The power of budgeting is at the heart of all good personal finance strategies, so the results of this infographic from Oliver’s Travels should be no surprise to those who are careful with their money.
That said, being on a strict budget can be a little demoralising for some people, so just like planning for the occasional ‘cheat day’ when you are on a diet – you can plan to occasionally get a luxury item when you are on a strict budget.
What we are not saying of course is to occasionally just randomly splurge on a luxury, if you do that there is a significant chance you could fall into a bad pattern of spending, or just break your carefully designed budget.
The key is to plan. Plan what luxury you are thinking of getting, and look at your budget and where you can make some savings.
The infographic takes a look at the luxuries you could afford to buy if you were to forego certain expenses – you don’t really have to use the example savings – you can take a look at your own budget and spending habits and the infographic can then give you inspiration regarding where to start.
For example, do you really need both that Sky TV subscription, when most of the time you just use Netflix?
View the infographic in full below, and we would love to know if you have any tips or luxuries that you just can’t do without.
Source: Oliver’s Travels