Restriction can cause you to lose steam on your financial goals It can even make you feel guilty even when you spend money you planned to spend. You may even find yourself believing that you aren’t worthy of spending on yourself, or that you don’t deserve it when really, that couldn’t be further from the truth. Restricting your spending can lead to feelings of scarcity. Severely restricting your spending can be really damaging to the way you think about money. Restriction can create a poor money mindset If you don’t let yourself have anything you want, you’ll find it difficult to stick to and may eventually go too far in the other direction. Restricting your spending is similar to going on an overly restrictive diet. While it might seem like cutting out money for fun will help you save money, it often just results in impulse and emotional spending later on. Restricting your spending can actually have the exact opposite effect of what you intended. It turns out that restricting yourself financially can actually do more harm than good. There’s probably plenty of other purposes you could use that money for, and fun money can seem frivolous when you’re on a tight budget. Like many people, you might find yourself hesitant to make room for fun money in your budget. Why you need money for fun in your budget And the good news is that because fun money is planned in your budget, you can spend it 100% guilt-free. Someone else’s idea of fun might be new shoes or home decor.
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