Splurge or save?
We all have luxuries that tempt us to spend more and things we wouldn’t dream of shelling out for. We asked the Money & Life team to spill the beans about what they splurge and save on in their budget.
Lauren Bolton – Marketing Manager
Splurge – Holidays Abroad
I always look forward to my holidays and travelling in style is a real treat for me. I don’t have a family yet, so heading overseas, staying in lovely hotels and eating out is something I can still enjoy. I’ll save my camping days for when I have my own little mob in tow!
Save – Pharmacy
I’ll always opt for the generic choice for prescription and over-the-counter medicine. You’re getting the same ingredient and result no matter which brand you buy, so it makes sense to save by going with the cheaper alternative.
Neil Ganatra – Marketing Executive
Splurge – Dining Out
There’s nothing better than a cold drink and fine food to make you feel like you’re getting the best from life. So eating out is a big priority for my budget from week to week.
Save – My Car
In my view, a car is just a means to get you from A to B. So I definitely can’t justify spending a lot on buying and maintaining an expensive model. Something affordable and reliable is all it takes to keep me mobile.
Elle Manton – Head of Marketing
Splurge – Pilates and Stationery
I’m absolutely devoted to doing Pilates so I’ve made a big financial commitment over the years to my reformer training classes. They’re expensive but there’s no other workout like it and the money I’m spending now is going to do my body good for years to come.
I’m also a bit of a stationary addict. When a gorgeous diary or notebook catches my eye, I find it impossible to resist! It’s so nice to have some new eye candy to brighten up my desk at the office or my shelves at home.
Save – Groceries
Switching to Aldi for my grocery shopping has made a big difference to my household budget. With three growing boys to feed, the money I’ve saved on food bills has been significant. They seem to get hungrier every day so I’m expecting to save a lot more as they get older.
Karen Worsfold – Marketing Manager
Splurge – Hair and cafés
Having my hair cut once a month is one of my essential luxuries as it makes me feel and look my best. The other is heading out to brunch in café or a casual dinner at the weekend. It’s a highlight of my week and is one of my favourite ways to relax and enjoy myself.
Save – Make-up and packed lunches
I’ve found ways to get the balance right with my beauty and food budgets so I don’t have to feel bad about these regular “treats”. I hardly buy any make-up and always choose affordable locally made organic beauty products over expensive big name brands. And I’ve saved a fortune – almost $100 a week – by bringing my lunch and giving up take-away coffees on work days.
Sticking to a budget doesn’t have to mean giving up everything that make life feel special. If money seems to slip through your fingers, discover how keeping track of your disappearing dollars can bring you financial stability without sacrificing all your luxuries.
Online source: Produced by The Financial Financial Planning Association of Australia and published on 14 March 2018. Original article.