Establishing and sticking to a personal budget takes commitment and discipline.  Advertising and media coverage of shiny new tech toys, exotic vacations, fancy new cars, etc. are constantly tempting us to stray from our long-term financial goals.

One of the key reasons for understanding where we spend our money and establishing a budget is to make sure we are spending in areas where we derive the greatest value. Eliminating all of our personal desires makes it even harder to stick to the budget and may in some cases cause individuals to abandon the plan altogether.  After all, what’s the point of working and earning a living if we can’t enjoy it once in a while right?

For myself, I still indulge in the small luxury of an occasional coffee at (not a daily “latte factor” but once or twice a week) and love going on vacation once a year with my wife.  It’s doubtful we would sacrifice those things to increase our monthly savings. I fully accept that vacations can be expensive; for us we value that time together more than designer shoes, handbags, etc.

Everyone’s perception and definition of value is different and we all have our individual “luxury” desires.   Readers, what are your luxuries?

Disclaimer:  This blog has no professional association with any organizations or companies mentioned in the article.  The contents of the article are the personal opinion of the author at the time the article was posted and may be subject to change.  The blog and author are not responsible, nor will be held liable for any content posted by others in the blog comments.  Readers should complete their own due diligence prior to making any personal decisions.