Money Notes

Money Notes #19 – The Bi-Weekly Newsletter from Halo Invest

Two notes in one month.

Only the most useful, relevant, and practical entries on finance and money.

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Money Tip

Knowledge you can use

How to spend your money with zero guilt

Being an adult means that you can choose to have a bowl of ice cream at any time of the day without feeling guilty. But it also means you’re responsible for your actions and the consequences – dealing with a tummy ache after indulging. 

In the same way, you might feel guilty about treating yourself to new shoes while you’re saving up for rent because you don’t want your landlord to chase you out. This is why you need to include some guilt-free spending in your budget.

Guilt-free spending allows you to spend money on things that make you happy without affecting other bills. It’s enjoying the moment while having plans for the future, because who says you can’t do both?.

Here’s how to live with a guilt-free spending budget:

  1. Try the 50/30/20 budget rule: If you haven’t figured out a budget that works for you, then you can start with this rule. 50% of your money is for your needs, 20% is for savings and investments and 30% is for enjoyment.
  2. Make sure you’re saving up for the item you want ahead of time: Saving with a goal in mind will help you put more value on that item just as you do for your other important saving goals. Plus, it also gives you time to decide if you really need to make that purchase or not.

    If you’re saving up for a solo weekend trip because you need a change of environment, tag your enjoyment fund as ‘solo trip’.
  3. Cut down unnecessary spending: Take note of your day-to-day expenses and cross out those items you spend money on that you can easily live without. This way, you can spend on things you actually love.
  4. The 24 hours rule: If you come across an item that you want because it’s 30% off, don’t be in a rush to place your order. Give it another 24 hours while you think through whether or not you should get it. In the end, you might realize that it’s not a must-have.

    The holidays are here, so as much as you want to do some guilt-free spending, don’t do it all at once. 
  5. Whatever you do, don’t use your emergency funds for guilt-free shopping: Dipping into your emergency fund to cover a guilt-free expense is a bad idea. Avoid taking that route just because you want to treat yourself as it can make you fall behind on your financial obligations. It’s always better to save up for the item than take such a risk. 

For You

Fun, useful stuff you will absolutely love!

Read how this young entrepreneur started her bag business in 2018.

What’s your next move if you got an unexpected N10m? Check other people’s replies.

This relatable meme on how you probably react when money leaves your bank account.


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