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Kyle winkfield media gobankingrates 10 23 15


both m ore happiness and m ore lasting value.”

An evening with friends, a vacation with fam ily or a date

night with a spouse all count as experiential splurges with

a high return on happy m em ories. And, these experienc-

es don’t need to derail your budget.

5. Buy at the Right Time

Many experts say certain m onths offer better deals on

som e products. For exam ple, som e of the best things to

buy in October include air conditioning units, a new car

and outdoor equipm ent. If you practice sm art spending

and buy your splurge item when it’s at its lowest price,

you’ll probably feel better about spending the m oney.

For an everyday exam ple, let’s say you’re itching to

splurge on a fancy hom em ade dinner. With som e

pre-planning, you can usually buy what you need to m ake

the m eal m ore without spending a lot and still feel like

you’re treating yourself.

According to TheGroceryGam e.com CEO, Teri Gault,

holiday sales at grocery stores offer an average of 67

percent savings on steaks, whole rib roasts, shrim p, lob-

ster and cham pagne. She said Decem ber is a great tim e

to stock up on all these item s so you’ll have them handy

year-round for your next m eal splurge.

2. Go Big After a Little Research

If you’ve saved your splurge m oney for a big-ticket item

like a TV or laptop, practice sm art spending. “You’ll be

able to score the best deals on m ajor item s with good re-

search,” Gallegos said. “If you are choosing a high-dollar

item , check reputable online review sources like Am azon

and CNET. Then, use com parison-shopping sites such as

PriceGrabber, Pronto or Shopping.com to fi nd the best

online prices. Finally, search for coupon codes online at

sites, including RetailMeNot, FatWallet and Discount-


Com parison shopping alone can save you signifi cant dol-

lars. PriceBlink, a browser add-on, alerts you as you shop

online if there’s a lower price available elsewhere on the

web. Sites such as Offers.com track product pricing over

tim e, which “can help you decide if the splurge is a good

one,” said Offers.com ’s Kerry Sherin. Add a coupon code,

and you could save even m ore on your splurge. Coupon

code offers can range from free shipping to 25 percent or

m ore off purchases. For purchases m ore than $100, that

25 percent can add up to signifi cant savings.

To really am p up the savings, however, fi ll your virtual

shopping cart with your intended purchase and abandon

the sale. Many online retailers will em ail you a discount

offer for the abandoned item s to nudge you to m ake the


3. Spend Money on Small Items

Control the urge to splurge on item s you can’t afford by

buying sm all item s that feel splurge-worthy. “To gain the

feeling of purchasing som ething special, do so on little

things,” said Gallegos. “Maybe it’s purchasing a $5 bar of

handm ade soap, a sm all am ount of an expensive spice

for holiday baking, a top-quality chocolate bar or a craft


Benjam in Glaser, features editor at DealNews.com , add-

ed, “Sm aller luxuries can still m ake a big difference in how

you feel. Fine cosm etics, bed linens, good razor blades,

and yes, quality toilet paper, are all affordable treats that

will leave you feeling like a m illion bucks.”

When you’re working toward achieving long-term budget-

ing goals, splurging can take a back seat. But buying a lit-

tle som ething that m akes you feel special can diffuse the

feeling of “I never have any fun!” that could lead to a big

budget blowout later. Even personal fi nance guru Dave

Ram sey agreed. “When buying stuff that you really need,

it’s okay to spend a little extra to avoid fi nancial, or even

physical, pain in the long run,” Ram sey wrote on his blog.

By: Debbie Anderson - October 23, 2015

You’ve been great about saving and not going on a spend-

ing spree, but every now and then, it’d be nice to loosen

the budget belt a little. Ever feel that way? It’s healthy. In

fact, som e experts say that splurging or spending freely

on som ething you don’t need can be good for you.

Financial expert Kyle Winkfi eld put it this way:

“When you splurge responsibly, it’s like a successful diet

with built-in cheat days. With any great budget that’s suc-

cessful, you build in a splurge. It’s your cheat day.”

So, can you cheat with a splurge and not blow your bud-

get com pletely? If you plan for the splurge with a “fun

m oney” account and stay within your budget lim its, it’s

doable. Everyone has the urge to splurge, especially as

the holidays approach. Nevertheless, sm art spending is

still within your grasp. Read on to fi nd out how to splurge

on a budget.

1. Use Credit Card Rewards

Using the m oney you’ve already spent to buy a little

som ething extra is genius. “If your credit card offers re-

wards, check your statem ent and add up the available

rewards points,” said consum er fi nance expert and

Freedom Financial Network vice president of sales and

Phoenix operations, Kevin Gallegos. “Visit the rewards

website — your splurge area — to see what you can get

by converting rewards into gifts, cash or gift cards.”

People with cash-back credit cards typically earn about

$25 a m onth in rewards, estim ated one 2010 study. And

if you use your card for reim bursed business travel and

expenses, you m ight earn a nice-sized reward for your


Especially nice are the cards that offer discounts to your

favorite stores, like Chase’s Am azon.com Rewards Visa

Card. It rewards you 3 percent cash back at Am azon.

com . Redeem your points, and you can fund som e hol-

iday shopping and pick up a little som ething extra for

yourself, too.

But don’t go into credit card debt by getting a credit card

for the sole purpose of earning points; only get a new

cash-back credit card if you don’t have any credit card

debt and you can pay off the m onthly balance.

Sticking to a budget doesn’t have to m ean you deprive

yourself every day. Allow yourself a cheat day every now

and then to stay on track. Just plan for your splurge,

m ake it proportional to your budget, don’t go on spending

sprees, and you’ll avoid m orning-after regrets and over-

spending fallout.

Kyle Winkfi eld, managing partner at O’Dell,

Winkfi eld, Roseman & Shipp, has more than

15 years of experience growing clients’ wealth

through cutting edge fi nancial strategies. Kyle

specifi cally focuses on reducing or eliminating

future income tax liabilities and preservation of

wealth while increasing lifestyle security.

4. Buy Experiences Instead of Material


Research cited in The Wall Street Journal suggests that

people are happier when they spend m oney on experi-

ences rather than m aterial goods. San Francisco State

University associate professor Ryan Howell told the pub-

lication, “People think that experiences are only going to

provide tem porary happiness, but they actually provide

To contact Kyle, please call

877-821-OWRS (6977) or visit

www.owrsfi rm.com.