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One of the lessons I’ve learned as I continue to work my way out of debt is that you need to treat yourself and celebrate your little successes along the way so you can avoid debt fatigue down the road. Celebrating small milestones, like getting another $1,000 knocked off your debt total, starting to put money aside for retirement or paying off a credit card balance, is important for both your sanity and your family’s sanity.
Find out now: How much money do I need to save for retirement?
I don’t have kids, but several of my personal finance blogger friends do, and they have talked about how kids don’t always understand how they can contribute to the family financial goals since they don’t earn any money. Plus, sometimes kids don’t understand why there is a sudden need to cut back on expenses they have come to know as normal- things like going out to eat or having a night out at the movies with friends. Allowing yourself and your family to celebrate your financial wins as you work your way out of debt will help them understand that while your family is now living on a different budget, it’s still okay to enjoy the present.
With that in mind, here are five frugal ways you can celebrate your financial successes, so you don’t erase all your progress!
1. Go out for Dessert
As a kid, whenever we’d go out for dessert after a home-cooked meal, it felt like a real fancy treat. Now I know that this was mom and dad’s way of having a celebration without spending a lot of money on paying for a whole meal.
2. Rent a Movie
This may not seem like a treat if you rent movies all the time, but if you are living on a very strict budget and don’t often rent movies, this could be a treat for you and your family. Make it the full experience – popcorn, candy, etc. Renting a movie and making popcorn at home is a fun way to celebrate, and it’s still a lot cheaper than going to the theater.
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3. Hit a Matinee
Wait, didn’t I just say to avoid the theater to save money? Yes, but sometimes movie theaters offer cheaper matinee movies earlier in the day. Often showings before noon can be as little as half price. This is a more budget-friendly way to enjoy a new movie.
4. Buy a Book or Magazine
One of the first things that got cut from my budget when I started focusing on financial goals was my magazine subscription. Most of the time I don’t miss it as I have plenty of things to keep me busy, but sometimes it’s nice to somewhat mindlessly flip through a magazine in the evenings. Buying yourself a new book – maybe one of these investing books – or magazine is a fairly cheap way to entertain yourself and if it’s a rare occasion, it can serve as a reward too.
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5. Go on a Day Trip
If you aren’t traveling too far, the most expensive part of the trip is usually the overnight accommodations. By taking a day trip instead to the beach or somewhere else, you can get out of town and away from the norm without having to shell out for an expensive hotel room.
What other frugal ways can you think of to celebrate your debt successes?
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