Why Splurging in Retirement Is a Good Idea

When in retirement, there is a big difference between splurging on nice things occasionally and outright wasting your money on things you won’t use. However, many retirees confuse the two and start saving like Scrooge while refusing to spend any money on themselves unless it’s a necessity. In fact, 25 percent of people decrease their spending in retirement, even when they are financially well-off.
For example, if you’ve got a hobby that requires using a laptop or smartphone, you might wonder if you should get the new iPhone models. However, new iPhones are expensive. Granted, you can get a strong case for your iPhone to protect it from drops and shocks, but you’ll still need to shell out around $1,000 to get one.
In the grand scheme of things, $1,000 is a good deal when it gets you a device you can use for many years. Apple is known for offering operating system updates for around eight years, and you can still use your phone after that.
Go through your home room-by-room to honestly assess the furniture, starting with your bedroom. Is your bed comfortable? Do you get a good night’s sleep? You could just need a mattress topper, but if your bed is already in bad shape; a topper won’t help much.
Food is a special type of experience that brings people together. However, when you visit an amazing restaurant, the food itself becomes the focal point. According to science, it may just be a chemical reaction, but food can make you happy by boosting serotonin and dopamine. Many healthy foods, like kombucha, yogurt, dark chocolate, berries, and fatty fish, can boost your mood significantly.
Remember the last time you went to a nice restaurant and were elated just being served long before you took your first bite? You can get good food anywhere, just like hanging out with people you love at any time. However, the combination of company and good food is somehow magical.
Start tracking your current spending and compare it to your income to see what you have to spare. If your savings account or net worth increases regularly, you have at least some room to splurge on things outside of your basic needs. Plenty of things can make your life even better in retirement. This can include things like tech gadgets, appliances, comfortable furniture, great food, and experiences out in the world.
Don’t spend all of your retirement in a Scrooge mindset, unwilling to part with your money. Money is meant to be spent. It’s just a tool and a medium of exchange. If you don’t currently have extras factored into your monthly budget, make some adjustments and start buying those things you want and need to enjoy your life in retirement.