8 Things Worth Breaking Your Budget for

8 Things Worth Breaking Your Budget for

Written by Caitlin Wood
Last Updated May 25, 2017

At Loans Canada, we love budgets and think they’re a necessary part of attaining financial success. With the power to get you out of debt and reach financial goals, we can’t recommend enough that everyone makes a personalized budget and sticks to it every month (at least to the best of their abilities).

But, do you know what we also love? Living life to the fullest and being “in the moment” as much as possible. Saving is necessary and important, but it’s also just as important to enjoy life and all the experiences it has to offer. You can’t sit back and watch life pass you by because you’re trying to save. That is unrealistic and ridiculous. Sometimes, and we mean sometimes, it’s, without a doubt, worth it to break your budget and just go for it. Just remember, if you are “going for it” every day or even once a week, you might want to rethink your priorities. Breaking your budget is okay once in a while, as long as you have enough willpower to go back to your regular spending routine right after. Additionally, what you break your budget on is also an important factor. If you’re willing to break your budget, it better be something that will add value to your life and benefit your future. Experiences that will provide you with life-long memories or quality items that will enhance the value of life are worth going over your budget. Life is too damn short to not enjoy the opportunities life presents us with.

Here are 8 things we think are worth breaking your budget for every once in awhile.

Vacation  

Everybody needs a little break from reality sometimes. No matter where you work, where you live, and what’s going on in your life, everybody needs some time away from life to relax and focus on your mental health. 40-hour weeks are long, stressful and tiring, and there’s no reason why you don’t deserve to take a vacation. This will benefit your own mental health, as well as your emotional and physical state of being. Vacation gives you time to catch up on rest, soak in some vitamin D, exercise, and clear your mind of any negative stressors back home. If you’ve been contemplating taking a vacation, and have been saving up for one, don’t be scared to finally go, we bet you’ve definitely earned it.

A Live Performance

Whether it’s your all time favourite artist or band or your hometown team made it to the finals, forking over the money to see them live is often a once in a lifetime experience. These types of events, while they do often cost a lot, create memories that you will remember forever.

A Quality Piece of Clothing

When you look good, you also feel good. That being said, it may be more costly to buy high-quality items that fit your body in a certain way. For instance, Lulu lemon leggings cost around 100$, which is extremely pricey for a pair of black leggings. However, they’re not just your average pair of leggings, as Lulu Lemon uses top of the line material that embraces your body and shows your curves. In my opinion, they’re worth every penny because no other pair of leggings will hug your body and make you look that way, which also makes you feel good about yourself. Similarly, if you’re working at a big law firm, investing in a suit is definitely worth breaking your budget. You will wear it every day and get your money’s worth. You will look good and most importantly, feel good about yourself.

Spending Time With the People you Love

You should definitely consider breaking your budget if it means spending quality time and sharing memorable experiences with loved ones. For example, if your friends come in from out of town, there is no point in giving up great memories for money. If your group of friends is going out to eat dinner, drink wine, or even see a movie, you should be able to join and enjoy the experience with your friends. Why should you stay home and save while your friends are out having fun?

Keep in mind though that it’s very easy to make this one into an excuse to go out and spend way too much money way too often. Going to the same bar with the same people you see every week is not a reason to break your budget.

Have no idea how to create a budget? This article is for you. 

Essential Technology

If you’re a student using the computers provided at school, it may be frustrating to always have to work in the same place. Sometimes schools even have limitations and computers can only be used during certain hours. If so, investing in a laptop could greatly improve your school life. We think a laptop can be considered an essential item depending on your lifestyle. But it can also be very easy to go overboard in the technology department. If you’re trying to stick to a strict budget, a laptop, tablet, brand new cell phone, and smartwatch are not all essential so make sure you consider what type of life you live before you break your budget for a piece of technology.

Fitness Activities

If you’ve always wanted to take up a sport or interested in going to the gym we would consider these proactive ways to spend your money. Even if this requires you going over your monthly budget, working out will increase your health, happiness, and state of mind. While this is not only good for your body and heart, it is also beneficial for your emotional and mental state. Exercise is proven to reduce stress and improve performance. This is money well spent, as you are getting your money’s worth.

As a side note, your health should always be a priority, but there are lots of great and free ways to workout, so if you feel like you’re breaking your budget for a few too many reasons, we would suggest skipping this one.

Home Renovation

If your home is looking a little dated and is due for a renovation, this may be something to consider going over your budget for. While the cost of home renovations may seem very expensive at first, it will be worth it in the long run. Renovations will increase the value of your home and therefore you’ll be able to sell it for a higher price. Similarly, renovations can improve your way of life while you continue to live in your home.

For instance, if you finally break down that wall in your kitchen you’ve been talking about removing for years, you’ll have more room do whatever you love doing in your kitchen, whether it’s throwing more dinner parties or cooking. Thus, while it may seem slightly inconvenient and expensive, it will directly improve the value of the home as well as the quality of your life.

Learn about increasing your home’s value with a personal loan, here

Education

Spending money on your education is never a waste of money. Investing in your future and your intelligence is something that will only benefit your life. If you’ve always wanted to go back to school to do a Master’s program, no matter how old you are, you should consider doing it. Learning and broadening your horizons is priceless.

What you decide to break your budget on is subjective and up to you and what you prioritize in life. Despite what you chose, it must enhance the quality and value of your life. Keep in mind, when making the decision to go over your budget; you must be willing to spend cautiously for the rest of the month. It’s okay to go over your budget once in awhile, but it shouldn’t become a habit.


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Caitlin is a graduate of Dawson College and Concordia University and has been working in the personal finance industry for over eight years. She believes that education and knowledge are the two most important factors in the creation of healthy financial habits. She also believes that openly discussing money and credit, and the responsibilities that come with them can lead to better decisions and a greater sense of financial security. One of the main ways she’s built good financial habits is by budgeting and tracking her spending through the YNAB budgeting app. She also automates her savings so she never forgets to put aside a portion of her income into her TFSA. She believes investing and passive income is key to earning financial freedom. She also uses her Aeroplan TD credit card to collect Aeroplan points so that she can save money when she travels.

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