Today’s post is by our regular Wednesday contributor, Catherine Alford!
We all have weaknesses. When it comes to personal finance, those weaknesses can definitely become more pronounced. I’ve come a long way in terms of my spending and saving habits. However, there are still some things in particular that make me weak when it comes to spending money.
I would rather have a $100 meal at a super nice restaurant than buy a designer purse. The purse, you might argue, would definitely last longer, but I love the experience of eating out, and I feel like it’s always a special treat to get to spend quality time with my hubs.
There are some amazing restaurants where I now live in Louisiana, and I am just pacing myself so I don’t spend all of my money on food! Maybe it’s a terrible habit, but to me there’s nothing quite as nice as going on a date and really treating yourself to a lovely, three-course meal.
Since we are having twins next spring, I feel like we need to really live it up before they get here!
First Class Travel
I’ve been lucky to fly first class a handful of times, and every time it has been glorious.
I’m not saying that to act fancy because I’ve never spent a lot on this type of travel. Every opportunity has been because of pure luck or in the form of very inexpensive upgrades (no $4,000 tickets or anything like that!)
Still, once I can afford it, I can see how this can become a big money weakness for me.
It’s just nice to arrive at your destination or back home and not be completely exhausted. For some reason, the nice meal and the legroom just add that nice extra bit of comfort.
High End Electronics
I have an embarrassing number of high-end electronics. I just love them and find that they are so durable and long lasting (so long as you can resist getting the latest and greatest one.)
Although I write off my technology as a business expense, I have spent a considerable amount of money on it in the past year (and will continue to do so as long as my job relies on it!)
There are much cheaper products that I could buy, but I went down that route in college and had to constantly replace my computer and phone. I know that’s not everyone’s experience, but it’s just a personal (and expensive) preference.
If you’re going to buy high-end electronics, make sure you’re getting the best price. Here’s how to shop around and get the best deal possible on your next cell phone.
There’s a part of me that loves to dig in bargain bins at the store and there’s another part of me that tends to splurge on really nice, quality clothes in small quantities.
Although getting clothes on sale is really fun, it’s only worthwhile if they are quality brands that won’t fall apart during the first wash.
I’ve been trying to break the habit of buying clothes just because they are on sale and focusing on the ones that will really last.
So, those are my money weaknesses, and I promise I do have some strengths too! However, it’s time to chat about yours. What do you splurge on? What can’t you live without?
Catherine Alford is a personal finance freelance writer who received a B.A. from The College of William and Mary and an M.A. from Virginia Tech.