Payday Treats: Do you still indulge in them?

Mortgage rates and household bills are on the rise, so is treating yourself still achievable? Do you allow yourself a payday indulgence or two, or are you more inclined to squirrel away any spare funds due to the cost-of-living crisis?

In this GLAMOUR magazine article, for example, a teacher on a salary of £34,000 a year, hints at the fact that treating herself could well be a thing of the past, due to spiralling monthly costs.

She tells the publication that, since mortgage and energy rates have increased, she doesn’t have the spare funds to treat herself to any ‘materialistic’ things.

Exploring the subject further, we bring together some quotes from the Unity Mutual team (and our own friends and family)* to reveal how people are – and aren’t – spending their money currently.

A Welcome, End-of-the-Month Reward?

Unity Mutual’s Leonie views a payday treat as a welcome, end-of-the-month reward – and many other full- and part-time workers will likely feel the same.

“Personally, I feel a payday treat (within reason) is necessary to feel like your hard work is going towards something other than paying your way in life.” says Leonie. “That being said, I’m quite partial to homewares and decorating, so my idea of a payday treat is usually something for the house that I’ve been saving towards – so that’s how I justify it.”

Leonie’s partner, Alex, agrees: “We’ve made a tradition of going out for a meal or ordering in on pay day, it’s our way of celebrating getting through another month in a sense. Not having to cook feels like a pat on the back!”

Are smaller treats more justifiable?

Many others agree, with Sandra, from Lancashire, saying: “My priorities [in terms of treats] are my nails, because I never had any until six years ago!

A prolific nail-biter, Sandra says perfectly polished talons are a treat she looks forward to at the end of the month.

She believes that a small treat is more than justifiable if she can afford it. “If we were really struggling money-wise, I’d have to quit getting my nails done though.”

‘Treats, But Not as We Know Them’

“I’ve certainly cut back a bit on payday treats”, says Lauren, from West Yorkshire. “Before the mortgage rates went up, I’d think nothing of booking myself in for a monthly facial or massage – two of my favourite things to spend my money on.

“Lately, I’ve been much more careful with my money. I will still treat myself, but a treat now is generally something smaller. It seems frivolous (and I suppose it always was, in a sense) to spend £50+ on a massage. This is especially the case now, when food bills are sky high and our mortgage is due to go up by hundreds of pounds.”

She adds that she’s trying to view ‘treats’ in a non-monetary sense. “While I’m aware it isn’t free, as such, a treat these days is far more likely to be a hot soak in the bath with a book, or a coffee and cake at the coffee shop. With a demanding 18-month-old in the house, even a nice dip in the bath is a very welcome treat these days.”

Tightening the Purse Strings

For Sara from Lancashire, who has four boys to feed, treats are becoming less of a regular occurrence.

“Any spare money we had before [the cost-of-living crisis], we would put aside for family holidays. We’d have a few a year, but now we try to focus on saving for one big holiday, rather than a few smaller ones. This generally means we need to put aside much less ‘holiday spending money’ across the year, too.

“In terms of smaller, payday treats, I’ve cut back on those too. While I have more time to work as my boys are all now in school, I only work part-time, which means we still need to think about rising household costs.

Much like Lauren, above, Sara says treats don’t always have to mean splashing the cash.

“You can still spoil yourself on pay day without going mad and spending too much.” she says. “I limit myself to one or two smaller treats per month, as opposed to a big splurge.” she says.

Do you spend any spare money or save it? If you’d like to build up a savings pot for the near or long-term future, view our range of financial products** here on the site.

Plus, don’t forget to keep an eye here on the Knowledge Hub section of our site, for more articles like this one.

Until next time…

*Some names have been changed

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