Why You Should Spend Your Money!

Over the past long weekend, my friend Kim, Ben, and I completed our annual Octoberween get together (albeit a week into November).  We had an amazing time here in the Chi, eating out, taking a cooking class, and exploring parts of the city we don’t normally visit.

Kim’s trip reminded me of one of my favorite posts from last year about spending money.  So I figured I would reiterate why you should make a point to spend your money sometimes…

As someone who is pretty militant about his money, I know immediately how much we’ve spent on a vacation, how that impacts our yearly budget, and by what percentages it reduces the amount we’ve saved. And because of my particular money personality, I sometimes get caught up in the regret of spending too much money at a restaurant, hotel, or guided tour.

However, I’ve learned to make sure to enjoy the benefits money can give, especially when it comes to experiences.  I enjoyed myself immensely this past weekend and will relish the time spent with Ben and Kim. That feeling far exceeds the money actually spent.

Money is a Tool

Money you have or money that you save is not beneficial in and of itself. It’s a tool to help you do other things: feed your family, get a kid through college, or explore the world around you. And you need to make sure to use that tool for enjoying your life today and planning for the future.

So make sure to spend your money! I know it’s not the typical advice from a financial advisor. And I’m not saying you shouldn’t save, track your expenses, and talk about money. In fact, this principle highlights the importance of doing those things. By using these money fundamentals you can mindfully make choices of where you want to spend and how to use your money most efficiently.  You will catch yourself holding off purchasing that leather jacket in order to save for that cruise your spouse wanted to take. And that kind of decision making is a good thing. 

Find the Balance

In the end, you have to find a balance. Make sure to set goals and priorities for your money and indulge every now and then.  Having the financial tools at your disposal to help make smart money decisions will help you get the most out of your money and your life.