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In recent years, “treat yourself” has become an extremely popular mantra, with the hashtag garnering 3.0 billion views on TikTok and 8.1 million posts on Instagram. The idea is straightforward: you should spend money on things and experiences that bring you joy. Now, although it can be tempting to indulge in a reward for your hard work or when you’re feeling low, if you’re not careful, treating yourself can quickly spiral out of control.
While there’s nothing wrong with spending money on enjoyment (in fact, this could be considered a form of self-care), little costs gradually add up and can have a significant impact on your financial health and goals. That being said, no one wants to be the person who never goes out for a meal or impulsively buys something they like. So how do you find the balance?
According to Standard Bank’s Thopi Mhloli, Product Owner: Savings & Investments, there is a way to have the best of both worlds. “What you spend on treating yourself should be proportionate to your income and monthly expenditure. Self-care shouldn’t put you under financial strain; rather it should foster relaxation and peace of mind,” she says. Below Mhloli shares her expert advice for planning ahead so you can treat yourself without incurring debt (or stress).
Be mindful: Take some time to consider what brings you true joy, such as convenience, excursions outside your city, nice eateries, etc., and then gradually reduce the amount of money you spend on things that don’t bring you as much pleasure. You should only occasionally treat yourself in a few of these key areas, not in every aspect (or even every day) of your life.
Use a budgeting app: The goal of using a budgeting app, like Standard Bank’s Budget Manager, is to keep an eye on where your money is going, from current expenses to setting aside funds for future needs. Even though these features may now be conveniently packaged, in many cases the principles behind them are as old as money itself. A quality budgeting app should allow you to round up the change from your purchases and let you manage your savings into individual interest “pockets”, which are just imitations of traditional budgeting approaches like using envelope budgets or spare change jars – some of which can be saved towards your weekly or monthly treats.
Look out for discounts and rewards: There may be several activities you want to do, places you wish to visit, or items you want to buy. Before making plans, look for ways – like your bank’s rewards programme – to get discounts and earn rewards points. This way, you can enjoy what you like at a lower price while also strategically saving for your next “treat” on the list. With Standard Bank UCount Rewards for instance, you earn up to 1%* back in rewards points every time you shop using your qualifying Standard Bank personal credit, cheque or debit card, and you can redeem your rewards at multiple retailers, Caltex garages, as well as the bank’s Travel Mall.
Consider more affordable options: From gym memberships and spa treatments, to eating out and holidays, there are budget-friendly versions that fulfil the same needs. Consider a less premium gym or a no-cost workout class; opt for just a facial or massage instead of a full-day spa package; in the place of going out for dinner and drinks with friends try taking turns hosting themed dinners where you all contribute a dish; think about holidays with no air travel, like camping or day trips from home; and so on. The idea here is to make a big difference with small changes.
“It’s perfectly okay to indulge every now and then. As long as you’re doing so without compromising your finances. And if you don’t currently have as much room in your budget for indulgence as you’d like, remember that your current situation isn’t permanent. Look a few years down the road when you’ve serviced your debts, bumped up your savings, and your income may have grown. Then you’ll be able to responsibly treat yourself on a whole new level,” Mhloli concludes