There are some personal expenses that you can justify spending your savings on. Whether you can or cannot, each person has their spending habits regarding what they like to collect. While some people spend thousands of dollars on items considered investments, others prefer buying things for the simple pleasure of owning them.
Here are some personal expenses that are worth your savings:
1. Experience Investments
Traveling and going to concerts, eating at five-star restaurants, and visiting high-end nightclubs are just some of the experiences that can give you a glimpse into another world.
Whether it’s going on exotic holidays or watching your favorite artists in an intimate concert venue, having memories from spending your time and money on these experiences is worth more than anything you can sink your hands on.
You can always earn the money back by working hard, but you can never get back the time you spent with your loved ones. These are priceless memories that will remain in your heart for the rest of your life.
2. Entertainment Expenses
Enjoying books, action figures, video games, and other fun items that make for a good time is also worth spending your savings on. Likewise, purchasing permission to watch the latest blockbusters before they’re released in theaters or season passes might be something you can bank on when it comes to spending your savings.
Remember that despite the ups and downs, you will always have your memories to look back on. However, you can’t say the same thing about your money because it’s easier to lose than gain once it’s gone.
3. Hobby Investments
Investing in something that gives you a sense of accomplishment can also be worth your money. For example, practicing the guitar every day despite having a hard time is better than going out with friends every weekend.
If you’re a bookworm, buying rare copies of classic novels can be a worthy investment when it comes to your hobbies. As long as you don’t consider these investments in the real sense, what’s there to worry about?
In this case, personal enjoyment from the hobby is worth spending your savings on rather than items with no emotional or sentimental value.
4. A Reward for Yourself
You might have wanted to save up money from your allowance or part-time job for a new phone or pair of shoes in your younger years. However, as you get older, having something entirely yours and only used when you decide to purchase it becomes an investment.
Even if it’s a small reward for completing a project, you deserve to spend your money on yourself if you want to. As long as you’re happy with your savings, then go ahead and use it for something that is entirely yours.
5. Your Health and Well-being
Not everything is covered by health and medical insurance, and there are some procedures that people opt to get for themselves. Whether it’s undergoing laser surgery for your eyes or getting a dental implant or replacement tooth from your trusted dentist, investing in your well-being is something worth spending your savings on when the time comes.
Some people choose to spend some of their savings on a life coach or travel and seek wisdom from a spiritual guru. It’s essential to invest in yourself if you want to improve your mental, emotional and physical well-being.
6. Your Education
A master’s degree or a Ph.D. may not be something you can finance by working over the summer break or having a part-time job. Spending your savings on your education may be a personal expense worth spending your money on.
Odds are, you won’t regret studying hard and getting the best grades in school if it means going to a top university to get ahead of everyone else.
7. A Purchase That Fulfills Your Desires
Some people simply purchase items to fulfill their secret desires or fantasies without any reservations. For example, some people spend thousands of dollars on games so that they can experience the most fun or adrenaline-rushing moments possible. You might not see the appeal of purchasing jet ski games unless you’ve played it, but spending your money on something that brings joy is worth it in its way.
For others, spending money to tick off a few items on their bucket list or treat themselves on a luxury vacation is worth spending their savings on. What’s important is that you’re happy with your purchase and that it brings you more happiness than worry or stress.
Spending your money on personal expenses is something that can be enjoyed when done right. Whether it’s worth spending your savings will depend on how valuable each expense means to you. As long as you don’t expect anything back and only spend it on people and things that make you happy, your expenses will be worth spending your money on.