How do you spend your money on what matters to you? Especially if you belong to a generation that saved during those days of scarcity, and has now a stash to spend. Uma Shashikant, writing for ET, lists 5 points you could consider.
What matters to you
Identify what matters a lot to you and ask if you have allocated it the money it deserves. For instance, if it’s travel, spend on the tickets, reservations, accommodations and such, to make sure it is comfortable.
Spend on a hobby
If you have a hobby, you may not be serious about it unless you are willing to devote time, energy and resources. If it’s music, enrol in classes. If it’s photography, invest in a good camera and lenses.
Things you kept for later
If there are expenses you have postponed, and now you feel you have the money to spend, bring them back to the table. Buy books that you love reading, buy clothing and jewellery that you denied yourself in your saving days.
If there are expenses that will enhance your comfort, consider allocating money to those. A comfortable reading chair, flight tickets instead of train tickets or even a better quality bed or blanket.
Joy of giving
If you think you have more than you need, learn to give it away. There are many that can use that money very meaningfully. You may have made a difference to another life if you paid a hospital bill, a tuition fee or even some simple things.