6 reasons to stop being cheap and enjoy life

saving money

Being cheap isn’t a sign of a healthy relationship with money. But it also isn’t always a sign of intelligence either. We all have to make the same trade offs, but we can do them in a more mindful way without hurting others or neglecting ourselves, all for the sake of saving a little more money.

In this article, we will explore 6 reasons why being cheap is bad for you and not always that great for your wallet either.

1. Feeling guilty about spending money on yourself

We all get an opportunity to spend on ourselves. Sometimes, that may be a necessity. Other times, it may just be the thing that gets you out of bed in the morning.

There are many different reasons why people may feel guilty for spending money on themselves. We are taught from a young age to save money for the future and not spend it mindlessly. There’s also this idea that we need to make sure our friends and family are taken care of, before we take care of ourselves.

being cheap

However, if you allow yourself to start feeling guilty and regretful whenever you spend a couple bucks on yourself, then it is time to stop. This type of thinking may cause you to fall into depression or feel trapped and even more unhappy with your lifestyle or situation regardless of how much money you make.

It’s time to stop feeling guilty about giving yourself the things you deserve. Sometimes even things you may do for your loved ones will stay in your mind as a heavy expense. Or at least, you will not be feeling 100% good about having spent on them and will probably try to make the money back as soon as possible.

2. Stressing about your savings, may cause more serious problems

When was the last time you treated yourself to something nice, without stressing about it? It could be a new book, a massage or even something as simple as getting your nails done. If you are a cheap person or a hardcore saver, then you may not even remember the last time that you spent on something purely for your own pleasure and satisfaction.

Stressing about this type of topics can slowly cause other mental or even physical conditions that come from too much stress and overthinking! Then you may have to spend a big chunk of money anyway to even recover or get your healthy self fully back again. And even after you spend, it will still not be guaranteed that you’ll succeed in doing that.

Looking at your bank account balance every day is not gonna increase the number that you see or make any difference. Have a long-term financial goal and put together a plan to reach it.

Once this is done, you will have no reason to deprive yourself from simple little joys of life, as long as your short-term financial goals are being met. Also, as long as you’re walking towards your final and long-term financial goal there is no need to try and save every last penny.

3. Life is short!

Nobody knows when their time to leave earth may come. Sometimes age can be a good indicator, but that is not always the case for everyone. Theoretically, everybody is susceptible to having an accident and dying sooner rather than later. So instead of letting this morbid reality depress us and cause sadness, we should at least try and make the most out of our journey in life.

Go out more, do the things you like, eat more often at your favourite restaurants, spend more money on yourself and spend more time with your loved ones. There’s nothing wrong with having savings for a rainy day but don’t go overboard and try to save every coin that falls into your hands. Try to live a lifestyle that reflects your means; if you can afford a nice one, rather than being cheap and worrisome and living a difficult life just because you worry about a possible lack of money all the time.

The money you are accumulating will eventually be spent! That is literally the purpose of money. If not spent on yourself then it will end up falling in the hands of other people sooner or later and hopefully they will know how to spend it to make more beautiful memories for themselves. For this reason, it is only fair that you spend your own money that you worked hard for, for your own pleasure first as you deserve it the most and before others.

4. Treating yourself can only do good to your mental health

It is a known fact that treating yourself can have a positive effect on your mental health. The concept of self-compassion is a key part of this.

Self-compassion is the idea of treating yourself with the same kindness, love and understanding as you would a friend or family member. If you’re the type of person that finds it easier to spend on others but just not on yourself then learning self-compassion is the solution. In fact, studies show that self-compassion is not only good for your mental health, but also for your physical health as well.

A person’s brain has evolved to anticipate reward from good behaviour and punishment from bad behaviour, so it makes sense that these rewards and punishments are internalised as well. Not only that but the good behaviour can also go a long way in making us happy and content, hence mentally more stable and balanced. Self-love acts also make a big difference in making us happier and mentally more balanced.

5. There are things in life that matter a lot more than saving money

Do you always find yourself looking for ways to save money? Perhaps you are one of those people who keep track of every penny that they spend, meticulously calculating how much is being saved. Or maybe you are just trying to be more frugal with your spending, but are having a hard time figuring out how to make it work.

Whatever the reason, there are things in life that matter a lot more than saving money, and you should have your priorities straight and understand that money is not always the endgoal!

The problem with focusing on saving money all the time is that it can lead us to neglect other important aspects of our lives. We may not have enough time for friends or family members because we’re too busy working overtime to earn extra cash. 

But, the moment we lose that one person that we work so hard for in the first place or that we love the most, for example, may be the moment we realise that spending more time with them would’ve been a lot better than accumulating savings.

6. Spending on yourself can be an incentive to working more

Like mentioned earlier, when we do something nice for ourselves, the brain releases dopamine which makes us feel happy and rewarded. When we do something unhealthy for ourselves, the brain releases cortisol and we fell bad about it sooner or later. This is why rewarding yourself for your hard work can go a long way in making you addicted to reaching new goals, so that you can unlock your next little treat!

spend money

We all have a guilty conscience about spending money on ourselves. But we need to realize that this is not a crime. Spending money on yourself is important because it will make you feel good and confident about yourself, which will make you more productive. For this reason spending on yourself may mean more money in your bank account in the future because you will see what that money did for you and work harder for more. And in this case, being cheap doesn’t always mean more money in your bank account in the future!

Sometimes, if we’re way too focused on working hard and only ever saving the money that we make, then we lose purpose and may get burned out or depressed. That’s because life will start looking bleak and we will have nothing to look forward too.

For these reasons it is important that you reward yourself appropriately for the hard work you do, once in a while. This way you stay motivated to do even more work and possibly make more money!

Bottom line:

Life is about the small moments that matter, the time we spend with loved ones, the time we spend with ourselves and the time we spend enjoying life. We should not be looking for opportunities to save money at all cost and lose track of everything else going on in the background.

Saving money is just one of the things in our lives that matter but there are other things that matter just as much if not more!

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