Have you ever thought if it were possible to indulge in your wants and still avoid bankruptcy? It is doable, but you really have to be disciplined to achieve it.

Saving is more challenging than spending. However, you will feel guilty after realizing you spent so much money on things you really don’t need. Save yourself the disappointment of exhausting the majority of your money and questioning later where it all went.

Ways To Indulge And Still Avoid Bankruptcy

Learning how to budget your income is a smart move. Meanwhile, there are ways you can spend money and still avoid bankruptcy.

1. Set Yourself Some Boundaries

You should know how to limit yourself in how much you spend on the things you want. Do not spend your entire paycheck on wants because you also have things you need to purchase.

Establish limits and self-control: Having self-control and establishing your limits guarantees you will not exceed the boundaries you set for yourself. Likewise, setting yourself some limits will keep you from impulsive buying. The greatest way to spend money and avoid bankruptcy is establishing your limits.

  1. Leave Your Money Aside

If setting limitations for yourself mentally does not work, then try setting your money apart. Setting aside your money to save against the amount you plan on spending will give you a better chance of not spending those funds. That money will neither be in bank account nor wallet where you can just take money out and spend it instantly.

Assign someone to keep your money: If you do not trust yourself, let somebody else whom you fully trust to hold your money. For instance, ask your parent, a sibling, or a dear friend to hold your money because he/she will never let you spend it unless it is absolutely necessary.

  1. Divide Your Money

Separate or divide your money in different bank accounts. This tip will let you send all the money you want to save in a separate bank account.


Make a separate bank account: If your money starts to pile up, create another bank account to safekeep all the money you want to save.

Choose a restricted or exclusive bank further from you: Meanwhile, the bank you choose to safekeep your money can be exclusively in a further place. This way, if you ever want to touch your money, it would feel tedious to go out and travel to the bank. Moreover, you can assure yourself that you will only touch the money when you need it.

  1. Just Buy One

Sometimes when people go out to buy stuff, they want to buy an item in different colors. For instance, when you buy a pair of sweatpants, do not feel compelled to buy another one in a different color just because you want to.

Only purchase the ONE that looks good: Buy the item which looks the best on you to save yourself a little money. Speak to yourself, “I could be saving this money instead of spending it,” or “Do I actually need another one in a different color?” The same concept goes with other items.

  1. Take Advantage Of Sales And Discounts


Do your research first before shopping to see which stores offer great deals and discounts. If you love buying shoes that are new, see what shop has shoes on sale. Stores such as Wal-Mart and Target will put exactly what you would like available that week. You could shop in stores such as Costco and Sam’s club, which require you to have a membership, but save bigger especially when you are purchasing for a family.

  1. Track Your Expenses

Documenting what you’re spending or keeping your receipts can allow you to determine where all your cash is going. Then, you can evaluate the list you made, and eliminate some items which you do not need to spend further. Since you know where your money is going, you will manage your expenses better the next month. .

  1. Saving your loose change all adds up

Setting aside all loose change you have will eventually add up. For instance, saving seventy-five cents each day in a year will accumulate around $300. Do not turn a blind eye at the loose change you receive when you are out shopping.

Keep them in a jar: Instead, put them away in a jar and let it add up. Then, when the jar is full, you can cash it in at the nearest bank. Repeat this process and transform your loose change into dollars!

  1. Purchase Generic Brands

Name brand items appear to be the ideal option, but they come with a hefty price. There is nothing wrong with purchasing a generic brand of mouthwash, or shampoo.

They offer the same service: Compare the components of the generic items and brand items you purchase and discover that they almost have the same components or ingredients. Thus, the next time you buy items, try to see generic and cheaper versions to save money.


Now you have ideas on how to indulge and still avoid bankruptcy, get started! Doing these tips will really help you save money and actually have backup when you need to spend it on something important.

If you’re looking for legal assistance regarding this subject, you can click here.

Author’s Bio: Monika Hall is a businesswoman and has been a law writer for the past 12 years. She is currently writing a new law piece and hopes to impart her knowledge to others in her writing. Monika is forever a creative spirit. She always expresses herself with creative pieces such as poetry whenever she has the time.

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