Step 8 of 12 to Financial Wellness: Know When and How to Indulge
Achieving financial stability means understanding when and how to indulge responsibly. If your bank account only covers next week's bills and payday is still weeks away, it might be wise to hold off on that impulse purchase. However, once you establish a solid financial foundation, you'll have the tools—like budgets and savings accounts—to set aside money for those well-deserved treats! Here are some tips to help get you started: Budget, Budget, Budget! Before you splurge, ensure you have a robust budget in place. Take the time to calculate your monthly expenses and income to guarantee you’re covering your bills on time while also setting aside funds for emergencies and savings. Create a "Just for Fun" Budget Allocate a portion of your paycheck for fun expenses, such as vacations and little splurges. This dedicated "Just for Fun" budget can help you indulge guilt-free! Consider opening a Vacation Savings Account with NHCU to streamline your savings