In case you haven’t been following my series, “A Family Guide to Living on Less”, you can catch previous articles here:
- How Deep is the Hole You’re In?
- Luxuries and Necessities
- Creating a Budget
- Credit Cards are for Emergencies
Everyone needs “treats” sometimes. Without them, you can become overwhelmed with depression, or at least, find it difficult to preserve the positive attitude necessary to continue to face the challenges ahead, whatever they may be. However, most Americans move sublty beyond this concept of occasional diversion and feel that besides our “daily bread” we actually deserve to have fun, entertainment, and rewards. Hence we say that “man cannot live by bread alone.”
Whether or not we can afford them, we still want to have some treats. But if you are facing a financial crisis,
giving up your expensive luxuries is a quick and important step in gaining control over your situation. What you lose in fun activities you will make up in fewer sleepless nights. For busy parents, a good night’s sleep may very well occupy position number one on the treat list! This article will help you find lower cost, but still reasonable, substitutes that you can adjust to and enjoy over the long haul.
In previous articles, I’ve encouraged you to itemize all your expenditures for at least the last six months. I suggested that you list the amount of money you had spent in separate categories and then mark which ones were luxuries. If you did that, then you have a clear picture of how much you used to spend for different items. Pull those out again and look them over carefully.
Do you still want to spend money on the same kinds of things, or have your priorities changed? Your preferences for recreational activities may be quite different now.
Put a list together of the activities you and the family actually want to continue. Prioritize the list from the things that are the most important to the things that are the least important. Be sure to let everyone in the family contribute their thoughts. Open discussion should be encouraged. It’s important for all members of the family to listen to each other and respect divergent opinions.
Continuity is something to think about as you weigh the possibilities. Children, delighted with the prospect of giving up forced practice sessions, may eagerly agree that their music lessons can be sacrificed. However, the parent who has endured hours of listening to the basics being mastered and now delights in listening to real music being played may be extremely reluctant to see the investment cast aside. Club and association memberships often have an initiation fee. Canceling them can save money now, but another fee may be charged to resume the membership at a later date.
Besides continuity, another important thing to consider is self-esteem. A loving parent is going to be quite reluctant to withdraw a child from a sport or activity that has been the child’s source of acclaim and newly discovered pride. A child needs the confidence boost that is tied to his or her ability to excel in certain activities. On the other hand, the expensive “toys” that adults like to operate (boats, sports cars, etc.), although they may pamper an injured ego, should not be considered with the same seriousness.
For each category of luxury, you have three options: to keep it as is, to find a cheaper alternative, or to eliminate it altogether. You may be surprised at the options available if you do choose to substitute. More and more communities have second-run movie theaters, which offer feature films at less than half price for those who are willing to wait a few weeks. There’s no law requiring you to buy the overpriced popcorn and watered-down soda either.
To help you make choices regarding common luxuries, the next part of the series, “How to Cut Back on Discretionary Spending“, discusses a few of them individually.
**This article was featured in the 139th Edition of the Festival of Frugality.**
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Mrs. Micah
08.15.08 at 1:19 am
I agree. Some things may be worth keeping, especially things you can’t make up for later. A lot of that involves children, since they’re only at that stage once. But there’s plenty which can be left out or replaced with less expensive alternatives. As you say, a good night’s sleep is well worth-it!
Anna
08.15.08 at 1:28 am
It’s definitely hard with kids, you want to give them what they want, but that can be difficult when you can’t afford it.
Kate
08.20.08 at 12:50 am
Great tips! We have definitely found this to be true and have prioritized all of our little extras in life.
As silly as it sounds, dessert is very important to our family and is one way we avoid feelings of deprivation. But, it’s a dessert made from scratch, and it’s only a treat-sized portion.
The way I see it, creativity can go a long way to keep you from feeling deprived or over-burdened by frugality.