The article introduces the 'treat yourself tax,' a budget-friendly strategy that allows you to enjoy small treats while saving money. By transferring the cost of any unnecessary purchase to your savings, you satisfy cravings for items like coffee or clothing without overstepping your budget. Financial expert Nadia Vanderhall emphasizes that this approach is a mindset shift that incorporates joy into spending while remaining financially responsible. Essentially, itâs a way to enjoy life's little luxuries without guilt or financial strain, making budgeting more enjoyable and sustainable.
Whenever you purchase something unnecessary, you take the same dollar amount and transfer it to your savings. Did you just get a $7 latte? A $30 shirt? A $200 watch? Open up your banking app and move the same amount immediately.
According to Nadia Vanderhall, a financial planner and founder of The Brands and Bands, the treat yourself tax is a mindset shift that helps you stay in line with your budget.
It's about looking at your money, figuring out what brings you joy - big or small - and building that in on purpose.
This is the kind of hack that works because it's flexible and real. It allows you to grab a latte when you're in the mood and put a little fun back into your life.
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