As a kid, you thought being a grown-up with money meant one thing: unlimited candy. But now that you're older and have some cash, you mostly just use it to pay for rent and groceries. Rewarding yourself, though, can help make you a more effective spender, saver and financial planner. And that's even better than a king-size candy bar. Here's how it's done:
1. Set a splurge account savings goal
So you're socking away money each month for a car, a home or retirement. But savings can also be used for—wait for it—something fun. After all, isn't it better to go ahead and admit you need that beach vacation so you can budget for it ahead of time?
2. Set a goal to reserve a percentage of your tax refund and/or bonus to reward yourself
There's nothing quite like that feeling of a sudden influx of cash. It's not great to blow it all in one wild weekend, but there's also no need to stash everything under your mattress for 30 years. Spend a bit on practical expenses … and then dub some as "just-for-you."
3. Check your transactions weekly (or better yet, daily)
Make time for your finances, even if it's just a quick scan of your transactions on your phone while you're in line for coffee. In addition to your more regular check-ins, don't forget to sit down once a month to compare your transactions to that budget of yours. Use online and mobile banking to make this a breeze.
4. Make sure you are getting rewarded with your bank products
Because why shouldn't you be? Make the most of the money you're earning and spending every day with the help of products like rewards credit cards. (If you're worried about paying your bill in full at the end of the cycle, simply set aside money in a separate account throughout the month.) See? Even your bank is proud of you.