As financial planners, we spend a lot of time talking about the best way to save and invest our clients’ money. A healthy savings rate, no matter your income level, is one of the keys to building a successful long-term financial plan.

However, there are also times when we must encourage our clients to spend money! Whether it is a special vacation, a family event, or a long-anticipated goal, it can be hard for some people to feel comfortable spending large dollars even on something they know is important to them.

One of the reasons this can be a challenge is because it takes more diligence to save than it does to spend. It can take decades of intentional savings to build up a sizable nest to support you throughout your non-working years, but it only takes a single one-time event to spend what might have taken you a year or more to save!

When these spending priorities are in line with a client’s values and goals, it becomes our job to give them ‘permission’ to spend. If you are a diligent and intentional saver, a large expenditure can feel wasteful or even irresponsible. However, it is our job to remind you that financial planning is more than saving and investing. It is about using your money to help you fulfill your most important values and goals. The permission to spend exists within the guardrail of assuring you don’t run out of money, while also maximizing the impact of your finances throughout your life.

So, the next time you are not sure about a large spending decision, let us help! Sometimes getting permission is all you need.

When have you seen a large spending decision provide a fulfilling experience for you or your family?