Hey all, I’m trying to sort out my personal finances after some bad habits, and I’m really struggling with how much I can spend on things like a new laptop. I have the money saved up, but I want to make sure I’m not compromising my savings or mandatory expenses. How do I know if I can really afford to spend on personal items instead of saving every penny?
You might want to set aside a portion each month for guilt-free spending. I’ve heard about saving 10% for fun stuff and another 10% for bigger goals like your laptop. It worked for a friend of mine!
Tal said:
You might want to set aside a portion each month for guilt-free spending. I’ve heard about saving 10% for fun stuff and another 10% for bigger goals like your laptop. It worked for a friend of mine!
Thanks for that tip! If I save 10% from each paycheck, I could get the Macbook in just under 4 months.
It’s all about having goals. If your financial goals are met, the rest can be for discretionary spending. Maybe set aside specific amounts for travel, a laptop, or dining out.
Reese said:
It’s all about having goals. If your financial goals are met, the rest can be for discretionary spending. Maybe set aside specific amounts for travel, a laptop, or dining out.
Exactly! And when you hit your goal for the laptop, redirect that money to something else.
You should definitely know your retirement needs. It can be tough, but figuring out what you need for retirement can help you allocate funds better.
Chen said:
You should definitely know your retirement needs. It can be tough, but figuring out what you need for retirement can help you allocate funds better.
I think that’s where my anxiety comes from. I feel behind compared to my peers and worry I won’t have enough saved.
If you already have an emergency fund and are saving for retirement, you can decide how to use the rest of your money. If you have enough for that laptop, I say go for it!
Keagan said:
If you already have an emergency fund and are saving for retirement, you can decide how to use the rest of your money. If you have enough for that laptop, I say go for it!
That makes sense! I guess I just need to trust my budget a bit more.
Don’t stress too much! Many people aren’t saving anything for retirement. You’re already doing better than most. Just keep an eye on your goals and enjoy life!
Palmer said:
Don’t stress too much! Many people aren’t saving anything for retirement. You’re already doing better than most. Just keep an eye on your goals and enjoy life!
I appreciate that! I definitely need to relax a bit and maybe treat myself to that laptop.