Personal Finance 101
Asked on 23 Jan 2020
I just bought a CAT 1 Mayday ticket!! :O
Personally, I do have a budget set aside for the occasional indulgence. After all, no one can predict expenses down the last cent, and if my favourite singer were to hold a one time only concert in Singapore, the budget has already been set aside for that. That way, I don't feel guilty about attending the concert.
However, you will need to keep track of your budget, spending and savings so that you know how much you have for your "indulgence allowance" if I may put it that way. It's also ok to dip into it once in a while as long as you replenish it. I have heard of this saying: "Life is too short to be anything but happy" so enojoy life while you can.
Haha congrats! I've also have colleagues buy Mayday tickets recently.
If I've just spent a few hundreds on something for that month, I would be more conscious about the spends I make the following month, i.e. think if I really need to buy this etc.
Ultimately, if you know you are the type to spend on concert tickets, this should be counted in your expenses budget when you do a cashflow analysis.
Wow, nice! Enjoy! :)
If this has been budgeted for, congrats!
If not and it bothers you, you can try to make up to it by splitting it into "monthly repayment installments" If you'd like to think, it's like a mini debt. That's what I'll do sometimes.
As long as you have a budget for your indulgence on certain occasions, I guess it is justified. What is worst is that you break your budget just to attend concerts.
I always spend more on experience (like attending concert, travel with family) and save on luxury items. I find happiness of good experience last longer than buying luxury items.
So its always good and justifiable to spend on this kind of experiences.
All expenses are budgeted. This would falls under Entertainment. By spending a bomb on a concert ticket, I will need to review my budget to see where such cost can be offset against. For example, no eating out at restaurant or no shopping for the month.
There is nothing to justify if you are paying to do things that you enjoy. You are accountable to no one but yourself.
As long as the amount spent is manageable and not excessive then go ahead to spend and experience it.
Others have hobbies like collecting Funko toys and spend alot on it. As long as it makes them happy and they can afford it then no worries.
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Enjoy! Once in a while is ok to spend to enjoy. We don't know when we die also. Cannot bring money to grave.
I follow a strict rule for spending money on anything that is not within the planned budget.
Firstly, I track my cashflow on a monthly basis and allocate a fixed amount of money for my expenses. Here is the full details: https://www.blog.pzl.sg/understanding-your-personal-cash-flow/
Next, I will create a monthly budget based on my cashflow. The best way to do this is via automation and this is how I do mine: https://www.blog.pzl.sg/how-to-create-a-monthly-budget/
From the budget, I will be allowed to spend my money on luxury items like concert tickets if I managed to cut some expenses from my daily spending. Otherwise, it will be a no-go.
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Anything to support our favourite musicians! 😍
While we should spend and allocate our money wisely, I personally believe that it's okay to splurge on something once in a while!
I guess some people even factor a yearly budget for entertainment, whether it's concerts or musicals.
At the end of the day, as long as it's within your means and you're not taking money out from your emergency fund just to buy the tickets, etc, I think it's fine!