Got buyer’s remorse? Know this secret to regret-free spending

Dubai: We all know the drill: Budget for the essentials, save for the future, and keep an eye on those everyday expenses. But what about spending money on what makes life enjoyable? Those fun purchases—like a well-deserved spa day, fresh flowers, or an energizing cycling class—often get left out of our financial plans. The truth is, they deserve a spot in your budget, too.

Why you need a "joy fund"

Setting aside money for what makes you feel good isn’t frivolous—it’s smart financial planning. Delia Fernandez, a certified financial planner, suggests creating a separate savings account just for these feel-good expenses. “Think about what keeps you motivated, what makes life worthwhile, and put money aside to make that happen,” she advises.

Aja Evans, a financial therapist, agrees. She emphasizes that everyone’s joy looks different. Whether it’s a lively spin class or a quiet afternoon with a book, knowing what brings you happiness is key. “What refreshes you or inspires you?” Fernandez asks. “That’s where your money should go.”

Power of a feel-good budget

By earmarking funds for joy, you can spend without the guilt. Imagine setting aside $25 (about Dh100) from each paycheck into a vacation fund. With this method, you’re not only avoiding impulse buys but also making sure your happiness budget isn’t the first to go when finances get tight.

Creating a specific budget for these expenses—whether it’s for a manicure or a mortgage—helps prevent overspending. For instance, if you allocate $55 (about Dh200) a month for dining out, and you’ve already spent $35 (Dh130), maybe opt for brunch over a pricier dinner to stay on track.

How to budget for happiness

If you’re ready to add joy to your budget, start by applying the 50/30/20 rule. This method allocates 50% of your income to needs, 30% to wants (hello, joy fund!), and 20% to savings and debt repayment.

Not into structured budgeting? Here’s a simpler approach: List your income, subtract necessary expenses (like housing, food, and utilities), then subtract savings and debt payments. Whatever’s left is yours to enjoy—just decide how much to set aside regularly. “Even if it’s $10 (Dh36) or $100 (Dh367), the important thing is to consistently save for joy,” Evans says.

Where should you keep your joy money?

Fernandez recommends an online savings account. Not only could you earn interest, but it also keeps your joy fund slightly out of reach, helping avoid temptation. If you plan to dip into this account often—for a weekly treat, for example—a current account might be a better fit. Just make sure it’s at a different bank to reduce the temptation to overspend.

Make joyful spending a habit

The best part? Spending on yourself without regret. Review your joy fund regularly, adjusting contributions as your situation changes. If a new hobby or passion emerges, pivot your savings to match. “We all need a plan,” says Fernandez, “but it’s important to adapt when life changes.”

So, go ahead—treat yourself. And this time, do it without the guilt.