What is your indulgence?

We all have one. A little something on which we're ready to spend impulsively and even sacrifice a portion of income we haven't even earned yet. Maybe it's that low-fat decaf latte you absolutely NEED each day before work, even if it costs you $3 and without which you feel something is missing¹. Or maybe it's the latest shoes? Or the 2 bottles of wine you buy each week?

We're so sure we deserve that little extra something in our lives that we give in to it by habit, not realizing how much we are spending annually on it. Hundreds and thousands of dollars are spent trying to fill an emotional void. The problem is that the emotional void returns each day, each week or each month.

While you're getting that instant gratification, your credit card bills are adding up and in the end, you're paying interest on restaurant dinners you felt you couldn't do without.

How to give it up

If you want to rise to the challenge, you first need to answer the following questions:

• What is your indulgence?
• How many times a week or month do you feel like giving in to it?
• How much does your indulgence cost you each year?
• Do you REALLY need to fill that need when it arises? Is it a question of need or ego?
• What else could you be doing with the money you are currently putting toward this "need"?

If you believe you don't have an indulgence, think again. Carry a little notebook with you and write down each and every purchase you make each day. At the end of the month you'll find out what your indulgence is!

Do whatever it takes

Once you've identified your indulgence, you'll be able to do something about it. You're in the habit of buying a latte a day? Why not make it at home and bring it with you in a thermos? You'll not only avoid the morning coffee line up but have more time to get to work.

You buy books by the ton? Get a library card and reserve new books before they're released from your corner library.

You buy a gym membership each year with good intentions but stop going after 2 months? Drop your membership and find another sport you like better. Long walks in the park? Swimming? A neighbourhood hockey or baseball league?

And if a need for a gourmet coffee really strikes, you'll appreciate it even more if you only have it once a month instead of every day.

1. Your indulgence costs you $750 a year. Do the math: $3 each workday x 5 days a week x 50 weeks a year. Think about it.
At the speed at which it's consumed, is it really worth investing $750 a year on coffee?