kyle Winkfield - Media GoBankingRates 10.23.15

1. 5 WAYS TO SPLURGE ON A BUDGET both m ore happiness and m ore lasting value.” An evening with friends, a vacation with fam ily or a date night with a spouse all count as experiential splurges with a high return on happy m em ories. And, these experienc- es don’t need to derail your budget. 5. Buy at the Right Time Many experts say certain m onths offer better deals on som e products. For exam ple, som e of the best things to buy in October include air conditioning units, a new car and outdoor equipm ent. If you practice sm art spending and buy your splurge item when it’s at its lowest price, you’ll probably feel better about spending the m oney. For an everyday exam ple, let’s say you’re itching to splurge on a fancy hom em ade dinner. With som e pre-planning, you can usually buy what you need to m ake the m eal m ore without spending a lot and still feel like you’re treating yourself. According to TheGroceryGam e.com CEO, Teri Gault, holiday sales at grocery stores offer an average of 67 percent savings on steaks, whole rib roasts, shrim p, lob- ster and cham pagne. She said Decem ber is a great tim e to stock up on all these item s so you’ll have them handy year-round for your next m eal splurge. 2. Go Big After a Little Research If you’ve saved your splurge m oney for a big-ticket item like a TV or laptop, practice sm art spending. “You’ll be able to score the best deals on m ajor item s with good re- search,” Gallegos said. “If you are choosing a high-dollar item , check reputable online review sources like Am azon and CNET. Then, use com parison-shopping sites such as PriceGrabber, Pronto or Shopping.com to fi nd the best online prices. Finally, search for coupon codes online at sites, including RetailMeNot, FatWallet and Discount- Codes.” Com parison shopping alone can save you signifi cant dol- lars. PriceBlink, a browser add-on, alerts you as you shop online if there’s a lower price available elsewhere on the web. Sites such as Offers.com track product pricing over tim e, which “can help you decide if the splurge is a good one,” said Offers.com ’s Kerry Sherin. Add a coupon code, and you could save even m ore on your splurge. Coupon code offers can range from free shipping to 25 percent or m ore off purchases. For purchases m ore than $100, that 25 percent can add up to signifi cant savings. To really am p up the savings, however, fi ll your virtual shopping cart with your intended purchase and abandon the sale. Many online retailers will em ail you a discount offer for the abandoned item s to nudge you to m ake the purchase. 3. Spend Money on Small Items Control the urge to splurge on item s you can’t afford by buying sm all item s that feel splurge-worthy. “To gain the feeling of purchasing som ething special, do so on little things,” said Gallegos. “Maybe it’s purchasing a $5 bar of handm ade soap, a sm all am ount of an expensive spice for holiday baking, a top-quality chocolate bar or a craft beer.” Benjam in Glaser, features editor at DealNews.com , add- ed, “Sm aller luxuries can still m ake a big difference in how you feel. Fine cosm etics, bed linens, good razor blades, and yes, quality toilet paper, are all affordable treats that will leave you feeling like a m illion bucks.” When you’re working toward achieving long-term budget- ing goals, splurging can take a back seat. But buying a lit- tle som ething that m akes you feel special can diffuse the feeling of “I never have any fun!” that could lead to a big budget blowout later. Even personal fi nance guru Dave Ram sey agreed. “When buying stuff that you really need, it’s okay to spend a little extra to avoid fi nancial, or even physical, pain in the long run,” Ram sey wrote on his blog. By: Debbie Anderson - October 23, 2015 You’ve been great about saving and not going on a spend- ing spree, but every now and then, it’d be nice to loosen the budget belt a little. Ever feel that way? It’s healthy. In fact, som e experts say that splurging or spending freely on som ething you don’t need can be good for you. Financial expert Kyle Winkfi eld put it this way: “When you splurge responsibly, it’s like a successful diet with built-in cheat days. With any great budget that’s suc- cessful, you build in a splurge. It’s your cheat day.” So, can you cheat with a splurge and not blow your bud- get com pletely? If you plan for the splurge with a “fun m oney” account and stay within your budget lim its, it’s doable. Everyone has the urge to splurge, especially as the holidays approach. Nevertheless, sm art spending is still within your grasp. Read on to fi nd out how to splurge on a budget. 1. Use Credit Card Rewards Using the m oney you’ve already spent to buy a little som ething extra is genius. “If your credit card offers re- wards, check your statem ent and add up the available rewards points,” said consum er fi nance expert and Freedom Financial Network vice president of sales and Phoenix operations, Kevin Gallegos. “Visit the rewards website — your splurge area — to see what you can get by converting rewards into gifts, cash or gift cards.” People with cash-back credit cards typically earn about $25 a m onth in rewards, estim ated one 2010 study. And if you use your card for reim bursed business travel and expenses, you m ight earn a nice-sized reward for your purchases. Especially nice are the cards that offer discounts to your favorite stores, like Chase’s Am azon.com Rewards Visa Card. It rewards you 3 percent cash back at Am azon. com . Redeem your points, and you can fund som e hol- iday shopping and pick up a little som ething extra for yourself, too. But don’t go into credit card debt by getting a credit card for the sole purpose of earning points; only get a new cash-back credit card if you don’t have any credit card debt and you can pay off the m onthly balance. Sticking to a budget doesn’t have to m ean you deprive yourself every day. Allow yourself a cheat day every now and then to stay on track. Just plan for your splurge, m ake it proportional to your budget, don’t go on spending sprees, and you’ll avoid m orning-after regrets and over- spending fallout. Kyle Winkfi eld, managing partner at O’Dell, Winkfi eld, Roseman & Shipp, has more than 15 years of experience growing clients’ wealth through cutting edge fi nancial strategies. Kyle specifi cally focuses on reducing or eliminating future income tax liabilities and preservation of wealth while increasing lifestyle security. 4. Buy Experiences Instead of Material Things Research cited in The Wall Street Journal suggests that people are happier when they spend m oney on experi- ences rather than m aterial goods. San Francisco State University associate professor Ryan Howell told the pub- lication, “People think that experiences are only going to provide tem porary happiness, but they actually provide To contact Kyle, please call 877-821-OWRS (6977) or visit www.owrsfi rm.com.